The following data refer to Maximus Manufacturing Ltd for the current years: Required: Prepare Maximus manufacturings: 1.
Question:
Required:
Prepare Maximus manufacturings:
1. Schedule of cost of goods manufactured.
2. Schedule of cost of goods sold.
3. Income statement.
Transcribed Image Text:
$2 526 000 Sales revenue 106 800 Raw material inventory, 1 January 877 200 Purchases of raw material 70 800 Raw material inventory, 31 December 568 800 Direct labour cost incurred 322 800 Selling and administrative expenses 180 000 Indirect labour cost incurred 108 000 Council rates 150 000 Depreciation on factory building 30 000 Income tax expense 54 000 Indirect material used 72 000 Depreciation on factory equipment Insurance on factory and equipment 48 000 Electricity for factory 84 000 Work in process inventory, 1 January Work in process inventory, 31 December 48 000 Finished goods inventory, 1 January 42 000 Finished goods inventory, 31 December 48 000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 62% (8 reviews)
1 Maximus Manufacturing Ltd Schedule of cost of goods manufactured for the year ended 31 December Di...View the full answer
Answered By
Muhammad Umair
I have done job as Embedded System Engineer for just four months but after it i have decided to open my own lab and to work on projects that i can launch my own product in market. I work on different softwares like Proteus, Mikroc to program Embedded Systems. My basic work is on Embedded Systems. I have skills in Autocad, Proteus, C++, C programming and i love to share these skills to other to enhance my knowledge too.
3.50+
1+ Reviews
10+ Question Solved
Related Book For
Management Accounting
ISBN: 9781760421144
7th Edition
Authors: Kim Langfield Smith, Helen Thorne, David Alan Smith, Ronald W. Hilton
Question Posted:
Students also viewed these Advanced Accounting questions
-
The following data refer to Mister Munchie, Inc. for the year 20x4. Required: 1. Prepare Mister Munchies schedule of cost of goods manufactured for 20x4. 2. Prepare the companys schedule of cost of...
-
The following data refer to one year. Fill in the blanks with required calculations. t material inventory, January 1 Direc Direct material inventory, December 31. $ 8,200 5,400 7,600 3,800...
-
The following data refer to San Fernando Fashions Company for the year 20x2: Sales revenue ...........................................................................$950,000 Work-in-process...
-
j) Assume that one of these portfolio's is the Market Portfolio and all portfolios, except Portfolio G, are fairly priced according to the CAPM. Derive the Treynor Measure for these fairly priced...
-
Explain which of these reactions would provide a better synthesis of2-pentene: Br CH,OH CH,CH,CHCH,CH, + CH;0 CH,CH=CHCH,CH3 Br CH, CH CH=CHCH CH, CH,CHCH,CH,CH; + CH,0
-
Allante Corporate issued 50 bonds with a face value of $1,000 and a stated rate of 4% and received $45,000. What is the journal entry to record the sale of the bonds?
-
A 40-lb weight is dropped from rest at a height of \(h=2 \mathrm{ft}\) onto the center of the W10 \(\times 15\) structural A992 steel beam. Determine the vertical displacement of its end \(B\) due to...
-
The board of directors of Cable Plus authorizes the issue of $7,000,000 of 6%, 20-year bonds payable. The semiannual interest dates are May 31 and November 30. The bonds are issued on May 31, 2014,...
-
Prepare the Income Statement and the Assets section of the Balance Sheet as of December 31 for Maryland Corporation using the information below: Cash $900,000 Equipment 580,000 Account receivable...
-
Locate all the instantaneous centres for the crossed four bar mechanism as shown in Fig. 6.28. The dimensions of various links are : CD = 65 mm; CA = 60 mm ; DB = 80 mm ; and AB = 55 mm. Find the...
-
The following data refer to Flintoff Fashions for the current year: Required: 1. Required the schedule of cost of goods manufactured for Flintoff Fashions. 2. Prepare the schedule of cost goods sold...
-
Give four examples to illustrate how the managers in the head office of Qantas could use cost information for planning and controlling costs.
-
Explain why people who have the lens of their eye removed because of cataracts are able to see lowfrequency ultraviolet.
-
Fields Company is a manufacturing firm that currently uses traditional costing with one plantwide overhead rate. The company is determining if they should implement activity-based costing and has...
-
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory Sale First purchase Sale Second purchase Sale 36 units...
-
The estimated unit costs for a company to produce and sell a product at a level of 13,500 units per month are as follows: Estimated Unit Cost Cost Item Direct material Direct labor Variable...
-
The Monty Company issued $410,000 of 12% bonds on January 1, 2025. The bonds are due January 1, 2030, with interest payable each July 1 and January 1. The bonds are issued at face value. Prepare...
-
Blossom adheres to ASPE. Based on the above information, and using the direct method, the cash provided by (used in) operating activities to be reported on Blossom's 2023 statement of cash flows?...
-
Write a paragraph that explains why the numbers found in Problem 97 are called triangular. Data from Problem 97 A triangular number is a term of the sequence u 1 = 1, u n +1 = u n + (n + 1). Write...
-
A test car is driven a fixed distance of n miles along a straight highway. (Here n Z+.) The car travels at one mile per hour for the first mile, two miles per hour for the second mile, four miles...
-
Han Products manufactures 30,000 units of part S-6 each year for use on its production line. At this level of activity, the cost per unit for part S-6 is as follows: An outside supplier has offered...
-
(Prepared from a situation suggested by Professor John W. Hardy.) Lone Star Meat Packers is a major processor of beef and other meat products. The company has a large amount of T-bone steak on hand,...
-
Profits have been decreasing for several years at Pegasus Airlines. In an effort to improve the companys performance, consideration is being given to dropping several flights that appear to be...
-
Defining strategy is not simple. Understanding different ways of thinking about strategy is the first toward mastering the art and science of strategic management. Strategy is a complex concept that...
-
The following is a list of 13 measurements. -61, 75, -92, -11, 61, 27, -13, -54, 34, 66, 96, 30, -64 Send data to calculator Suppose that these 13 measurements are respectively labeled X1, X2, X13....
-
Information for two alternative projects involving machinery investments follows. Project 1 requires an initial investment of $174,000. Project 2 requires an initial investment of $120,000. Annual...
Study smarter with the SolutionInn App