Question 3Ashale Botwe Ltd has the following cost and expense data for the year ending December 31,2022.Direct materials (GHC)Work in process (GH¢)Finished goods (GH¢)Insurance factoryProperty taxes on factory buildingMaterials purchasesSalesIndirect materialsDelivery expensesSales commissionsIndirect labour1/1/22Factory machinery rentFactory utilitiesDirect labour30,00080,000110,000Other items of revenue and cost during the year are as follows:(GHC)31/12/2220,00050,000120,000Direct materials usedb) Total manufacturing costc) Statement of cost of goods manufacturedd) Prime coste) Conversion costf) Cost of goods available for saleg) Cost of goods soldh) Gross profiti)Period costj) Net income14,0006,000205,0001,500,00015,000100,000150,00090,00040,000ARI 65,000350,00024,00035,000300,000Depreciation, factory buildingFactory manager's salaryAdministrative expensesFor the year 2022, you are required to compute the following:

Question 3 Ashale Botwe Ltd has the following cost and expense data for the year ending December 31, 2022. Direct materials (GHC) Work in process (GH¢) Finished goods (GHC) Insurance factory Property taxes on factory building Materials purchases Sales Indirect materials Delivery expenses Sales commissions Indirect labour 1/1/22 Factory machinery rent Factory utilities Direct labour 30,000 80,000 110,000 Other items of revenue and cost during the year are as follows: (GHC) 31/12/22 20,000 50,000 120,000 a) Direct materials used b) Total manufacturing cost c) Statement of cost of goods manufactured 14,000 6,000 205,000 1,500,000 15,000 100,000 150,000 90,000 40,000 65,000 350,000 24,000 35,000 300,000 Depreciation, factory building Factory manager's salary Administrative expenses For the year 2022, you are required to compute the following:

Question 3 Ashale Botwe Ltd has the following cost and expense data for the year ending December 31, 2022. Direct materials (GHC) Work in process (GH¢) Finished goods (GHC) Insurance factory Property taxes on factory building Materials purchases Sales Indirect materials Delivery expenses Sales commissions Indirect labour 1/1/22 Factory machinery rent Factory utilities Direct labour 30,000 80,000 110,000 Other items of revenue and cost during the year are as follows: (GHC) 31/12/22 20,000 50,000 120,000 a) Direct materials used b) Total manufacturing cost c) Statement of cost of goods manufactured 14,000 6,000 205,000 1,500,000 15,000 100,000 150,000 90,000 40,000 65,000 350,000 24,000 35,000 300,000 Depreciation, factory building Factory manager's salary Administrative expenses For the year 2022, you are required to compute the following:

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter1: Introduction To Managerial Accounting

Section: Chapter Questions

Problem 5PA: Statement of cost of goods manufactured and income statement for a manufacturing company The...

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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
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