Carnage outwardsDebtors and CreditorsCashLightingFactory powerSivarTrial balance as on 31 December 2010DrAdministration salariesSales rep's salariesCommission on sales$2.950DrawingsCapital as at 1.1.2010Wages (direct 80,000, factory indirect $72,500) 162,500RoyaltiesCamage inwards (un raw materials)Purchases of raw materialsInventory of raw materials 1.1.2010inventory of finished goods 1 1 2010Work in progress 1.1.2010Productive machinery (cost $140,000)Accounting machinery (cost €10.000)General factory expensesRentInsuranceGeneral administration expensesBank chargesDiscounts allowed28,40071,15075010,0003.5001,750185,00010,50019.4506.750115,0006,00015.5003,7506,85022,00015,0005,7506,0002,1006,7001.1502,400710,900Crt500,00062,500148.400710,900Additional informationinventory of raw materials 12.000, inventory of finished goods $20.000work in progress $7,500Lighting, rent and insurance are to be apportioned factory 5/6,administration 1/6Depreciation on productive and accounting machinery at 10 percent perannum on costPrepare the manufacturing Income Statement for the year ended 31December 2010 and a Statement of Financial positions as at that date

Financial statement means the statement which include the income statement and the balance sheet.…

Cariage outwards Deurs and Creditors Drawings Capital as at 1.1.2010 Wages (direct 90,000, factory indirect $72,500) 162,500 Royalties Camage inwards (on raw materials) Purchases of raw materials Inventory of raw materials 1.1.2010 inventory of finished goods 1.1 2010 Work in progress 1.1.2010 Productive machinery (cost $140,000) Accounting machinery (cost $10.000) General factory expenses Lighting Factory power Administration salaries Sales rep's salaries Commission on sales ance as on 31 December 2010 Dr 2.950 28,400 71,150 750 10,000 Rant Insurance General administration expenses Bank charges Discounts allowed 3,500 1,750 185,000 10,500 19.450 6.750 115,000 6,000 15.500 3,750 6,850 22.000 15,000 5,750 6,000 2,100 6,700 1.150 2,400 710,900 Cr C 500,000 62.500 148.400 710,900 Additional information inventory of raw materials 12.000, inventory of finished goods $20.000 work in progress $7,500. Lighting, rent and insurance are to be apportioned factory 5/6, administration 1/6. Depreciation on productive and accounting machinery at 10 percent per annum on cost Prepare the manufacturing, Income Statement for the year ended 31 December 2010 and a Statement of Financial positions as at that date

Cariage outwards Deurs and Creditors Drawings Capital as at 1.1.2010 Wages (direct 90,000, factory indirect $72,500) 162,500 Royalties Camage inwards (on raw materials) Purchases of raw materials Inventory of raw materials 1.1.2010 inventory of finished goods 1.1 2010 Work in progress 1.1.2010 Productive machinery (cost $140,000) Accounting machinery (cost $10.000) General factory expenses Lighting Factory power Administration salaries Sales rep's salaries Commission on sales ance as on 31 December 2010 Dr 2.950 28,400 71,150 750 10,000 Rant Insurance General administration expenses Bank charges Discounts allowed 3,500 1,750 185,000 10,500 19.450 6.750 115,000 6,000 15.500 3,750 6,850 22.000 15,000 5,750 6,000 2,100 6,700 1.150 2,400 710,900 Cr C 500,000 62.500 148.400 710,900 Additional information inventory of raw materials 12.000, inventory of finished goods $20.000 work in progress $7,500. Lighting, rent and insurance are to be apportioned factory 5/6, administration 1/6. Depreciation on productive and accounting machinery at 10 percent per annum on cost Prepare the manufacturing, Income Statement for the year ended 31 December 2010 and a Statement of Financial positions as at that date

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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points) Various financial figures have been provided for manufacturer Rayquaza Company. Raw Materials Inv. 22,000 195,000 27,000 Factory Wages 575,000 190,000 $ 575,000 Manufacturing Overhead 95,000 5,000 5,700 45,000 Work in Process Inv. 3,300 185,000 530,000 5,700 24,000 Additional Information: 1.) Raw materials purchases total $195,000. 2.) Factory payroll for the period totals $575,000. 3.) Other overhead costs total $95,000 for the period. 6.) Overhead for the period is over-applied by $5,700. 7.) Ending inventory account balances are as follows: Finished Goods Inv. Raw materials inventory $27,000 Work in process inventory $19,300 Finished goods inventory $43,000 62,000 4.) Material requisitions show $185,000 for direct materials and $5,000 for indirect materials. 5.) Time tickets show $530,000 for direct labor costs. Cost of Goods Sold Required: Use the additional information to complete the T-accounts and compute the ending balance for each account. 11
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Assume that a manufacturing company incurred the following costs: $ 90,000 $ 40,000 $ 35,000 $ 15,000 $ 4,000 $ 5,000 $ 20,000 $ 1,000 $ 2,500 $ 105,000 $ 6,000 $ 7,000 Direct labor Advertising Factory supervision Sales commissions Depreciation, office equipment Indirect materials Depreciation, factory building Administrative office salaries Utilities, factory Direct materials Insurance, factory Property taxes, factory What is the total amount of conversion costs?
2) Selected information from Skylar Studios shows the following: $ 5,000 $ 1,500 $11,000 $ 2,000 $15,000 28,000 $ $ 15,000 Raw materials purchased Direct materials Direct labor Factory depreciation Total manufacturing overhead incurred Machine hours per month Unit cost for material 2 Unit cost of conversion 8 Number units transferred out Prepare journal entries to record the following: raw material purchased direct labor incurred А. В. depreciation expense (hint: this is part of manufacturing overhead) raw materials used overhead applied on the basis of $0.50 per machine hour the transfer from department 1 to department 2 С. D. Е. F.
Question 2: Muscat Corany has the following information for the period ended 31 December 2020. Direct material purchases OMR 380000 Direct labor OMR 210000 Factory maintenance Power and heat-factory Direct Expenses Indirect factory labor Freight In Depreciation - Factory Advertisement expenses Inventories, 1 January 2020: OMR 28000 OMR 14500 10 % of the prime cost OMR 23000 OMR 6500 OMR 24800 OMR 4500 Direct Material OMR 44300 Work-in-process Finished goods OMR 51200 OMR 77000 Purchase returns of direct materials OMR 3400 Depreciation-administrative Inventories, 31 December 2020: OMR 11800 Material OMR 18000 Work-in process Finished goods OMR 35000 4000 Units Total Production Units 36000 units Finished goods are valued at the current unit manufacturing cost. You are required to prepare: I. Manufacturing Statement II. Calculate unit production cost.
Current Attempt in Progress Tamarisk Company reports the following costs and expenses in May. Factory utilities Depreciation on factory equipment Depreciation on delivery trucks Indirect factory labor Indirect materials Direct materials used Factory manager's salary From the information: $14,800 12,120 3,840 47,120 77,440 132,480 8,000 Direct labor Sales salaries Property taxes on factory building Repairs to office equipment Factory repairs Advertising Office supplies used $66,480 44,320 2,400 1,280 1,920 14,400 2,510
Question 1.2 Following are the account balances for the DC Company in 2018: Beginning of 2018 26,500 Ending of 2018 Direct materials inventory Work-in-process inventory Finished-goods inventory 27,000 28,400 22,100 79,000 30,500 16,500 Purchases of direct materials Direct manufacturing labor Indirect manufacturing labor 24,500 18,600 Plant insurance 7,900 Depreciation-plant, building, and equipment Repairs and maintenance-plant Marketing, distribution, and customer-service costs 11,800 3,500 87,900 General and administrative costs 26,500 Required: 1. Prepare a schedule for the cost of goods manufactured for 2018. 2. Revenues for 2018 was $425,000. Prepare the income statement for 2018.
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September 1, purchased raw materials ($120 million direct materials, $10 million indirect materials) for $130 million cash September 2, moved all the raw material into production. September 22 the company records applied overhead at the rate of 80% of direct material costs September 29, paid cash for manufacturing labor services, $220 million ($200 million direct labor and $20 million indirect labor). September 30, actual costs of other overhead items was calculated to be $76 million. September 30, all the goods charged into production were completed and moved to Finished Goods Inventory Account. September 30, 95% of the completed goods were sold for cash at a markup of 15 % of the cost before adjusting for over or under applied overhead costs. i need only journal.
Journalize the following transactions: Purchased direct materials on account, $20,000 Recognized depreciation on production plant & equipment, $4,000 Direct materials used in production, $16,000 Recognized expired plant insurance, $6,000 Direct labor used: $30,000; and indirect labor used: $10,000 Allocated overhead at the rate of 60% of direct labor cost Cost of units completed, $50,000 Sales on account, $90,000 Cost of units sold, $65,000
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Indirect materials used Depreciation on delivery equipment Dispatcher's salary Property taxes on office building CEO's salary Gas and oil for delivery trucks Delivery service (product) costs $ Period costs $6,940 LA 12,040 5,400 980 12,960 2,320 Drivers' salaries Advertising Delivery equipment repairs Office supplies Determine the total amount of (a) delivery service (product) costs and (b) period costs. Office utilities Repairs on office equipment $17,280 5,080 324 702 1,080 206