E-LEARNING COST ACCOUNTING ASSIGNMENTAnswer all the THREE Questions.1 Mr Gardens, the financial controller of Sugarland Ltd, accidentally tossed the company's costrecords into a wastebasket which had been light .On realising that mistake, he rushed to theroaring blaze and managed to retrieve only a few of the records. From the salvaged records, hemanaged to determine the following facts about the current year 2020:(i) Sales totaled sh 1,000,000 during 2020.(ii) The beginning inventories for the year were: work in progress sh 120,000;Finished goods sh 60,000.(iii) There were no closing inventories of raw materials.(iv) Direct labor is equal to 25% of conversion cost; direct, labor is also equal to 40%of prime cost.(v) The work in progress inventory decreased by sh 20,000 during the year.(vi)Gross margin during the year was 55% of sales.(vii) Manufacturing overheads amounted to sh 240,000 in the year.(iv) Administrative expenses for 2014 were twice as great as net income but only25% of selling expenses.The company's Board of directors requires cost statements from Mr. Gardensfor an urgent board meeting.Required: Prepare cost statements in good form to show:foa) Cost of goods manufacturedb) Cost of goods soldc) Profit for the yearcost).(clearly show workings for direct material and direct laborfollowing data relates to June 2021:

Cost sheet gives a clear cut picture of the cost of goods manufactured, the cost of goods, sold, and…

Answered: Cost of goods manufactured

Business

Accounting

Cost of goods manufactured

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter2: Financial Statements And The Annual Report

Section: Chapter Questions

Problem 2.1P: Materiality Joseph Knapp, a newly hired accountant wanting to impress his boss, stayed late one...

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View Policies Current Attempt in Progress Using the following information: beginning materials inventory = $50,000; raw materials purchased on account = $20,000; material issued out to the shop floor = $45,000, what is the ending balance of materials inventory? O $45,000 O $95,000 O $65,000 O $25,000 eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer
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