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College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter27: Adjustments, Financial Statements, And Year-end Accounting For A Manufacturing business
Section: Chapter Questions
Problem 1MP: Reese Manufacturing Company manufactures and sells a limited line of products made to customer...
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answer in text form with all workings like explanation , computation , steps for every steps for all requirements

Q.1 Late Corporation is in the business of producing furniture, previously the company has had a policy of preparing costing statements annually. The following data was taken from the general ledger and other records of Jarico Manufacturing Co. at December 31 2023, the end of the second year of operations in the fiscal year: Revenue Inventories at January 1: Materials inventory Work in process inventory Finished goods inventory Inventories at January 31: Materials inventory Work in process inventory Finished goods inventory Materials purchased Labor Costs: Finishing workers' wages Supervisors' salaries Admin personnel salaries Depreciation: Factory Equipment Admin office Indirect materials used Factory utilities Employee Fringe Benefits. Insurance (30% Admin & 70% Factory) Workers Compensation Insurance Overtime Premium Defective Work Lubricants Rent (40% Factory & 60% Admin) Property Tax Spoilage Heating & Lighting (40% Admin and 60% Factory) Carriage Inwards Carriage Outwards Trade Debts Cash & Cash Equivalents Trade Payable Loan (3 Year Maturity) a. b. Fixtures & Fittings Motor Vehicle Equity Bad debts Drawings Stationary Discount Allowed Discount Received General Office Expenses Factory Building Prepare a statement of cost of goods manufactured. Prepare the Income Statement for the year ended 31 Dec 2023. Domom the state out of financial position. 318 T 3022 $910, 124 35,632 29,632 28,632 20,352 12,831 24,645 164,136 185, 312 30,423 52, 153 73, 852 28,525 3,521 67,173 45,312 3,516 4,513 5,512 3,241 5,134 67,482 1,235 45, 123 62,213 3,612 3,600 194,842 293,251 182,512 300, 132 31, 123 223, 124 1,213, 121 1238 574,272 5,182 7,131 4,131 5,132 410,000
Transcribed Image Text:Q.1 Late Corporation is in the business of producing furniture, previously the company has had a policy of preparing costing statements annually. The following data was taken from the general ledger and other records of Jarico Manufacturing Co. at December 31 2023, the end of the second year of operations in the fiscal year: Revenue Inventories at January 1: Materials inventory Work in process inventory Finished goods inventory Inventories at January 31: Materials inventory Work in process inventory Finished goods inventory Materials purchased Labor Costs: Finishing workers' wages Supervisors' salaries Admin personnel salaries Depreciation: Factory Equipment Admin office Indirect materials used Factory utilities Employee Fringe Benefits. Insurance (30% Admin & 70% Factory) Workers Compensation Insurance Overtime Premium Defective Work Lubricants Rent (40% Factory & 60% Admin) Property Tax Spoilage Heating & Lighting (40% Admin and 60% Factory) Carriage Inwards Carriage Outwards Trade Debts Cash & Cash Equivalents Trade Payable Loan (3 Year Maturity) a. b. Fixtures & Fittings Motor Vehicle Equity Bad debts Drawings Stationary Discount Allowed Discount Received General Office Expenses Factory Building Prepare a statement of cost of goods manufactured. Prepare the Income Statement for the year ended 31 Dec 2023. Domom the state out of financial position. 318 T 3022 $910, 124 35,632 29,632 28,632 20,352 12,831 24,645 164,136 185, 312 30,423 52, 153 73, 852 28,525 3,521 67,173 45,312 3,516 4,513 5,512 3,241 5,134 67,482 1,235 45, 123 62,213 3,612 3,600 194,842 293,251 182,512 300, 132 31, 123 223, 124 1,213, 121 1238 574,272 5,182 7,131 4,131 5,132 410,000
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