Shamrock Express reports the following costs and expenses in June 2022 for its delivery service. Indirect materials used Depreciation on delivery equipment Dispatcher's salary Property taxes on office building CEO's salary Gas and oil for delivery trucks Delivery service (product) costs $ Period costs $5,770 10,060 4,500 $ 800 10,800 1,960 Drivers' salaries Determine the total amount of (a) delivery service (product) costs and (b) period costs. Advertising Delivery equipment repairs Office supplies Office utilities Repairs on office equipment $14,400 4,180 270 585 900 170

Shamrock Express reports the following costs and expenses in June 2022 for its delivery service. Indirect materials used Depreciation on delivery equipment Dispatcher's salary Property taxes on office building CEO's salary Gas and oil for delivery trucks Delivery service (product) costs $ Period costs $5,770 10,060 4,500 $ 800 10,800 1,960 Drivers' salaries Determine the total amount of (a) delivery service (product) costs and (b) period costs. Advertising Delivery equipment repairs Office supplies Office utilities Repairs on office equipment $14,400 4,180 270 585 900 170

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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1) Grant's Ironhorse Company manufactures model railroad cars. At the end of October, 2019 the accounting records showed the following: Inventories: Beginning: Ending: Direct Materials $10,000 $5,000 Work-in-Process 15,000 20,000 Finished Goods 0 5,800 Other Information: Direct Materials Purchases 40,000 Plant maintenance services 6,800 Plant supervisor's salary 31,500 Sales salaries 12,700 Delivery costs 3,100 Sales revenue 236,000 Utilities for plant 10,500 Rent on plant 23,000 Advertising 8,000 Direct labor 30,000 (a) Prepare a schedule of cost of goods manufactured for Grant's Ironhorse Company and (b) Prepare an income statement for Grant's Ironhorse Company for the year ended October 31, 2019
BBA (Pty) Ltd constructed a factory plant during the financial year ended 31 December 2021. The plant was completed on 30 June 2021 and the following costs were incurred during the financial year. Select the costs that would be included in the calculation of the cost of the factory plant that was constructed. Select the amounts you would include in the cost of plant calculation. R Construction costs which includes material and labour costs (included in this amount is material amounting to R15 000, that was destroyed in a hail storm) 770 000 Import duties on certain construction materials - non-refundable 30 000 Import duties on certain construction materials - refundable 10 000 Administration costs 15 000 Engineer fees 40 000 Fuel costs to transport construction materials to the construction site 3 000 Advertising cost of the product produced by the new factory plant 20 000 Initial operating losses due to insufficient…
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National Company’s period costs for 2022 amount to:
4) The following costs were incurred by Hugo Company during 2021: Property taxes 250,000 Freight-In 1,750,000 Officer's salaries 1,500,000 850,000 Insurance Sales agents salaries What amount of these costs should be reported as administrative expenses? 2,150,000
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Salman Construction Co. began work on a $3,125,000 contract in 2018, using the percentage-of-completion method of accounting. The following information is given: 2018 Costs incurred during the year Estimated costs to complete as of Dec. 31 Billings during the year Cash collections during the year $1,500,000 1,000,000 1,375,000 812,500 What amount of gross profit should be recognized in 2018?
The following information relates to the costs of Carox Limited for November 2021. N$'000 Salaries Factory workers (1) 61 000 Factory management (2) 55 000 Accounting 10 000 Directors 40 000 Depreciation (3) Factory equipment 10 000 Office equipment 2 200 Buildings 3 500 Purchases from creditors Raw material 95 000 Water and electricity (4) Factory 22 000 Storeroom 3 000 Office 4 000 Other Cleaners (office) (fixed rate as per contract) 1 800 Entertainment (amount is spent every year) 600 External audit fees as per contract 1 000 Additional Information: Factory workers are paid based on the hours worked. Factory management is employed as permanent employees who are paid a fixed salary irrespective of the hours worked. All the assets are depreciated on the straight-line method over the useful life of the asset, except…
Qd 253.
Metlock Company reports the following costs and expenses in May. Factory utilities Depreciation on factory equipment Depreciation on delivery trucks Indirect factory labor Indirect materials Direct materials used Factory manager's salary From the information $13,300 10.870 3,340 Manufacturing overhead 42,120 69,440 118,480 7,000 Direct labor Sales salaries Property taxes on factory building Repairs to office equipment Factory repairs Advertising Office supplies used Determine the total amount of manufacturing overhead.. $59,480 39,820 2.150 1,130 1,720 12.900 2,260 su
Presented below are incomplete 2022 manufacturing cost data for Sunland Corporation. Determine the missing amounts. Direct Total Work in Materials Direct Manufacturing Manufacturing Process Used Labor Overhead Costs (1/1) $35,720 $75,200 $45,120 $112,800 (b) $140,060 $49,820 $84,600 $274,480 2$ (c) $49,820 $109,040 $113,740 $272,600 $378,820
show full solution. Prepare a detailed cost of goods manufactured and sold statement for the year ended December 31, 2021