manufacturing statement?
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- Preparing a schedule of cost of goods manufactured and an income statement for a manufacturing company Certain item descriptions and amounts are missing from the monthly schedule of cost of goods manufactured and income statement of Elly Manufacturing Company. Fill in the blanks with the missing words, and replace the Xs with the correct amounts.Hankook Company employ new employee and are assigned to make Statement of Cost of Manufactured, Statement of Cost of Goods Sold, and Income Statement. The results attached on picture below Questions : a. Identify the period cost and the total in USD b. If there is something wrong with the income statement above, correct the income statement above so all the item cost is where it should be. c. Calculate the prime costs, conversion costs, manufacturing cost, and the period costWhich one of the following is NOT correct about manufacturing statement? Select one: O a. It includes the adjustments for the opening and closing stocks of WIP and Finished Goods. O b. It includes direct and indirect labor cost. O c. It shows the financial position of a company on a specific date. O d. It reports Cost of Goods Manufactured.
- Preparing a schedule of cost of goods manufactured and an income statement for a manufacturing company Certain item descriptions and amounts are missing from the monthly schedule of cost of goods manufactured and income statement of Charlie Manufacturing Company. Fill in the blanks with the missing words, and replace the Xs with the correct amounts.Instruction: Write "T" if the statement is TRUE. If FALSE, write "F" and underline the word that makes the statement incorrect. 1. A knowledge of the costs of doing business is needed to estimate a job or to bid for jobs or contracts. The order generally goes to the highest bidder. 2. Cost accounting is also used in preparing a company's budget which is the overall financial plan for present activities. 3. Raw material to one manufacturer is not considered finished goods by the supplier of those materials. 4. In the manufacturing of clothing, the earnings of cutters are indirect labor costs. 5. All costs incurred in the factory that cannot be considered direct materials or direct labor are classified as factory burden. _6. Oil used for lubricating the factory machinery is an operating supply. _7. Manufacturing expenses includes costs that can be charged directly to specific products. 8. Wages and salaries of factory workers as supervisor is a direct labor cost. _9. Service firms have…Following items belong to the revenue, expenditure, human resources/payroll, production, or financing cycle. Classify each item based on the cycle it belongs to. a. Pay pay-as-you-earn (PAYE) payroll taxes b. Send material requisition to inventory c. Issue stock to investors d. Borrow money from the bank to purchase a new factory e. Complete receiving report f. Appoint replacement purchasing clerk g. Measure employee performance using a performance management system h. Choose suitable supplier of raw materials i. Ensure employees are up to date with the latest tax provisions j. Record personal and tax information for new employees
- Manufacturing firms must calculate their cost of goods sold based on how much they manufacture and how much it costs them to manufacture those goods. This requires manufacturing firms to prepare an additional statement before they can prepare their income statement. This additional statement is the Cost of Goods Manufactured statement. Once the cost of goods manufactured is calculated, the cost is then incorporated into the manufacturing firm’s income statement to calculate its cost of goods sold. One thing manufacturing firms must consider in their cost of goods manufactured is that, at any given time, they have products at varying levels of production: some are finished and others are still process. The cost of goods manufactured statement measures the cost of the goods actually finished during the period, whether or not they were started during that period. True / False Even though the income statements for the merchandising firm and the manufacturing firm appear very similar at…Which of the following is not a period cost? Group of answer choices Sales commissions. Public relations costs. The salary of a company's chief financial officer (CFO). Legal costs. Wages of assembly-line workers.You are Accountant of the company and you are being asked to submit a report to the Managementregarding following matters:1) Briefly discuss the different cost classifications which are relevant for a business like RaajjeFresh.2) Using the information in Annex 1, identify the Fixed Costs and Variable Costs, showing them ina table.3) Using the table prepared in (2) above, prepare a break-even chart for the given period (withclear labels).4) Using the information in Annex 2, prepare an overhead summary, showing clearly the totaloverheads for each department. Prepare the following calculations using the total overhead foreach department:i. Calculate the Overhead Absorption Rate (OAR) based on Labour hours.ii. Calculate Overhead Absorption Rate (OAR) based on number of units (for 3000 units)iii. Calculate the Total Cost per unit from the available information (use OAR based on costper unit)iv. Which of the above absorption bases is more suitable for Raajje Fresh?
- Which of the following is NOT a period cost? Select one: O a. manufacturing costs. Ob general and administrative costs. Oc marketing costs. Od. research and development costs. Which of the following is NOT one of the questions management accountants might attempt to help answer in the formulation of strategy? Select one: a. What substitute products exist in the marketplace? Ob. Who are our most important customers? Does the strategy comply with GAAP (Generally Accepted Accounting Principles)? Od. Will adequate cash be available to implement the strategy?Match each definition with its related term by selecting the appropriate term in the dropdown provided. Dropdown options: An accounting system that records all actual amounts after the expense has occurred. An accounting system that records all costs based on estimated amounts. An accounting system that records all direct materials and direct labor at actual amounts, while assigning manufacturing overhead costs using predetermined overhead rates. Difference between actual and planned results. Standards that are tight but are used to motivate individuals to work hard and achieve results. Standards that can be achieved only under perfect conditions. The difference between actual cost and the flexible budget for materials. The difference between actual labor hours and standard labor hours multiplied by the actual labor rate. The difference between actual labor hours and standard labor hours multiplied by the standard labor rate. The difference between actual price and standard price…Refers to the recording, presentation, and analysis of manufacturing costs. Select one: a. No correct answer O b. Financial Accounting O c. Auditing O d. Cost Accounting