From the following balances extracted at March 31, 1998, prepare accounts in such a form as...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
From the following balances extracted at March 31, 1998, prepare accounts in such a form as to disclose (a) cost of material consumed. (b) prime cost, (e) works cost. (d) gross profit on manufacture and (e) gross profit on sales: Stock on 1st April, 1997. Raw Material Manufactured Goods Depreciation of Plant Printing & Stationery Discount allowed Purchases: Raw Materials Manufactured goods Repairs to Machinery Office rent and rates Coal used Carriage Inwards on raw materials Office salaries Carriage Outwards General expenses Factory rent, taxes etc. Manufacturing wages Travelling expenses Sales Additional Information: (i) (iii) $ 6,000 19,500 26,000 1,850 750 1,74,500 25,480 5,000 12,000 11,500 4,600 18,800 7,200 6,340 4,520 2,18,000 5,800 6,00,000 Stock on March 31, 1998: Manufactured goods $ 55,800 (all stock from goods supplied from manufacturing department); and raw materials $ 4,000, Goods manufactured are supplied by the manufacturing department at current sales price $ 5,43,000. Stock of finished goods as at April 1. 1997, belonged to that category of goods which were purchased from the open market. From the following balances extracted at March 31, 1998, prepare accounts in such a form as to disclose (a) cost of material consumed. (b) prime cost, (e) works cost. (d) gross profit on manufacture and (e) gross profit on sales: Stock on 1st April, 1997. Raw Material Manufactured Goods Depreciation of Plant Printing & Stationery Discount allowed Purchases: Raw Materials Manufactured goods Repairs to Machinery Office rent and rates Coal used Carriage Inwards on raw materials Office salaries Carriage Outwards General expenses Factory rent, taxes etc. Manufacturing wages Travelling expenses Sales Additional Information: (i) (iii) $ 6,000 19,500 26,000 1,850 750 1,74,500 25,480 5,000 12,000 11,500 4,600 18,800 7,200 6,340 4,520 2,18,000 5,800 6,00,000 Stock on March 31, 1998: Manufactured goods $ 55,800 (all stock from goods supplied from manufacturing department); and raw materials $ 4,000, Goods manufactured are supplied by the manufacturing department at current sales price $ 5,43,000. Stock of finished goods as at April 1. 1997, belonged to that category of goods which were purchased from the open market.
Expert Answer:
Answer rating: 100% (QA)
a Cost of Material Consumed Opening StockPurchasesCarriage Inw... View the full answer
Related Book For
College Accounting A Practical Approach
ISBN: 978-0132564441
11th Canadian Edition
Authors: Jeffrey Slater, Brian Zwicker
Posted Date:
Students also viewed these accounting questions
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-6. On December 12, Irene purchased the building where her store is located. She paid...
-
1. Let f(x) = 2x+6 if x < -1 3x+2 if x -1 (a) What is lim, -1- f(x)? Your answer will depend on b. (b) What is lim,-1+ f(x)? (c) For what values of b does limx-1 f(x) exist? 2. Suppose that f and g...
-
In your own words, discuss the difference between assets and liabilities on a fitness center's balance sheet. What is the importance of a balance sheet? Discuss revenue sources for a fitness center...
-
Ron, David, and Mary formed Widget, Inc. Ron and David each received 40% of the stock, and Mary received the remaining 20%. Ron contributed land with an FMV of $70,000 and an adjusted basis of...
-
On April 23, 2014, Calvin Loyer admitted his wife, Edeltrud Loyer, to a nursing home administered by Signature Healthcare. During the admissions process, Calvin signed an arbitration agreement...
-
Impairment Presented below is information related to equipment owned by Pujols Company at December 31, 2010. Cost $9,000,000 Accumulated depreciation to date 1,000,000 Expected future net cash flows...
-
What are the differences between the Enterprise Edition, Standard Edition, and Standard Edition One installation types of Oracle Database. Which one would be suitable for a small business or a...
-
In this exercise you will be assuming the role of an Account Manager working within our Personal Care Appliances category during Amazon Black Friday. You act as a general manager responsible for...
-
Illustration 15 Rajan, a partner in a firm withdraws 3,000 per month regularly only the first day of every month. Interest is at 12% per annum. Calculate interest on drawings.
-
A gas station started the month with empty tanks, purchased 100,000 gallons at $2.00/gallon and ended with 10,000 gallons in the tanks at the end of the month. Calculate the Cost of Goods Sold for...
-
Exercise (1): The following data are some of the Comparative Statement of Profit or Loss of Salem Computin financial periods between 2015 and 2018, as Student Name Student ID ABCDEG s shown in figure...
-
Rojas Corporations comparative balance sheets are presented below. ROJAS CORPORATION Comparative Balance Sheets December 31 2020 2019 Cash $14,700 $11,000 Accounts receivable 21,100 23,800 Land...
-
ane, a partner in a CPA firm, wishes to borrow money from Company A, which her CPA firm audits. She is a covered member with respect to Company A. Which type of loan would be most likely to impair...
-
Case Study: Global Net Ltd is an internet service provider in Australia which employs staff locatedoverseas to man its call centres. It has been operating in the business for three years.Competition...
-
The circuit shown in the figure below is connected for 1.90 min. (Assume R, - 8.20 1, R, - 1.70 1, and V- 16.0 V.) 5.00 f 3.00 R: 1.00 1 4.00 V (a) Determine the current in each branch of the...
-
The maximum pressure that can be developed for a certain fluid power cylinder is 15.0 MPa. Compute the required diameter for the piston if the cylinder must exert a force of 30 kN.
-
Angie Co. bought merchandise for $1,000 with credit terms of 2/10, n/30. Because of the bookkeepers incompetence, the 2% cash discount was missed. The bookkeeper told Pete Angie, the owner, not to...
-
Calculate the total cost of the machine given the following: List price.. $3,000 Cash discount... 6% Freight... $60 Assembly... $200 Special foundation. $60
-
Munchkin Bakery Co. of Timmins pays its employees every two weeks.(26 pay periods each year). There are two pay periods for March of 2013, and the details for each payroll are shown below: March 15...
-
Enter up a columnar purchases day book with columns for the various expenses for J. Still for the month from the following information on credit items. 2016 January f 1 Bought goods from H. Graham...
-
A Enter up a columnar purchases day book with columns for the various expenses for F. Graham for the month from the following information on credit items. 2016 June Bought goods from J. Syme 4 Bought...
-
Enter up the relevant accounts in the purchases and general ledgers from the columnar purchases day book you completed for Review Question 20.4A. Data From Review Question 20.4A 20.4A Enter up a...
Study smarter with the SolutionInn App