Goods in process inventory, 1/1 25,000 Goods in process inventory, 12/31 21,920 Indirect labor 4,600 Insurance and taxes (factory) 15,620 Purchases 206,000 Raw materials inventory, 1/1 265,650 Raw materials inventory, 12/31 126,300 Salaries expense - administrative officers 40,500 Additional Information: 1. A total of 15,000 units were completed during the year. 2. 50,000 units were sold for Php21.75 each. Requirements: 1. Prepare a detailed cost of goods manufactured and sold statement for the year ended December 31, 2021 2. Prepare an income statement for the year ended December 31, 2021, 3. Compute for the unit cost of goods manufactured
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- 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…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.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 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 2020The following balances have been taken from the general ledger for Royal Fan Manufacturing Company: Raw Materials Inventory (1-12-2014)Rs. 40,000Raw Material Purchases190,000Raw Materials Returns9,000Carriage Inwards15,000Direct Labor255,000Indirect Labor60,000Depreciation (Machinery)30,000Hear, Light and Power25,000Factory Rent and Taxes31,000Factory Repairs Expense19,000Foreman ‘s Salary25,000Raw Material (31-12-2014)58,000Work in Process (1-12-201463,000 The foreman estimates that Rs. 32,000 of Raw Materials and Rs. 25,000 of Direct Labor are to be allocated to the unfinished goods in process on 31-12-2014. Calculate amount of Cost of Goods Manufactured.Bonita Inc's accounting records reflect the following inventories: Raw materials inventory Work in process inventory Finished goods inventory Dec. 31, 2021 Dec. 31, 2022 $84500 $69800 117500 O $1625900 O $1733100 O $1540000 O $1640100 107700 100100 93000 During 2022, Bonita purchased $142700 of raw materials, incurred direct labor costs of $283600, and incurred manufacturing overhead totaling $155000. (Assume that all raw materials used were direct materials.) Assume Bonita's cost of goods manufactured for 2022 amounted to $1633000. What amount would the company report as cost of goods sold for the year?
- 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…Sheffield Corp!'s accounting records reflect the following inventories: Raw materials inventory Work in process inventory Finished goods inventory Dec. 31, 2021 O $1420000 O $1408000 O $1309000 O $1315000 $200000 276000 270000 Dec. 31, 2022 $101000 294000 258000 During 2022, Sheffield purchased $910000 of raw materials, incurred direct labor costs of $175000, and incurred manufacturing overhead totaling $224000. How much is total manufacturing costs incurred during 2022 for Sheffield?How do you Calculate the cost of labor-to-sales ratio from the numbers below Profit & loss account 2019Sales $ 618,603,629 Purchasing costs $ 397,925,058 Material costs $ 217,667,630 Services $ 167,622,858 Use of assets owned by other $ 12,634,569 Costs of employees $ 96,805,799 Depreciation & Amortization $ 27,586,951 Other operating items $ 67,196,537 Variation of Raw Material $ (1,543,807)Operating P/L [=EBIT] $ 29,089,285 P/L for period [=Net income] $ 19,331,064 Calculate the purchase-to-sales ratioCalculate the cost of labor-to-sales ratioJustify your calculationsComment about the value obtained: is in line with what you were expecting, considering the benchmark seen in class?
- Following balances as of the year ended December 31, 2019 of Yelen Trading co. Direct Materials Inventory Finished Goods Inventory 15,000 Debit 49,500 Debit 34,500 Debit 74,500 Debit WIP Inventory Cost of Goods Sold Cost of direct materials purchased Cost of direct materials requisitioned Cost of goods completed Factory overhead applied (120% of direct labour) 48,000 Underapplied factory overhead 41,000 47,000 102,000 4,000 a. Find beginning direct materials inventory b. Find beginning WIP inventoryKappa Manufacturing Company had the following account balances for the year ending December 31, 2022: Direct materials inventory (Jan. 1) Direct materials inventory (Dec. 31) Work-in-process inventory (Jan. 1) Work-in-process inventory (Dec. 31) Finished goods inventory (Jan. 1) Finished goods inventory (Dec. 31) Direct materials purchased Indirect materials used Direct manufacturing labor Indirect manufacturing labor Property taxes on plant Plant supervisory salaries Depreciation of office equipment Miscellaneous plant overhead Plant supplies used Revenues General office expenses $30,000 50,000 40,400 72,000 60,000 55,000 120,000 4,000 70,000 66,000 5,800 12,000 33,600 35,000 3,400 1,200,000 15,400 Required: a. Prepare a cost of goods manufactured schedule for the year. b. Prepare the income statement for the year. C. Give two examples of cost drivers for each of the following costs: 1) Indirect manufacturing labor 2) Plant supervisory salariesMarigold Manufacturing Inc.'s accounting records reflect the following inventories: Dec. 31, 2021 Dec. 31, 2022 Raw materials inventory $100400 $79900 Work in process inventory 129200 145300 Finished goods inventory 125600 114000 During 2022, Marigold purchased $949000 of raw materials, incurred direct labour costs of $124200, and incurred manufacturing overhead totalling $159300. Marigold Manufacturing’s cost of goods manufactured for 2022 amounted to $1236900. How much would it report as cost of goods sold for the year? $1361100 $1225300 $1248600 $1248500