Q.1 Late Corporation is in the business of producing furniture, previously the company has had a...

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Q.1 Late Corporation is in the business of producing furniture, previously the company has had a policy of preparing costing statements annually. The following data was taken from the general ledger and other records of Jaric0 Manufacturing Co. at December 31 2023, the end of the second year of operations in the fiscal year: Revenue Inventories at January 1: Materials inventory Work in process inventory Finished goods inventory Inventories at January 31: Materials inventory Work in process inventory Finished goods inventory Materials purchased Labor Costs: Finishing workers' wages Supervisors' salaries Admin personnel salaries Depreciation: Factory Equipment $910,124 35,632 29,632 28,632 20,352 12,831 24,645 164,136 185,312 30,423 52,153 73,852 Admin office 28,525 Indirect materials used 3,521 Factory utilities 67,173 Employee Fringe Benefits 45,312 Insurance (30% Admin & 70% Factory) 3,516 Workers Compensation Insurance 4,513 Overtime Premium 5,512 Defective Work 3,241 Lubricants 5,134 Rent (40% Factory & 60% Admin) 67,482 Property Tax 1,235 Spoilage 45,123 Heating & Lighting (40% Admin and 60% Factory) 62,213 Carriage Inwards 3,612 Carriage Outwards 3,600 Trade Debts 194,842 Cash & Cash Equivalents 293,251 Trade Payable 182,512 Loan (3 Year Maturity) 300,132 Fixtures & Fittings 31,123 Motor Vehicle Equity Bad debts Drawings Stationary Discount Allowed Discount Received General Office Expenses Factory Building a. Prepare a statement of cost of goods manufactured. b. Prepare the Income Statement for the year ended 31st Dec 2023. Prepare the statement of financial position as at 31st Dec 2023. 223,124 1,213,121 1238 574,272 5,182 7,131 4,131 5,132 410,000 Q.1 Late Corporation is in the business of producing furniture, previously the company has had a policy of preparing costing statements annually. The following data was taken from the general ledger and other records of Jaric0 Manufacturing Co. at December 31 2023, the end of the second year of operations in the fiscal year: Revenue Inventories at January 1: Materials inventory Work in process inventory Finished goods inventory Inventories at January 31: Materials inventory Work in process inventory Finished goods inventory Materials purchased Labor Costs: Finishing workers' wages Supervisors' salaries Admin personnel salaries Depreciation: Factory Equipment $910,124 35,632 29,632 28,632 20,352 12,831 24,645 164,136 185,312 30,423 52,153 73,852 Admin office 28,525 Indirect materials used 3,521 Factory utilities 67,173 Employee Fringe Benefits 45,312 Insurance (30% Admin & 70% Factory) 3,516 Workers Compensation Insurance 4,513 Overtime Premium 5,512 Defective Work 3,241 Lubricants 5,134 Rent (40% Factory & 60% Admin) 67,482 Property Tax 1,235 Spoilage 45,123 Heating & Lighting (40% Admin and 60% Factory) 62,213 Carriage Inwards 3,612 Carriage Outwards 3,600 Trade Debts 194,842 Cash & Cash Equivalents 293,251 Trade Payable 182,512 Loan (3 Year Maturity) 300,132 Fixtures & Fittings 31,123 Motor Vehicle Equity Bad debts Drawings Stationary Discount Allowed Discount Received General Office Expenses Factory Building a. Prepare a statement of cost of goods manufactured. b. Prepare the Income Statement for the year ended 31st Dec 2023. Prepare the statement of financial position as at 31st Dec 2023. 223,124 1,213,121 1238 574,272 5,182 7,131 4,131 5,132 410,000

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To prepare the statement of cost of goods manufactured and the income statement for JariCo Manufacturing Co well start by assembling the costs associa... View the full answer