3. The following information is taking from Wei Min Enterprise for the year ended 31 December 2020: Particulars RM Inventory at 1 January 2020: Raw materials Work in progress Finished goods Purchases : raw materials Carriage on raw materials Direct labour Office salaries Rent Office lighting and heating Depreciation: Works machinery Office equipment Sales Factory fuel and power 25,400 31,100 23,260 91,535 1,960 84,208 33,419 5,200 4,420 10,200 2,300 318,622 8,120
Q: 3. The following information is taking from Wei Min Enterprise for the year ended 31 December 2020:…
A: Cost of production: It includes all those cost and overheads which incurred in the production and…
Q: Madelon Lee Company's general ledger included the following items related to its manufacturing…
A: Overhead is a cost which isn't directly identified with the creation of the item or administration.…
Q: Dimitri Company, a manufacturer of small tools, provided the following information from its…
A: Inventory: Inventory consist of total of three components: raw material, work-in-process and…
Q: The following balances were extracted from the books of Lenga Ltd. For the year ended 31" March 2019…
A: The manufacturing account is prepared to find the manufacturing expenses incurred during the period.
Q: Inventory at 1st Jan 2020 Inventory at 31st Dec 2020 35,000 OMR 20,000 OMR Raw Materials Inventory…
A: Applied Manufacturing overhead = OMR 85,000 Actual manufacturing overhead = OMR 80,000 Overapplied…
Q: 20. Hardigan Manufacturing Company reported the folowing year end information Beginning work in…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: Vaughn Manufacturing's accounting records reflect the following inventories: 12/31/2020 12/31/2019…
A: Cost of goods sold =Cost of goods Manufacturing + Beginning finished goods inventory - Ending…
Q: The T-accounts below provide selected data about Company J’s financial results for the year: Raw…
A: Manufacturing overhead costs also include some indirect costs, such as the following: Indirect…
Q: 3. The following information is taking from Wei Min Enterprise for the year endedi December 2020:…
A: Cost of production means the total cost incurred to produce the products which includes the…
Q: Colin Davis Machine Company maintains a general ledger account for each class of inventory, debiting…
A: Required correcting journal entries are: Date Particulars Debit ($) Credit ($) 1. Raw…
Q: The following is an extract of records of the manufacturing concern ABC Ltd, who has approached you…
A: Net profit of the business means difference of income and expenses of the business. If income are…
Q: Manufacturing overhead Actual OMR 80,000 Indirect materials OMR 0 Compute the adjusted…
A: COGS = Beginning Inventory + Purchases During the Period – Ending Inventory = 20,000+100,000-30,000…
Q: The following relate to God's blessings enterprise for the year ended 31 December 2019. Production…
A: Workings: Given values: Finished goods opening inventory cost = 255000
Q: Based on the below information, compute the cost of goods manufactured for ABC Company Beginning of…
A: COGM stands for cost of goods produced or cost of production for a particular year. COGM only…
Q: The following information was taken from the accounting records of Dunbar Mifflin Company in 2018.…
A: Cost of Goods Sold is the cost of producing the goods, and it consists of direct materials, direct…
Q: Prepare the current assets section of the balance sheet at June 30, 2022. (LIst Current Assets in…
A: Current assets means the assets which can be easily convertible in to cash generally with in one…
Q: 5. The following information is available for Riqqio Manufacturing Company. January 1, 2020 2020…
A: A company which uses the raw material and produces the goods incurring other overheads and expenses…
Q: The owner of a large machine ship has just finished its financial analysis from the prior fiscal…
A: Data given:: Cost of goods sold =$ 328,250 Total inventory= Value of production materials on hand+…
Q: Question Shopify company had the following inventory balances at the beginning and end of 2020…
A: The schedule of cost of goods manufactured explains about the total manufacturing cost incurred…
Q: The following information is taking from Wei Min Enterprise for the year ended 31 December 2020:…
A: b. Statement of Comprehensive Income for the year ended 31 December 2020:
Q: XYZ Co. has the following information: Inventory at 1st Inventory at 31st Dec 2020 Jan 2020 Raw…
A: Direct material consumed: Beginning stock 20000 Add: Purchases of raw material…
Q: The T-accounts below provide selected data about Company J’s financial results for the year: Raw…
A: The overhead is said to be overapplied when applied overhead is more than the actual overhead…
Q: The following information appeared in the accounting records of Erfurt Enterprises, a manufacturing…
A: The finished goods inventory account shows the cost of products that are completed with respect to…
Q: Coronado Machine Company maintains a general ledger account for each class of inventory, debiting…
A: Here the situation is the recording of the transactions which was carried out in case of the…
Q: beginning and end of 2020 follows: for the firm's inventory accounts a Account Direct materials Work…
A: COGM is cost of goods manufactured . The goods that are manufactured during the year are considered…
Q: The following are data regarding Sunny Company in 2021 - Finished Goods Inventory December 31…
A: “Since you have posted a many questions, we will solve first question for you. To get the remaining…
Q: The following is an extract of records of the manufacturing concern ABC Ltd, who has approached you…
A: Cost of goods manufactured means the cost incurred for manufacturing the finished product. Cost of…
Q: Following balances as of the year ended December 31, 2019 of Yelen Trading co. Direct Materials…
A: Inventories are the goods or work in progress of finished goods which was held by the entity during…
Q: XYZ Co. has the following information: Inventory at 1st Inventory at 31st Dec 2020 Jan 2020 Raw…
A: The cost of goods sold is the cost incurred for producing the goods that are sold by the company.…
Q: The following information is taking from Wei Min Enterprise for the year ended 31 December 2020:…
A: Factory Rent=Total Rent×34=RM 5,200×34=RM 3,900
Q: Tim Keller Inc. is a manufacturer. The activity for Material ENC during August 2021 is shown below:…
A: Beginning inventory=Units×Per unit cost=2000×P 39=P 78000
Q: H. Richards Company, a calendar yearend company, reported the following balances: Inventory Accounts…
A: Cost of goods sold is the total cost of producing the goods sold. The difference between sales and…
Q: The following information is taking from Wei Min Enterprise for the year ended 31 December 2020:…
A: Statement of cost production can also be called as cost of goods manufactured statement. It includes…
Q: Tim Keller Inc. is a manufacturer. The activity for Material ENC during August 2021 is shown bel…
A: There are various methods used to compute the cost of ending inventory and the cost of goods sold.…
Q: Additional information: i. Inventory at 31 December 2020: RM14,510 a. Raw materials b. Finished…
A: Income statement: The financial statement which reports revenues and expenses from business…
Q: Waterway Industries's accounting records reflect the following inventories: Dec. 31, 2019 Dec.…
A: Manufacturing costs: Manufacturing costs are the costs which are involved in converting the raw…
Q: Dimitri Company, a manufacturer of small tools, provided the following information from its…
A: Solution: Items Inventory Account payable Net sales Initial amounts 1,520,000 1,200,000…
Q: 1)Coronado Industries reported the following year-end information: beginning work in process…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: 1. Purchased P25,000 of raw materials on account. 2. Issued P18,000 of raw materials to production…
A: Journal Entries S.no. Particulars Debit Credit 1. Raw material Purchases A/c... Dr. P25,000…
Q: The T-accounts below provide selected data about Company J’s financial results for the year: Raw…
A:
Q: STAY AT HOME Co. Limited is a manufacturing company producing Nose Masks in large quantities. The…
A: Cost of production is the cost incurred to produce a product in a factory. It includes cost of…
Q: Juliet Corporation has accumulated the following accounting data for the year: Finished goods…
A: The Cost of Goods manufactured is the total cost incurred during the year on the production of…
Q: Terbaik Cerah Sdn. Bhd. is medium-sized business based in Shah Alam, Selangor. The following…
A: Cost of goods manufactured means the cost incurred in manufacturing the goods.
Q: Please complete the Income statement Calculation of Direct Materials Used (Analyze Raw…
A: Income statement The purpose of preparing the income statement to know the net income which are…
Q: The following is an extract of records of the manufacturing concern ABC Ltd, who has approached you…
A: Cost of goods manufactured means total cost incurred on manufacturing of goods along with adjustment…
Q: 1. A business operate based on a mark-up cost of 40%. If the opening and closing inventories were Gh…
A: As posted multiple questions we are answering only one question kindly repost the unanswered…
Q: Inventory at 1st Inventory at 31st Dec 2020 Jan 2020 Raw Materials Inventory OMR 20,000 OMR 30,000…
A: The cost of goods sold is the cost for the goods that are sold during period.
Q: Ex) The following data were taken from the records of Santana company for the operating year ended…
A: Manufacturing cost: When an item is made, all the cost incurred in it, whether it is the direct cost…
Step by step
Solved in 2 steps with 3 images
- 3. The following information is taking from Wei Min Enterprise for the year ended 31 December 2020: Particulars RM Inventory at 1 January 2020: Raw materials Work in progress Finished goods Purchases : raw materials Carriage on raw materials Direct labour Office salaries 25,400 31,100 23,260 91,535 1,960 84,208 33,419 5,200 Rent Office lighting and heating Depreciation: Works machinery Office equipment Sales Factory fuel and power 4,420 10,200 2,300 318,622 8,120 Prepared by: Puan Siti Nor Junita Mohd Radzi Additional information: i. Rent is to be apportioned: factory ¾; office % ii. Inventory at 31 December 2020 was: a. Raw materials RM28,900 b. Work in progress c. Finished goods RM24,600 RM28,840 Required: a) Prepare statement of cost production for the year ended 31 December 2020. b) Prepare statement of comprehensive income for the year ended 31 December 2020.Bubba Manufacturing Company provided the following information for the fiscal year toJune 30, 2020:Inventories 01/07/2019 30/06/2020Direct MaterialsWork-in-ProcessFinished Goods$72,000107,000149,500$65,000128,000141,700Other information:Office cleaner’s wages 4,500Sales Revenue 1,031,000Raw materials purchased 235,000Factory wages 239,700Indirect materials 23,500Delivery truck driver’s wages 15,400Indirect labor 9,500Depreciation on factory plant & equipment 32,000Insurance 1 60,000Depreciation on delivery truck 7,250Utilities 2 118,750Administrative salaries 41,250Special Design Costs 5,000Selling expenses 9,000Sales Commission 2% of gross profit1 Of the total insurance, 66⅔% relates to the factory facilities & 33⅓% relates to general& administrative costs.2 Of the total utilities, 80% relates to the manufacturing facilities & 20% relates to theoffice area.Requirements:a) What was the amount of direct materials used in production?b) What was the amount of manufacturing…The following extract of costing information relates to a commodity A for the halfyear ending 31:12.2020PARTICULARSPurchase of raw. materialsWorks OvetheadsDirect WagesCarriage on purchasesStock (1.7.2018) Raw MäterialsFinished Products (1000 Tonnes)Stock (31.12.2018) Raw MaterialsWork in progress (WIP)1.7.201831.12.2018Sales of finished productsAMOUNT (R$)• 1.20.00048.0001.00.0001,44020,00016.00022.2404.80016,0003.00.000Selling and distribution overheads are Re.1 per ton sold. 16,000 tonnes of commodity wereproduced during the period. Prepare a cost sheet.
- The given miscellaneous data has been collected for a manufacturing company for the year ended 12/31/2020. Inventories: • Beginning - raw material_P50,000 - work in process_P40,000 - finished goods_P60,000 • Ending - raw material_P55,000 - work in process_P45,000 - finished goods_P50,000 costs recorded during the year: - purchases of raw material_P195,000 - direct labor_P150,000 - COGS_P595,000 - freight out_P25,000 - purchase discount_P32,000 - purchase return and allowances_P23,000 Required: Prepare a statement of cost of goods manufactured.View Policies Current Attempt in Progress The following data were taken from the records of Shamrock Company for the fiscal year ended June 30, 2022. Raw Materials Inventory 7/1/21 Raw Materials Inventory 6/30/22 Finished Goods Inventory 7/1/21 Finished Goods Inventory 6/30/22 Work in Process Inventory 7/1/21 Work in Process Inventory 6/30/22 Direct Labor Indirect Labor $50,400 39,900 99,600 20,600 27,300 20,100 148,350 25,660 Accounts Receivable Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Factory Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash $28,000 5,500 18,100 30,100 8,650 562,100 5,300 64,900 9.610 2,200 98,700 38,200The following information is taking from Wei Min Enterprise for the year ended 31 December 2020: Particulars RM Inventory at 1 January 2020: Raw materials Work in progress Finished goods 25,400 31,100 23,260 Purchases : raw materials 91,535 Carriage on raw materials 1,960 Direct labour 84,208 Office salaries 33,419 Rent 5,200 Office lighting and heating 4,420 Depreciation: Works machinery Office equipment 10,200 2,300 Sales 318,622 Factory fuel and power 8,120 Additional information: Rent is to be apportioned: factory ¾; office ¼ Inventory at 31 December 2020 was: Raw materials RM28,900 Work in progress RM24,600 Finished goods RM28,840 Required: a) Prepare statement of cost production for the year ended 31 December 2020. b) Prepare statement of comprehensive income for the year ended 31 December 2020.
- The following information is taking from Wei Min Enterprise for the year ended 31 December 2020: Particulars RM Inventory at 1 January 2020: Raw materials Work in progress Finished goods 25,400 31,100 23,260 Purchases : raw materials 91,535 Carriage on raw materials 1,960 Direct labour 84,208 Office salaries 33,419 Rent 5,200 Office lighting and heating 4,420 Depreciation: Works machinery Office equipment 10,200 2,300 Sales 318,622 Factory fuel and power 8,120 Rent is to be apportioned: factory ¾; office ¼ Inventory at 31 December 2020 was: Raw materials RM28,900 Work in progress RM24,600 Finished goods RM28,840 Required: Prepare statement of cost production for the year ended 31 December 2020 Prepare statement of comprehensive income for the year ended 31 December 2020SHAMROCK COMPANY Balance Sheet (Partial) For the Year Ended June 30, 2022 ASSETS $ $ $Question 2: Muscat Corany has the following information for the period ended 31 December 2020. Direct material purchases OMR 380000 Direct labor OMR 210000 Factory maintenance Power and heat-factory Direct Expenses Indirect factory labor Freight In Depreciation - Factory Advertisement expenses Inventories, 1 January 2020: OMR 28000 OMR 14500 10 % of the prime cost OMR 23000 OMR 6500 OMR 24800 OMR 4500 Direct Material OMR 44300 Work-in-process Finished goods OMR 51200 OMR 77000 Purchase returns of direct materials OMR 3400 Depreciation-administrative Inventories, 31 December 2020: OMR 11800 Material OMR 18000 Work-in process Finished goods OMR 35000 4000 Units Total Production Units 36000 units Finished goods are valued at the current unit manufacturing cost. You are required to prepare: I. Manufacturing Statement II. Calculate unit production cost.
- 1. Jorasmi Enterprise Trial Balance as at 31 December 2020 Particulars Debit Credit RM RM Inventory of raw materials 1 Jan 2020 Inventory of finished goods 1 Jan 2020 Work in progress 1 Jan 2020 Wages (direct RM180,000, factory indirect RM145,000) Royalties Carriage inwards (on raw materials) 21,000 38,900 13,500 325,000 7,000 3,500 370,000 230,000 12,000 31,000 7,500 13,700 44,000 30,000 11,500 12,000 4,200 13,400 2,300 4,800 5,900 Purchases of raw materials Productive machinery (cost RM280,000) Administration computers (cost RM20,000) General factory expenses Lighting Factory power Administration salaries Sales representative salaries Commission on sales Rent Insurance General administration expenses Bank charges Discount allowed Carriage outwards Sales Account receivable and accounts payable 1,000,000 64,000 142,300 16,800 1,500 60,000 Bank Cash Drawings Capital as at 1 Jan 2020 357,800 ТОTAL 1,421,800 1,421,800 Prepared by: Puan Siti Nor Junita Mohd Radzi Additional information: i.…1. Jorasmi Enterprise Trial Balance as at 31 December 2020 Credit RM Particulars Debit RM Inventory of raw materials 1 Jan 2020 Inventory of finished goods 1 Jan 2020 Work in progress 1 Jan 2020 Wages (direct RM180,000, factory indirect RM145,000) Royalties Carriage inwards (on raw materials) Purchases of raw materials Productive machinery (cost RM280,000) 21,000 38,900 13,500 325,000 7,000 3,500 370 000 230.000 12,000 31,000 7,500 13,700 44,000 Administration computers (cost RM20,000) Coneral factory expenses General Lighting actory power Factory Administration salaries Sales Sales representative salaries Commission on sales Rent 30,000 11,500 12,000 4,200 13,400 2,300 4,800 5,900 Insurance General administration expenses Bank charges Discount allowed Carriage outwards Sales 1,000,000 64,000 Account receivable and accounts payable Bank Cash Drawings Capital as at 1 Jan 2020 142,300 16,800 1,500 60,000 357,800 1,421,800 1,421,800 ТОTAL Prepared by: Puan Siti Nor Junita Mohd Radzi…View Policies Current Attempt in Progress The following data has been taken from the accounting records of Curtis Manufacturing Company for the current year: Sales Purchases of direct materials Direct labor cost during period Manufacturing overhead applied during period Direct Materials Inventory, beginning Direct Materials Inventory, ending Work in Process Inventory, beginning Work in Process Inventory, ending Finished Goods Inventory, beginning Finished Goods Inventory, ending (a) Direct materials used in production eTextbook and Media $600,000 Save for Later 350,000 120,000 60,000 20,000 25,000 47,000 32,000 Compute the cost of direct materials moved into production during the period. 75,000 82,000 Attempts: 0 of 4 used Submit Answer (b) The parts of this question must be completed in order. This part will be available when you complete the part above. (c) The parts of this question must be completed in order. This part will be available when you complete the part above.