Please do not give solution in image format thanku The accounting records of Fanzy Ltd shows the followinginventory and cost data for the year 2022 just endedCOST INCURED:- Direct labour cost70 000Purchases of raw materials120 000.Indirect labour45.000- Maintenance of factory equipment6 000Advertising expense90 000Insurance of factory equipment1.900-Sales salaries50 000-Rent of factory facilities24 000.Supplies3600Depreciation of office equipment4 500Depreciation of factory equipment17 000INVENTORY :End of the yearRaw materials$ 12 500Work in process15 150Finished goods18 100Beginning of the year$ 18 00010 30023 000REQUIRED:Prepare a schedule of the cost of the goodsmanufactured2. Prepare the multi-step income statement of theyear assuming that the total net sales were$ 500 000

The cost of goods manufactured refers to all the production cost involved in producing the…

Answered: Prepare a schedule of the cost of the…

Prepare a schedule of the cost of the goods manufactured 2. Prepare the multi-step income statement of the year assuming that the total net sales were

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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Claire Corporation’s trial balance includes the following expenses: Raw materials used in production$5,500Raw materials purchased6,500General manager salary50,000Sales manager salary30,000Direct labor incurred130,000General liability insurance premium3,000Factory rent24,000Office lease18,000Factory utilities12,000Depreciation on factory equipment14,000 Assuming that this list represents all expenses for the year, what amount should Claire report as a period (non-product) expense? Select one: a. $74,000 b. $107,500 c. $83,000 d. $101,000
In respect of a factory the following figures have been obtained for the year 2018: Particulars Rs. Cost of Materials 12,00,000 Factory Overheads 6,00,000 Selling Overheads 4,48,000 Distribution Overheads 2,80,000 Direct Wages 10,00,000 Administrative Overheads 6,72,000 Profit 8,40,000 A work order has been executed in 2019 and the following expenses have been incurred: Materials Rs. 16,000 and Wages Rs.10,000 Assuming that on 2019 the rate of factory overheads increased by 20%, distribution overheads have gone down by 10% and selling and administrative overheads have each gone up by 12.5%. At what price should the product be sold as to earn the same rate of profit on the selling price as in 2018? Factory overheads are based on direct wages while all other overheads are based on factory cost.
The following information relates to a company G6 Ltd for the year ended 30 June 2020:Transaction totals for the year ended 30 June 2020 RCredit purchases of raw materials 503 750Freight on raw materials purchases (on credit) 99 833Sales of finished products 11 440 000Direct labour:Factory wages 828 600Pension fund contributions paid by employer 172 500Medical aid paid by employer 227 200UIF contributions paid by employer 8 144Indirect labour 500 250Electricity :Factory 211 450Administrative offices 127 900Rent expense:Factory 82 700Administrative offices 105 900Telephone and fax:Factory 111 166Administrative offices 145 438Insurance:Factory 205 894Administrative offices 132 716Selling and administrative costs 327 195Stationery 60 445Salaries and administrative staff 488 250Sales returns of finished products 49 361Consumables stores (indirect materials issued to the factory) 144 710Depreciation on factory machinery 180 211 Balances on 30 June 2020 RWork in process goods on hand 617…
The following information relates to a company G6 Ltd for the year ended 30 June 2020:Transaction totals for the year ended 30 June 2020 RCredit purchases of raw materials 503 750Freight on raw materials purchases (on credit) 99 833Sales of finished products 11 440 000Direct labour:Factory wages 828 600Pension fund contributions paid by employer 172 500Medical aid paid by employer 227 200UIF contributions paid by employer 8 144Indirect labour 500 250Electricity :Factory 211 450Administrative offices 127 900Rent expense:Factory 82 700Administrative offices 105 900Telephone and fax:Factory 111 166Administrative offices 145 438Insurance:Factory 205 894Administrative offices 132 716Selling and administrative costs 327 195Stationery 60 445Salaries and administrative staff 488 250Sales returns of finished products 49 361Consumables stores (indirect materials issued to the factory) 144 710Depreciation on factory machinery 180 211 Balances on 30 June 2020 RWork in process goods on hand 617…
The following information relates to a company G6 Ltd for the year ended 30 June 2020:Transaction totals for the year ended 30 June 2020 RCredit purchases of raw materials 503 750Freight on raw materials purchases (on credit) 99 833Sales of finished products 11 440 000Direct labour: Factory wages 828 600Pension fund contributions paid by employer 172 500Medical aid paid by employer 227 200UIF contributions paid by employer 8 144Indirect labour 500 250Electricity :Factory 211 450Administrative offices 127 900Rent expense:Factory 82 700Administrative offices 105 900Telephone and fax: Factory 111 166Administrative offices 145 438Insurance:Factory 205 894Administrative offices 132 716Selling and administrative costs 327 195Stationery 60 445Salaries and administrative staff 488 250Sales returns of finished products 49 361Consumables stores (indirect materials issued to the factory) 144 710Depreciation on factory machinery 180 211Balances on 30 June 2020 RWork in process goods on hand 617…
The following transactions were taken from the books ofMasayun La Eni Corporation during the month of June 2020: a. Purchased raw materials on account, P200,000 and factorysupplies, P70,000.b. Issued raw materials to production, P400,000.c. Paid direct factory labor, P950,000.d. Paid indirect factory labor, P160,000.e. Consumed factory supplies in production, P80,000.f. Paid production supervisor’s salary, P60,000.g. Received factory utility bills for the month, P122,460.h. Depreciation of production assets for the month,P64,000.i. Units finished were 10,000 units in the amount ofP1,600,000.j. Sales for the month, P3,600,000. Goods related to salescost P1,800,000. Required: 1. Establish T-accounts for the following manufacturingaccounts and post corresponding beginning balances.Manufacturing Accounts Beginning BalancesRaw Materials Inventory P205,000Work-in-Process Inventory P630,000Finished Goods Inventory P360,000Indirect Materials Inventory P100,000Factory Overhead -2. Prepare…
The Hardville Corporation has the following account balances (in millions): E (Click the icon to view the account balances.) Prepare a statement of comprehensive income and a supporting schedule of cost of goods manufactured for the year ended December 31, 2019. Indirect manufacturing costs: Depreciation-plant, building, and equipment 97 Indirect manufacturing labour 79 Miscellaneous plant overhead 39 Account balances Plant supervisory salaries 7 Plant utilities 39 Plant supplies used 11 272 For Specific Date For Year 2019 Direct materials, January 1, 2019 $ 12 Purchases of direct materials $ 338 Add: Manufacturing costs incurred during 2019 Work in process, January 1, 2019 11 Direct manufacturing labour 102 Beginning work-in-process inventory, Jan 1, 2019 11 Finished goods, January 1, 2019 89 Depreciation-plant, building, and equipment 97 Deduct: Total manufacturing costs to account for Plant supervisory salaries 7 Direct materials, December 31, 2019 22 Miscellaneous plant overhead 39…
The following transactions were taken from the books of Masayun La Eni Corporation during the month of June 2020: a. Purchased raw materials on account, P200,000 and factory supplies, P70,000. b. Issued raw materials to production, P400,000. c. Paid direct factory labor, P950,000. d. Paid indirect factory labor, P160,000. e. Consumed factory supplies in production, P80,000. f. Paid production supervisor’s salary, P60,000. g. Received factory utility bills for the month, P122,460. h. Depreciation of production assets for the month, P64,000. i. Units finished were 10,000 units in the amount of P1,600,000. j. Sales for the month, P3,600,000. Goods related to sales cost P1,800,000. Required: Manufacturing Accounts Beginning Balances Raw Materials Inventory P205,000 Work-in-Process Inventory P630,000 Finished Goods Inventory P360,000 Indirect Materials Inventory P100,000 Factory Overhead - 1. Post entries to T-accounts. 2. Prepare statement of Cost of Goods Manufactured in good form.…
Suppose that the following table shows the financial data of a manufacturing company at the beginning of the period, during the period and at the end of the period. What is the total cost of production? Period Beginning within Ending Raw materials 30,000.00 20,000.00 Raw material purchases (paid in cash) Direct labor costs (paid in cash) 390,000.00 208,000.00 Indirect labor costs (paid in cash) 114,000.00 Factory/machinery depreciation Rent expense - headquarters (paid in cash) 78,000.00 20,000.00 Sales revenue (received in cash) 800,000.00 Work-in process 40,000.00 90,000.00 Finished goods 70,000.00 10,000.00 800.000 750.000 700.000 850.000
The following transactions were taken from the books of Masayun La Eni Corporation during the month of June 2020: a.Purchased raw materials on account, P200,000 and factory supplies, P70,000. b. Issued raw materials to production, P400,000. c. Paid direct factory labor, P950,000. d. Paid indirect factory labor, P160,000. e. Consumed factory supplies in production, P80,000. f. Paid production supervisor’s salary, P60,000. g. Received factory utility bills for the month, P122,460. h. Depreciation of production assets for the month, P64,000. i. Units finished were 10,000 units in the amount of P1,600,000. j. Sales for the month, P3,600,000. Goods related to sales cost P1,800,000. Required: 1. Establish T-accounts for the following manufacturing accounts and post corresponding beginning balances. Manufacturing Accounts Beginning Balances Raw Materials Inventory - P205,000 Work-in-Process Inventory - P630,000 Finished Goods Inventory - P360,000 Indirect Materials Inventory -…
The following cost incurred by Lucky corporation for October 2019 were as follows: Direct Materials used, P20,000 Indirect materials used, P1,000 Direct labor, P9,000 Indirect labor, P5,000 Other factory cost, P5,000 Selling expenses,P10,000 Administrative expenses, P12,000 Question: How much is the total product cost? a. P62,000 b. P50,000 c. P29,000 d. P40,000 Plz answer fast without plagiarism and don't copy answer plz
Following are the account balances for the DC Company in 2018: Ending of 2018 27,000 Beginning of 2018 Direct materials inventory 26,500 28,400 Work-in-process inventory Finished-goods inventory 30,500 22,100 79,000 16,500 Purchases of direct materials 24,500 Direct manufacturing labor Indirect manufacturing labor 18,600 7,900 11,800 Plant insurance Depreciation-plant, building, and equipment Repairs and maintenance-plant Marketing, distribution, and customer-service costs General and administrative costs 3,500 87,900 26,500 Required: 1. Prepare a schedule for the cost of goods manufactured for 2018. 2. Revenues for 2018 was $425,000. Prepare the income statement for 2018.