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

SHAMROCK COMPANY Balance Sheet (Partial) For the Year Ended June 30, 2022 ASSETS $ $ $

Required information [The following information applies to the questions displayed below] The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net Garcon Company $ 12,000 14,500 7,250 27,000 19,000 17,650 22,000 5,300 9,000 21,000 9,450 Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper 4,780 33,000 50,000 Prepare the income statement for Garcon Company. GARCON COMPANY Income Statement For Year Ended Naramhar 11 195,030 20,000 13,200 Pepper Company $ 16,450 19,950 9,000 22,750 35,000 13,300 16,000 7,200 12,000 43,000 10,860…

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The following balances are from the accounts of Crabtree Machining Company: Direct materials inventory Work-in-proceRs inventory Finished gooda inventory January 1 December 31 (Beginning) (Ending) $ 97,900 $ 111,600 109,900 43,100 104, 200 46,600 Direct materials purchased during the year amount to $517,200, and the cost of goods sold for the year was $1,890,000. Required: Prepare a cost of goods sold statement.

Current Attempt in Progress The Assembly Department of Concord Company has the following production and cost data at the end of May, 2022, its first period of operations. Production: Manufacturing Costs: Prepare a production cost report for the month of May using weighted-average process costing. (Do not leave any answer field blank. Enter O for amounts.) (Round unit costs answers to 2 decimal places, e.g. 52.75.) QUANTITIES Units to be accounted for Work in process inventory, May 1 Started into production 34,200 units started into production; 28,500 units completed and transferred out and 5,700 units 100% completed as to materials and 40 % completed as to conversion costs. Materials added at beginning of process, $112,860; labor, $85,500; overhead $77,634. Total units to be accounted for Units accounted for Completed and transferred out Work in process inventory, May 31 Total units accounted for Q Search Physical Units CONCORD COMPANY Assembly Department-Production Cost Report For the…

Problem 1.a.: Computation of Direct Material Used.Akari Inc. provided the following information for its raw material inventory account at the end of the current month:Raw Materials (RM) InventoryAccounts                 $               Accounts                                       $Beginning balance $22,600     Direct materials (DM) used           ?Purchase                $88,400    Indirect materials used             $7,600Ending Balance      $27,200Required: Compute the missing information for the direct materials used during the current month.Solution: Formula: Beginning RM+ RM Purchased= Total RM available for use- Ending RM= RM used- Indirect material used= DM used

! Required information [The following information applies to the questions displayed below.] Use the following selected account balances of Delray Manufacturing for the year ended December 31. $ 2,850,000 118,000 153,000 199,000 543,000 652,000 98,000 78,000 156,000 250,000 400,000 142,000 Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Indirect labor Repairs-Factory equipment Rent cost of factory building Selling expenses General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $1,472,000. Sales Cost of goods sold: Finished goods inventory, beginning Cost of goods manufactured DELRAY MANUFACTURING Income Statement For Year Ended December 31 Goods available for sale Less: Finished goods…

am. 106.

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