Personal Protective Gears & More (PPGM) design and manufacture masks for students. After production, the masks...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Personal Protective Gears & More (PPGM) design and manufacture masks for students. After production, the masks are placed into individual cases, before being transferred into Finished Goods. The accounting records of the business reflect the following data at June 30, 2021, for the manufacturing of masks for Mount Marlie High School. 1/7/2020 30/6/2021 $230,000 $260,000 Inventory Raw Materials Factory Supplies $35,000 Work in Progress $348,300 Finished Goods Other information: Sales Revenue Factory Supplies Purchased Direct Factory Labor Raw Materials Purchased $24,000 $203.300 $485,000 $632,900 $5.731,000 64,000 792,000 560,000 Plant janitorial service Depreciation: Plant & Equipment Total Utilities Production Supervisor's Salary Design Costs (School Logo) Packaging Cases Cost Total Insurance Delivery Vehicle Drivers' Wages Depreciation: Delivery Vehicle Property Taxes 3 Administrative Wages & Salaries Advertising & Selling Expenses 37.000 186,000 481,250 450,000 26,000 42,000 168,000 181,500 53.290 240,000 801,250 1% of Sales Revenue "Of the total utilities, 80% relates to manufacturing and 20% relates to general and administrative costs. 2 Of the total insurance, 66%% relates to the Factory Plant & Equipment & 33%% relates to general & administrative costs. a The property taxes should be shared: 75% manufacturing & 25% general & administrative costs Required: a) Calculate the raw material used by Personal Protective Gears & More. b) Calculate the factory supplies used by Personal Protective Gears & More. c) What is the total factory overhead costs incurred by Personal Protective Gears & More during the period? d) Determine the prime cost & conversion cost of the masks manufactured. e) Prepare a schedule of cost of goods manufactured for the year ended June 30, 2021, dearly showing total manufacturing cost & total manufacturing costs to account for. ) Prepare an income statement for personal Protective Gears & More for the year ended June 30, 2021. List the non-manufacturing overheads in order of size starting with the largest. g) What is the selling price per mask if Personal Protective Gears manufactured 1,850 masks for the period under review and uses a mark-up of 25% on cost? h) How does the format of the income statement for a manufacturing concem differ from the income statement of a merchandising entity? Personal Protective Gears & More (PPGM) design and manufacture masks for students. After production, the masks are placed into individual cases, before being transferred into Finished Goods. The accounting records of the business reflect the following data at June 30, 2021, for the manufacturing of masks for Mount Marlie High School. 1/7/2020 30/6/2021 $230,000 $260,000 Inventory Raw Materials Factory Supplies $35,000 Work in Progress $348,300 Finished Goods Other information: Sales Revenue Factory Supplies Purchased Direct Factory Labor Raw Materials Purchased $24,000 $203.300 $485,000 $632,900 $5.731,000 64,000 792,000 560,000 Plant janitorial service Depreciation: Plant & Equipment Total Utilities Production Supervisor's Salary Design Costs (School Logo) Packaging Cases Cost Total Insurance Delivery Vehicle Drivers' Wages Depreciation: Delivery Vehicle Property Taxes 3 Administrative Wages & Salaries Advertising & Selling Expenses 37.000 186,000 481,250 450,000 26,000 42,000 168,000 181,500 53.290 240,000 801,250 1% of Sales Revenue "Of the total utilities, 80% relates to manufacturing and 20% relates to general and administrative costs. 2 Of the total insurance, 66%% relates to the Factory Plant & Equipment & 33%% relates to general & administrative costs. a The property taxes should be shared: 75% manufacturing & 25% general & administrative costs Required: a) Calculate the raw material used by Personal Protective Gears & More. b) Calculate the factory supplies used by Personal Protective Gears & More. c) What is the total factory overhead costs incurred by Personal Protective Gears & More during the period? d) Determine the prime cost & conversion cost of the masks manufactured. e) Prepare a schedule of cost of goods manufactured for the year ended June 30, 2021, dearly showing total manufacturing cost & total manufacturing costs to account for. ) Prepare an income statement for personal Protective Gears & More for the year ended June 30, 2021. List the non-manufacturing overheads in order of size starting with the largest. g) What is the selling price per mask if Personal Protective Gears manufactured 1,850 masks for the period under review and uses a mark-up of 25% on cost? h) How does the format of the income statement for a manufacturing concem differ from the income statement of a merchandising entity?
Expert Answer:
Answer rating: 100% (QA)
Raww materi al used opening Raw matei ol Row material buochose... View the full answer
Related Book For
Vector Mechanics for Engineers Statics and Dynamics
ISBN: 978-0073212227
8th Edition
Authors: Ferdinand Beer, E. Russell Johnston, Jr., Elliot Eisenberg, William Clausen, David Mazurek, Phillip Cornwell
Posted Date:
Students also viewed these economics questions
-
Are high- achieving high school students more inclined to take Advanced Placement exams? In a recent student survey, the co-author of this book asked students in his statistics courses to report the...
-
For February, sales revenue is $300,000, sales commissions are 5% of sales, the sales manager's salary is $40,000, advertising expenses are $13,000, shipping expenses total 1% of sales, and...
-
Please fill in the missing spots in this income statement. Accounting 102 Chapter 15 Sales Direct Materials Direct Labor Overhead Total Manufacturing Costs Work in Process - January 1 Work in Process...
-
Assuming that the Fed judges inflation to be the most significant problem in the economy and that it wishes to employ all of its policy instruments except interest on reserves, what should the Fed do...
-
The following account information pertains to Dean Furniture, Inc., as of December 31, 2010, after adjustments: Requirement Prepare a trial balance at December 31, 2010, income statement and...
-
Suppose a population proportion is .40, and 80% of the time when you draw a random sample from this population you get a sample proportion of .35 or more. How large a sample were you taking?
-
The stockholders' equity section of Day Corporation's balance sheet at January 1 follows: The following transactions affecting stockholders' equity occurred during the year: Required a. Prepare...
-
(a) Determine the wavelength of the second Balmer line (n = 4 to n = 2 transition) using Fig. 27-27. Determine likewise (b) The wavelength of the second Lyman line and (c) The wavelength of the third...
-
Kenosha Winter Services is a small, family-owned snow-removal business. For its services, the company has always charged a flat fee per hundred square metres of snow removal. The current fee is...
-
Assume a company has only one service department and one operating department. The service departments budgeted and actual variable costs for the period were $80,000 and $84,000, respectively. The...
-
On October 31, the stockholders' equity section of Sandhill Co.'s balance sheet consists of common stock $712,000 and retained earnings $399,000. Sandhill is considering the following two courses of...
-
Does the Made in America movement to buy more local goods contradict operating in a global environment or is there room for all types of products and services? What other movements can you think of...
-
what ways does moral absolutism assert that certain actions are intrinsically right or wrong, and what challenges does this perspective face in a world of diverse cultural and ethical beliefs ?
-
Pacifica fitness ltd is marketing a fitness package in which, for $440, it provides customers with a 6 month gym membership (which retails separately for $540, a gym bag (which retails separately for...
-
Describe how the concept of federalism allowWhat do you believe are the next steps in the fight for women's reproductive rights on your state level and at the federal level.s the issue of abortion to...
-
Find the average z-coordinate of points in a hemisphere of radius 1 centered at the origin with its base in the xy-plane. The average z-coordinate of points in a hemisphere of radius 1 centered at...
-
The following data represent the scores of 50 students on a statistics exam. The mean score is 80.02, and the standard deviation is 11.90. 39 51 59 63 66 68 68 69 70 71 71 71 73 74 76 76 76 77 78 79...
-
Determine the values of the given trigonometric functions directly on a calculator. The angles are approximate. tan 0.8035
-
The base of a dam for a lake is designed to resist up to 150 percent of the horizontal force of the water. After construction, it is found that silt (which is equivalent to a liquid of density ρs...
-
A 20-kg roller of diameter 200 mm, which is to be used on a tile floor, is resting directly on the sub flooring as shown. Knowing that the thickness of each tile is 8 mm, determine the force P...
-
Show that, in general, a wrench can be replaced with two forces chosen in such a way that one force passes through a given point while the other force lies in a given plane.
-
The rate design method for distillation columns is less likely to converge, takes more time to set up, and requires more data than the equilibrium model. When would you decide you should use the rate...
-
Why do \(\mathrm{H}_{\mathrm{OG}}\) and \(\mathrm{H}_{\mathrm{OL}}\) vary more than \(\mathrm{H}_{\mathrm{L}}\) and \(\mathrm{H}_{\mathrm{G}}\), which often vary by about \(10 \%\) ?
-
Derive the relationships among the different NTU terms for binary distillation.
Study smarter with the SolutionInn App