The following information relates to the only product made by Mario Traders for the year ended 31 July 2022: Opening inventory 0 Number of units manufactured 945 000 Number of units sold (at R310 per unit) 756 000 Direct materials cost per unit R94 Direct labour cost per unit R123 Variable manufacturing overheads cost per unit R92 Variable selling expenses per unit R22 Fixed manufacturing overheads cost R18 900 000 Fixed selling and administrative expenses R15 750 000 Draft the income statement for the year ended 31 July 2022 using the Absorption costing method

The following information relates to the only product made by Mario Traders for the year ended 31 July 2022: Opening inventory 0 Number of units manufactured 945 000 Number of units sold (at R310 per unit) 756 000 Direct materials cost per unit R94 Direct labour cost per unit R123 Variable manufacturing overheads cost per unit R92 Variable selling expenses per unit R22 Fixed manufacturing overheads cost R18 900 000 Fixed selling and administrative expenses R15 750 000 Draft the income statement for the year ended 31 July 2022 using the Absorption costing method

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter4: Operating Activities: Sales And Cash Receipts

Section: Chapter Questions

Problem 1.3C

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The following information relates to the only product made by Mario Traders for the year ended 31 July 2022:Opening inventory 0Number of units manufactured 945 000Number of units sold (at R310 per unit) 756 000Direct materials cost per unit R94Direct labour cost per unit R123Variable manufacturing overheads cost per unit R92Variable selling expenses per unit R22Fixed manufacturing overheads cost R18 900 000Fixed selling and administrative expenses R15 750 000 1. Draft the income statement for the year ended 31 July 2022 using the Absorption costing method
The following information relates to the only product made by Mario Traders for the year ended 31 July 2022: Opening inventory 0 Number of units manufactured 945 000 Number of units sold (at R310 per unit) 756 000 Direct materials cost per unit R94 Direct labour cost per unit R123 Variable manufacturing overheads cost per unit R92 Variable selling expenses per unit R22 Fixwd manufacturing overheads cost R18 900 000 Fixed selling and administrative expenses R15 750 000 1.1 Draft the income statement for the year ended…
The following information relates to the only product made by Mario Traders for the year ended 31 July 2022:Opening inventory 0Number of units manufactured 945 000Number of units sold (at R310 per unit) 756 000Direct materials cost per unit R94Direct labour cost per unit R123Variable manufacturing overheads cost per unit R92Variable selling expenses per unit R22Fixed manufacturing overheads cost R18 900 000Fixed selling and administrative expenses R15 750 000 Draft the income statement for the year ended 31 July 2022 using the Marginal Costing method
2.1 Prepare the Income statement of Cambridge Manufacturers for the year ended 31 March 2021 using the absorption costing method. INFORMATION The following information was extracted from the accounting records of Cambridge Manufacturers for the year ended 31 March 2021: Inventory on 01 April 2020 1 000 units Production for the year 30 000 units Sales for the year (at R240 per unit) 25 000 units Costs: Direct materials cost per unit R60 Direct labour cost per unit R36 Variable manufacturing overheads cost per unit R24 Variable selling and administrative costs per unit sold R12 Fixed manufacturing overhead cost R696 000 Fixed selling and administrative cost R303 200 Additional information The total manufacturing costs per unit for the year ended 31 March 2020 amounted to R130, comprising R110 for variable manufacturing costs and R20 for fixed manufacturing costs. The total selling and administrative costs per unit for the same period amounted to R10. The first-in-first out method of…
The following information was extracted from the accounting records of Winslow Limited for the month ended31 March 2022:Inventory on 01 March 2022 NilProduction 60 000 unitsSales 48 000 unitsSelling price per unit R180Direct materials cost R40Direct labour cost R30Variable manufacturing overheads R10Fixed manufacturing overheads R600 000 per monthAdvertising and salaries R80 000 per monthSales personnel’s commission 5% of salesAdministration costs including salaries R120 000 per monthOther administration costs R12 per unit sold Use the information provided below to prepare the Income Statement of Winslow Limited for themonth ended 31 March 2022 using each of the following methods: Variable costing and Absorption costing
A company reports the following information for the current year: Units Produced (25,000)< Units Sold (15,000), DM ($9 per unit), DL ($11 per unit), VOH (total $75,000) and FOH (total $137,500). Compute the cost of finished goods in inventory under absorption costing a. $427,500 O b. $285,000 O c. $230,000 O d. $712,500
Prepare the Income Statement for the year ended 31 December 2022 using the Marginal costing and Absorption costing methods. Opening inventory Nil Number of units manufactured 5 000 Number of units sold 4 500 Selling price per unit R200 Direct material cost per unit R14 Direct labour cost per unit R23 Variable manufacturing overheads cost per unit R12 Variable selling and administrative cost per unit sold R3 Fixed manufacturing overhead cost R200 000 Fixed selling and administrative costs R400 000
Georgio Corporation has the following data as of December 31, 2021. Product C Product D Units Produced 10,000 15,000 Beg. Inventory Units Sold 3,000 4,000 11,000 2,000,000 300,000 P60 per unit P275 per unit 15,000 3,000,000 800,000 Total Manufacturing Cost General and Administration Cost Estimated Selling Cost Selling Price P80 per unit P275 per unit At the year end, the manufacture items of inventory have been completed, but no selling cost has yet been incurred. Beginning inventory has the following cost: Product C- P800,000 Product D- P600,000 Georgio observed FIFO method of costing for their inventory. What is the amount of Inventory to be presented at the Balance Sheet date using the LCNRV Individual approach?
A manufacturing company has a beginning finished goods inventory of $27/600, cost of goods manufactured of $57,800, and an ending finished goods inventory of $26,900 The cost of goods sold for mis company Mutiple Choice O OOO $112.300 $57300 11.300 104300 $50,00
A manufacturing company has provided the following data concerning its most recent month ofoperations:Selling price£176Units in beginning inventory0Units produced10,400Units sold9,800Units in ending inventory600Variable costs per unit:Direct materials£ 24Direct labour£ 46Variable manufacturing overhead£ 4Variable selling and administrative£ 10Fixed costs:Fixed manufacturing overhead£322,400 Fixed selling and administrative£129,200The total contribution margin for the month under the variable costing approach is:A. £ 901600B. £ 128,400C. £ 499,800D. £ 196.000
Question 1: Pamlico Manufacturing Ltd has the following information given in the table below. 12.50 Sales per unit Variable production cost per unit Variable administration sales and distribution per 7.50 1.00 unit Fixed production costs 37 500 18 750 Fixed administration sales and distribution Opening inventory in units Units produced 2 500 25 000 At the beginning of December 2018, there were 2 500 units in inventory. Required: Draw up a staement of comprehensiy income according to margial costing principlesor three differenevels of sales, for the moth of December 12 500 units b) 18 750 units c) 25 000 units Question 2 Using the above information on Pamlico Manufacturing Ltd, prepare the statement of comprehensive income using absorption costing principles for the month of December and assume the following: 1. Normal level of activity is 25 000 shirts per month. 2. Fixed production costs were 37 500 for the month.
Prepare the Income statement of Cambridge Manufacturers for the year ended 31 March 2021 using the absorption costing method, INFORMATION The following information was extracted from the accounting records of Cambridge Manufacturers for the year ended 31 March 2021: Inventory on 01 April 2020 1 000 units Production for the year 30 000 units Sales for the year (at R240 per unit) 25 000 units Costs: Direct materials cost per unit R60 Direct labour cost per unit R36 Variable manufacturing overheads cost per unit R24 Variable selling and administrative costs per unit sold R12 Fixed manufacturing overhead cost R696 000 Fixed selling and administrative cost R303 200 Additional information The total manufacturing costs per unit for the year ended 31 March 2020 amounted to R130, comprising R110 for variable manufacturing costs and R20 for fixed manufacturing costs. The total selling and administrative costs per unit for the same period amounted to R10, The firs-in-first out method of inventory…