Asap B. Followings are the account records for Yan Min FactorySdn Bhd for the year ended 31 December 2021.RMInventory 1 Jan 2021:Raw materials125,400Work In Process131,100Finished Goods123,260Purchases of direct raw materials191,535Purchases of indirect raw materials58,000Direct labour184,208Salaries expenses - Administration office 133,419Rent expenses15,200Utilities expenses - Administration office14,42010,200Depreciation expenses - Machine (Factory)Depreciation expenses - Machine (Office)Sales revenue5,200818,622Fossil fuel expenses - Factory8,120Additional information:1. 3/4 of the rent expenses is for factory while the remainingbalance is allocated to administration office.2. Inventories as at 31 Disember 2021 is as follows:Raw materials: RM120,800Work in process: RM124,600:RM128,840Finished goodsREQUIRED:1. Prepare Statement of Goods Manufactured for Yan MinFactory Sdn Bhd for the year ended 31 December 2021.2. Prepare Statement of Profit or Loss and OtherComprehensive Income for Yan Min Factory Sdn Bhd forthe yearended 31 December 2021.

Cost of goods manufactured = prime cost + factory cost Gross profit =…

Purchases of direct raw materials 191,535 58,000 Purchases of indirect raw materials Direct labour 184,208 Salaries expenses - Administration office 133,419 Rent expenses 15,200 Utilities expenses - Administration office 14,420 Depreciation expenses - Machine (Factory) 10,200 5,200 Depreciation expenses - Machine (Office) Sales revenue 818,622 Fossil fuel expenses - Factory 8,120 Additional information: 1. 3/4 of the rent expenses is for factory while the remaining balance is allocated to administration office. 2. Inventories as at 31 Disember 2021 is as follows: D130.000

Purchases of direct raw materials 191,535 58,000 Purchases of indirect raw materials Direct labour 184,208 Salaries expenses - Administration office 133,419 Rent expenses 15,200 Utilities expenses - Administration office 14,420 Depreciation expenses - Machine (Factory) 10,200 5,200 Depreciation expenses - Machine (Office) Sales revenue 818,622 Fossil fuel expenses - Factory 8,120 Additional information: 1. 3/4 of the rent expenses is for factory while the remaining balance is allocated to administration office. 2. Inventories as at 31 Disember 2021 is as follows: D130.000

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter26: Manufacturing Accounting: The Job Order Cost System

Section: Chapter Questions

Problem 2SEA: SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin...

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B. Followings are the account records for Yan Min Factory Sdn Bhd for the year ended 31 December 2021. RM Inventory 1 Jan 2021: Raw materials 125,400 Work In Process 131,100 Finished Goods 123,260 Purchases of direct raw materials 191,535 Purchases of indirect raw materials 58,000 Direct labour 184,208 Salaries expenses - Administration office 133,419 Rent expenses 15,200 Utilities expenses - Administration office Depreciation expenses - Machine (Factory) 10,200 Depreciation expenses - Machine (Office) 14,420 5,200 Sales revenue 818,622 Fossil fuel expenses Factory 8,120 Additional information: 1. 3/4 of the rent expenses is for factory while the remaining balance is allocated to administration office. 2. Inventories as at 31 Disember 2021 is as follows: : RM120,800 : RM124,600 : RM128,840 Raw materials Work in process Finished goods REQUIRED: 1. Prepare Statement of Goods Manufactured for Yan Min Factory Sdn Bhd for the year ended 31 December 2021. 2. Prepare Statement Comprehensive…
A. Syarikat Aman Sdn Bhd (SASB), which began operations on 1 January 2019, reportedthe following information: (RM)Estimated manufacturing overhead = RM 600,000Actual manufacturing overhead= RM 639,000Estimated direct labour cost= RM 480,000Actual direct labour cost =RM 500,000Total debits in the Work-In-Process account =RM 1,880,000Total credits in the Finished Goods account = RM920,000 SASB uses a normal costing system and applies manufacturing overhead to jobs on the basis of direct labour cost. A 60% markup is added to the completed production when finished goods are sold. On 31 December 2019, job no.18 was the only job in process. The job had direct material and direct labour charges of RM16,500 and RM36,000, respectively. REQUIRED:(a) Discuss THREE (3) criteria that differ job-order costing from process costing. (b) Calculate the overapplied or underapplied manufacturing overhead for SASB and prepare a journal entry to…
A. Syarikat Aman Sdn Bhd (SASB), which began operations on 1 January 2019, reportedthe following information: (RM)Estimated manufacturing overhead = RM 600,000Actual manufacturing overhead= RM 639,000Estimated direct labour cost= RM 480,000Actual direct labour cost =RM 500,000Total debits in the Work-In-Process account =RM 1,880,000Total credits in the Finished Goods account = RM920,000 SASB uses a normal costing system and applies manufacturing overhead to jobs on the basis of direct labour cost. A 60% markup is added to the completed production when finished goods are sold. On 31 December 2019, job no.18 was the only job in process. The job had direct material and direct labour charges of RM16,500 and RM36,000, respectively. REQUIRED:(a) Discuss THREE (3) criteria that differ job-order costing from process costing. (b) Calculate the overapplied or underapplied manufacturing overhead for SASB and prepare a journal entry to…
Bubba Manufacturing Company provided the following information for the fiscal year toJune 30, 2020:Inventories 01/07/2019 30/06/2020Direct MaterialsWork-in-ProcessFinished Goods$72,000107,000149,500$65,000128,000141,700Other information:Office cleaner’s wages 4,500Sales Revenue 1,031,000Raw materials purchased 235,000Factory wages 239,700Indirect materials 23,500Delivery truck driver’s wages 15,400Indirect labor 9,500Depreciation on factory plant & equipment 32,000Insurance 1 60,000Depreciation on delivery truck 7,250Utilities 2 118,750Administrative salaries 41,250Special Design Costs 5,000Selling expenses 9,000Sales Commission 2% of gross profit1 Of the total insurance, 66⅔% relates to the factory facilities & 33⅓% relates to general& administrative costs.2 Of the total utilities, 80% relates to the manufacturing facilities & 20% relates to theoffice area.Requirements:a) What was the amount of direct materials used in production?b) What was the amount of manufacturing…
1. The following account balances and other information for Daiso Company pertain December operations: Accounts Balances December 31 P120,000 December 1 P140,000 100,000 20,000 Finished goods Work in process Direct Materials Accounts Payable Accrued Payroll Accumulated dep.-factory equipment 50,000 30,000 40,000 80,000 20,000 160,000 Other information: a. Direct materials purchased on account during December, P100,000. b. Daiso Company apples factory overhead at predetemined rate of P6 per direct labor hour. C. During December, direct labor employees worked 25,000 hours at a rate of P8 per direct labor hour. d. Jobs 12001, 12002 and 12003 were still in process at the end of December. A total of P 5,000 direct materials has been charged to these three jobs. To date, 5,000 direct labor hours have been worked on these jobs. e. The accrued payroll account is used for factory employees only. Assuming no payrol deductions, paymentto factory employees during the month totaled P 280,000. f.…
QuestionQ# 1: Accounting for Manufacturing Concern The following data from the just completed year are taken from the accounting records of KentonCompany:Sales $ 975,000Direct labor cost $ 165,000Raw material purchases $ 229,000Selling expense $ 48,750Administrative expenses $ 146,250Manufacturing overhead applied to work in process $ 180,000Actual manufacturing overhead costs $ 175,050Inventories: Beginning EndingRaw materials $ 18,000 $ 17,500Work in process $ 20,000 $ 14,750Finished goods $ 9,000 $ 11,000Required:1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in productionwere direct materials.2. Prepare a schedule of cost of goods sold. Assume that the company’s underapplied or overappliedoverhead is closed to Cost of Goods Sold.3. Prepare an income statement
Charlie Corporation provided the following account balances for the year ended December 31:Selling expenses, P215,000Purchases of raw materials, P260,000Administrative expenses, P160,000Direct labor, P?Manufacturing overhead, P240,000Inventory balances at the beginning of the year were as follows:Raw materials, P50,000Work in process, P33,000Finished goods, P30,000The total manufacturing costs for the year were P675,000, where overhead is applied at 120% of direct labor cost; cost of goods available for sale totaled P720,000; cost of goods sold amount to P665,000.How much are the ending balances of raw materials, work in process, and finished goods inventory? RM Inventory, end – P75,000 ; WIP inventory, end – P15,000 ; FG inventory end – P25,000 RM Inventory, end – P75,000 ; WIP inventory, end – P18,000 ; FG inventory end – P55,000 RM Inventory, end – P25,000 ; WIP inventory, end – P15,000 ; FG inventory end – P55,000 RM Inventory, end – P25,000 ; WIP inventory, end –…
A) The following information for the year ended 31 December 2020 is obtained from the books and records of a factory: st Completed Work-in- Jobs(K.Shs) Progress(K.Shs) Raw materials 80,000.00 32,000.00 supplied from stores 100,000.00 40,000.00 Wages Chargeable expenses |10,000.00 4,000.00 1,000.00 Materials returned to stores The additional information are as follows: Factory overheads are 80% of wages. Office overheads are 25% of factory cost and selling distribution overheads are 10% of cost of production. The complete jobs
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SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 77,000 Materials inventory, January 1 31,000 Materials purchases 35,000 Materials inventory, December 31 26,000 Direct labor 48,000 Overhead 20,000 Work in process, December 31 62,000
The following data were taken from the records of Westbrooks Company: INVENTORIES Aug. 31, 2020 Sept. 30, 2020 Raw Materials ₱00? ₱50,000 Work-in-Process ₱80,000 ₱95,000 Finished Goods ₱60,000 ₱78,000 Additional Information: Raw materials purchased ₱46,000 Factory overhead, 75% of direct labor cost ₱63,000 Selling and administrative expenses, 12.5% of sales ₱25,000 Net Income for September 2020 ₱25,000 What is the total manufacturing cost.. Show solution Group of answer choices ₱183,000 ₱200,000 ₱150,000 ₱168,000
The following data were taken from the records of Westbrooks Company: INVENTORIES Aug. 31, 2020 Sept. 30, 2020 Raw Materials ₱00? ₱50,000 Work-in-Process ₱80,000 ₱95,000 Finished Goods ₱60,000 ₱78,000 Additional Information: Raw materials purchased ₱46,000 Factory overhead, 75% of direct labor cost ₱63,000 Selling and administrative expenses, 12.5% of sales ₱25,000 Net Income for September 2020 ₱25,000 What is the cost of raw materials inventory on August 31, 2020? Show solution Group of answer choices ₱40,000 ₱63,000 ₱36,000 ₱46,000