None Dakalo Ltd, a manufacturer of beauty products, value its inventory using First-in-first out (FIFO). The actual results for the 2024 financial year are the followingDetailsSales RevenueR285 600 000Direct raw materials95 000 000Direct labour48 000 000Variable manufacturing overheads32 000 000Fixed manufacturing overheads60 000 000Variable selling costFixed selling costNon-manufacturing cost3 000 0005000 00035 000 000The opening inventory is 120 000 units, actual production 2 000 000 units and sales 2 040 000 units.• Budgeted and actual fixed manufacturing overhead amounts were equal.For this question only assumes that:1.II.Opening inventory is valued at R80 per unitA direct costing system is used.The total contribution for Dakalo Ltd is:Select one:O a. R98 000 000O b. R105 000 000O c. R105 120 000Od. R108 000 000O e. None of the optionsR

Lets understand the basics.Total contribution generated on sales calculated by deducting variable…

Dakalo Lid, a manufacturer of beauty products, value its inventory using First-in-first out (FIFO). The actual results for the 2024 financial year are the following Details Sales Revenue Direct raw materials Direct labour 285 600 000 95 000 000 48 000 000 Variable manufacturing overheads 32 000 000 Fixed manufacturing overheads 60 000 000

Dakalo Lid, a manufacturer of beauty products, value its inventory using First-in-first out (FIFO). The actual results for the 2024 financial year are the following Details Sales Revenue Direct raw materials Direct labour 285 600 000 95 000 000 48 000 000 Variable manufacturing overheads 32 000 000 Fixed manufacturing overheads 60 000 000

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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Georgio Corporation has the following data as of December 31, 2021. Product C Product D Units Produced 10,000 15,000 Beg. Inventory Units Sold 3,000 4,000 11,000 2,000,000 300,000 P60 per unit P275 per unit 15,000 3,000,000 800,000 Total Manufacturing Cost General and Administration Cost Estimated Selling Cost Selling Price P80 per unit P275 per unit At the year end, the manufacture items of inventory have been completed, but no selling cost has yet been incurred. Beginning inventory has the following cost: Product C- P800,000 Product D- P600,000 Georgio observed FIFO method of costing for their inventory. What is the amount of Inventory to be presented at the Balance Sheet date using the LCNRV Individual approach?
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Given the following information regarding to a recent period's operations: Sales - P? Beginning finished goods inventory - P12,000 Cost of goods manufactured - P36,000 Ending finished goods inventory - P6,000 Cost of goods sold - P? Gross margin - 40% of Sales Administrative and selling expenses_P10,000 Net operating income - P? Determine the following: • cost of goods sold • cost of goods available for sale • net operating income • gross margin • sales
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Winner Company has two products with cost and selling price as follows: Product X Product Y Selling price 2,000,000 3,000,000 Estimated selling cost 600,000 700,000 Materials and conversion cost 1,500,000 1,800,000 General administration cost 300,000 800,000 At year-end, the manufacture of inventory has been completed but no selling cost has yet been incurred. Under LCNRV by individual item, the inventory shall be measured at what amount?
The following information was extracted from the accounting records of Winslow Limited for the month ended31 March 2022:Inventory on 01 March 2022 NilProduction 60 000 unitsSales 48 000 unitsSelling price per unit R180Direct materials cost R40Direct labour cost R30Variable manufacturing overheads R10Fixed manufacturing overheads R600 000 per monthAdvertising and salaries R80 000 per monthSales personnel’s commission 5% of salesAdministration costs including salaries R120 000 per monthOther administration costs R12 per unit sold Use the information provided below to prepare the Income Statement of Winslow Limited for themonth ended 31 March 2022 using each of the following methods: Variable costing and Absorption costing
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The following information was extracted from the accounting records of Hilton Manufacturers for the year ended September 2024: UNITS Inventory at the beginning of the year Nil Production for the year 28 500 Sales for the year 24 000 Selling price per unit R82 R Direct Materials cost per unit 22 Direct Labour cost per unit 11 Variable Manufacturing overheads per unit 7 Variable selling and administrative cost per unit 5 Fixed manufacturing overhead cost 274 000 Fixed selling and administrative cost 95 000 The company utilises the first-in-first-out method of inventory valuation. (Round of to two decimal places) 2.1 Prepare the Income Statementusing the Marginal Costing method. 2.2 Prepare the Income Statementusing the Absorption Costing method Please answer do not image.
Prepare the Income Statement for the year ended 31 December 2022 using the Marginal costing and Absorption costing methods. Opening inventory Nil Number of units manufactured 5 000 Number of units sold 4 500 Selling price per unit R200 Direct material cost per unit R14 Direct labour cost per unit R23 Variable manufacturing overheads cost per unit R12 Variable selling and administrative cost per unit sold R3 Fixed manufacturing overhead cost R200 000 Fixed selling and administrative costs R400 000