Q.1 Late Corporation is in the business of producing furniture, previously the company has had a policy of preparing costing statements annually. The following data was taken from the general ledger and other records of Jaric0 Manufacturing Co. at December 31 2023, the end of the second year of operations in the fiscal year: Revenue Inventories at January 1: Materials inventory Work in process inventory Finished goods inventory Inventories at January 31: Materials inventory Work in process inventory Finished goods inventory Materials purchased Labor Costs: Finishing workers' wages Supervisors' salaries Depreciation: Admin personnel salaries Factory Equipment Admin office Indirect materials used Factory utilities Employee Fringe Benefits Insurance (30% Admin & 70% Factory) Workers Compensation Insurance Overtime Premium Defective Work Lubricants Rent (40% Factory & 60 % Admin) Property Tax Spoilage Heating & Lighting (40% Admin and 60% Factory) Carriage Inwards Carriage Outwards Trade Debts Cash & Cash Equivalents Trade Payable Loan (3 Year Maturity) Fixtures & Fittings Motor Vehicle Equity Bad debts Drawings Stationary Discount Allowed a. Discount Received General Office Expenses Factory Building b. Prepare a statement of cost of goods manufactured. Prepare the Income Statement for the year ended 31st Dec 2023. Prepare the statement of financial position as at 31st Dec 2023. $910, 124 35,632 29, 632 28,632 20, 352 12,831 24,645 164, 136 185, 312 30, 423 52, 153 73,852 28,525 3,521 67,173 45,312 3,516 4,513 5,512 3,241 5,134 67,482 1,235 45, 123 62,213 3,612 3,600 194,842 293, 251 182,512 300, 132 31, 123 223, 124 1,213, 121 1238 574,272 5,182 7,131 4,131 5, 132 410,000
Q.1 Late Corporation is in the business of producing furniture, previously the company has had a policy of preparing costing statements annually. The following data was taken from the general ledger and other records of Jaric0 Manufacturing Co. at December 31 2023, the end of the second year of operations in the fiscal year: Revenue Inventories at January 1: Materials inventory Work in process inventory Finished goods inventory Inventories at January 31: Materials inventory Work in process inventory Finished goods inventory Materials purchased Labor Costs: Finishing workers' wages Supervisors' salaries Depreciation: Admin personnel salaries Factory Equipment Admin office Indirect materials used Factory utilities Employee Fringe Benefits Insurance (30% Admin & 70% Factory) Workers Compensation Insurance Overtime Premium Defective Work Lubricants Rent (40% Factory & 60 % Admin) Property Tax Spoilage Heating & Lighting (40% Admin and 60% Factory) Carriage Inwards Carriage Outwards Trade Debts Cash & Cash Equivalents Trade Payable Loan (3 Year Maturity) Fixtures & Fittings Motor Vehicle Equity Bad debts Drawings Stationary Discount Allowed a. Discount Received General Office Expenses Factory Building b. Prepare a statement of cost of goods manufactured. Prepare the Income Statement for the year ended 31st Dec 2023. Prepare the statement of financial position as at 31st Dec 2023. $910, 124 35,632 29, 632 28,632 20, 352 12,831 24,645 164, 136 185, 312 30, 423 52, 153 73,852 28,525 3,521 67,173 45,312 3,516 4,513 5,512 3,241 5,134 67,482 1,235 45, 123 62,213 3,612 3,600 194,842 293, 251 182,512 300, 132 31, 123 223, 124 1,213, 121 1238 574,272 5,182 7,131 4,131 5, 132 410,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Q.1 Late Corporation is in the business of producing furniture, previously the company has had a
policy of preparing costing statements annually. The following data was taken from the general ledger
and other records of Jaric0 Manufacturing Co. at December 31 2023, the end of the second year of
operations in the fiscal year:
Revenue
Inventories at January 1:
Materials inventory
Work in process inventory
Finished goods inventory
Inventories at January 31:
Materials inventory
Work in process inventory
Finished goods inventory
Materials purchased
Labor Costs:
Finishing workers' wages
Supervisors' salaries
Depreciation:
Admin personnel salaries
Factory Equipment
Admin office
Indirect materials used
Factory utilities
Employee Fringe Benefits
Insurance (30% Admin & 70% Factory)
Workers Compensation Insurance
Overtime Premium
Defective Work
Lubricants
Rent (40% Factory & 60 % Admin)
Property Tax
Spoilage
Heating & Lighting (40% Admin and 60% Factory)
Carriage Inwards
Carriage Outwards
Trade Debts
Cash & Cash Equivalents
Trade Payable
Loan (3 Year Maturity)
Fixtures & Fittings
Motor Vehicle
Equity
Bad debts
Drawings
Stationary
Discount Allowed
a.
Discount Received
General Office Expenses
Factory Building
b.
Prepare a statement of cost of goods manufactured.
Prepare the Income Statement for the year ended 31st Dec 2023.
Prepare the statement of financial position as at 31st Dec 2023.
$910, 124
35,632
29, 632
28,632
20, 352
12,831
24,645
164, 136
185, 312
30, 423
52, 153
73,852
28,525
3,521
67,173
45,312
3,516
4,513
5,512
3,241
5,134
67,482
1,235
45, 123
62,213
3,612
3,600
194,842
293, 251
182,512
300, 132
31, 123
223, 124
1,213, 121
1238
574,272
5,182
7,131
4,131
5, 132
410,000
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