From the following details calculate Prime cost, Factory cost,
cost of production, Cost of Sales and...
From the following details calculate Prime cost, Factory cost,
cost of production, Cost of Sales and Profit.
[Currency in SAR]
Direct Material
120,000
Direct wages
40,000
Wages for foreman
5,000
Electric Power
1,000
Lighting:
Factory
Office
3,000
1,000
Store keeper’s wages
2,000
Oil &Water
1,000
Rent:
Factory
Office
10,000
2,500
Depreciation:
Factory plant
Office Premises
1,000
2,500
Consumable stores
5,000
Repairs &Renewals:
Factory plant
Office Premises
3,500
1,000
Manager’s salary
10,000
Director’s fees
2,500
Office stationery
1,000
Telephone Charges...
The following data is available regarding an organization who
makes a single product.
Period 1
Period...
The following data is available regarding an organization who
makes a single product.
Period 1
Period 2
Period 3
Production (units)
15,000
18,000
20,000
Sales
14,000
16,500
22,500
Opening Stock
_
1,000
2,500
Closing Stock
1,000
2,500
_
The following cost structure applies (based on a budgeted level
of 15,000 units per period).
Cost Per Unit
$
Direct Material 2
Direct Labour 6
Production Overheads 4
Selling price is $15 per unit
Administrative overheads are $15,000 per period and the...
Information for Stanton, Inc., as of December 31 follows.
Prepare a schedule of cost of goods...
Information for Stanton, Inc., as of December 31 follows.
Prepare a schedule of cost of goods manufactured for the year ended
December 31.
Administrative salaries
$ 35,000
Depreciation of factory equipment
25,000
Depreciation of delivery vehicles
6,000
Direct labor
68,000
Factory supplies used
9,000
Finished goods inventory, January 1
57,000
Finished goods inventory, December 31
?
Factory insurance
15,500
Interest expense
12,000
Factory utilities
14,000
Factory maintenance
7,500
Raw materials inventory, January 1
5,000
Raw materials inventory, December 31
4,000...
Namaste Company manufactures a unique yoga mat. The company
began operations December 1, 2018. Its accountant...
Namaste Company manufactures a unique yoga mat. The company
began operations December 1, 2018. Its accountant quit the second
week of operations, and the company is searching for a replacement.
The company has decided to test the knowledge and ability of all
candidates interviewing for the position. Each candidate will be
provided with the information below and then asked to prepare a
series of reports, schedules, budgets, and recommendations based on
that information. The information provided to each candidate is...
The balance sheet for December 31, 2018, December 31, 2017, and
the income statement for the...
The balance sheet for December 31, 2018, December 31, 2017, and
the income statement for the year ended December 31, 2018, for
Rocket Company follows.
Rocket Company
Balance Sheet
December 31, 2018 and 2017
2018
2017
Assets
Cash
$ 25,000
$ 20,000
Accounts receivable, net
60,000
70,000
Inventory
80,000
100,000
Land
50,000
50,000
Building and equipment
130,000*
115,000
Accumulated depreciation
(85,000)
(70,000)
Total assets
$260,000
$285,000
Liabilities and Stockholders' Equity
Accounts payable
$ 30,000
$ 35,000
Income taxes payable
4,000 ...
Namaste Company manufactures a unique yoga mat. The company
began operations December 1, 2018. Its accountant...
Namaste Company manufactures a unique yoga mat. The company
began operations December 1, 2018. Its accountant quit the second
week of operations, and the company is searching for a replacement.
The company has decided to test the knowledge and ability of all
candidates interviewing for the position. Each candidate will be
provided with the information below and then asked to prepare a
series of reports, schedules, budgets, and recommendations based on
that information. The information provided to each candidate is...
Namaste Company manufactures a unique yoga mat. The company
began operations December 1, 2018. Its accountant...
Namaste Company manufactures a unique yoga mat. The company
began operations December 1, 2018. Its accountant quit the second
week of operations, and the company is searching for a replacement.
The company has decided to test the knowledge and ability of all
candidates interviewing for the position. Each candidate will be
provided with the information below and then asked to prepare a
series of reports, schedules, budgets, and recommendations based on
that information. The information provided to each candidate is...
Required information
[The following information applies to the questions
displayed below.]
The following calendar year-end...
Required information
[The following information applies to the questions
displayed below.]
The following calendar year-end information is taken from the
December 31, 2019, adjusted trial balance and other records of
Leone Company.
Advertising expense
$
33,300
Direct labor
$
678,000
Depreciation expense—Office equipment
10,200
Income taxes expense
269,000
Depreciation expense—Selling equipment
9,700
Indirect labor
56,100
Depreciation expense—Factory equipment
33,400
Miscellaneous production costs
9,900
Factory supervision
116,400
Office salaries expense
67,000
Factory supplies used
9,600
Raw materials purchases
936,000...
Job 731 was recently completed. The following data have been
recorded on its job cost sheet:...
Job 731 was recently completed. The following data have been
recorded on its job cost sheet:
Direct Materials
$50,000
Direct Labor (1,400 actual hours)
$70,000
The company applies manufacturing overhead on the basis of
direct-labor hours. The predetermined overhead rate is based upon
an estimated $100,000 of manufacturing overhead for the year and an
estimated 1,000 direct labor hours.
Assume no other jobs were worked on during the year and that Job
731 was completed by October 31st, two months...
account balances for the year ended December 31:
Selling and administrative salaries $ 106,000 Insurance, factory...
account balances for the year ended December 31:
Selling and administrative salaries $ 106,000 Insurance, factory
7,200 Utilities, factory 51,500 Purchases of raw materials ?
Indirect labour 62,000 Direct labour 101,800 Advertising expense
76,500 Cleaning supplies, factory 7,500 Sales commissions 40,500
Rent, factory building 120,000 Maintenance, factory 30,000
Inventory balances at the beginning and end of the year were as
follows: Beginning of the Year End of the Year Raw materials $
60,800 $ 8,300 Work in process ? 32,800...