C. f. Purchased direct raw materials worth IDR 25,000,000 and indirect raw materials worth IDR 5,000,000 on credit. The company only uses the Raw Materials Inventory Account to record the purchase and use of direct materials and indirect materials The following is the use of direct and indirect raw materials during June 2018 Rp 23.000.000 Rp 3.500.000 Direct raw materials.. Indirect raw materials. Salary expenses payable in June 2018 amounting to Rp. 100,000,000 The allocation for June salary expenses is as follows. Direct labor Indirect labor Sales Employee :Rp60.000.000 Rp10.000.000 :Rp20.000.000 :Rp10.000.000 Administration employee Factory overhead costs paid in cash during June 2018 amounted to Rp 20,000,000 Work in progress which have completed their production process in June 2018 amounting to Rp 95,000,000 Finished goods sold during June 2018 valued at Rp. 80,000,000. The selling price is 120 percent of the cost of finished goods. Sales are made on credit I

C. f. Purchased direct raw materials worth IDR 25,000,000 and indirect raw materials worth IDR 5,000,000 on credit. The company only uses the Raw Materials Inventory Account to record the purchase and use of direct materials and indirect materials The following is the use of direct and indirect raw materials during June 2018 Rp 23.000.000 Rp 3.500.000 Direct raw materials.. Indirect raw materials. Salary expenses payable in June 2018 amounting to Rp. 100,000,000 The allocation for June salary expenses is as follows. Direct labor Indirect labor Sales Employee :Rp60.000.000 Rp10.000.000 :Rp20.000.000 :Rp10.000.000 Administration employee Factory overhead costs paid in cash during June 2018 amounted to Rp 20,000,000 Work in progress which have completed their production process in June 2018 amounting to Rp 95,000,000 Finished goods sold during June 2018 valued at Rp. 80,000,000. The selling price is 120 percent of the cost of finished goods. Sales are made on credit I

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Estimated balance data as of April 30, 2016 from CV "PATRICIA INDUSTRI" are as follows: Supply April 1, 2016 Rp. 4,300,000,- Raw material Product In Process Rp. 40,500,000,- Finished product Rp. 39,800,000,- Raw Material Purchase Rp. 28.500.000,- Rp. 1.200.000,- Purchase of Auxiliary Materials Purchase returns of raw materials Discounts on Rp. 100,000,- purchases of raw materials Direct wages Rp. 600,000,- Rp. 16,000,000,- Foreman salary cost Rp. 2.500.000,- Machine repair and maintenance costs Rp. 2.000.000,- Machine depreciation costs Rp. 3.700.000,- Factory insurance cost Rp. 2,200,000,- Electricity, water and factory telephone costs Rp. 3,000,000,- Miscellaneous indirect production costs Rp. 1,100,000,- Marketing costs Rp. 2.000.000,- Administration and general fee Rp. 3,000,000,- Additional information as of April 30, 2016: 1. The building rental fee that still has to be paid is Rp. 6,000,000,- where 50% for factories, 30% for shops and 20% for offices. 2. The cost of factory…
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The following balances have been taken from the general ledger for Royal Fan Manufacturing Company: Raw Materials Inventory (1-12-2014)Rs. 40,000Raw Material Purchases190,000Raw Materials Returns9,000Carriage Inwards15,000Direct Labor255,000Indirect Labor60,000Depreciation (Machinery)30,000Hear, Light and Power25,000Factory Rent and Taxes31,000Factory Repairs Expense19,000Foreman ‘s Salary25,000Raw Material (31-12-2014)58,000Work in Process (1-12-201463,000 The foreman estimates that Rs. 32,000 of Raw Materials and Rs. 25,000 of Direct Labor are to be allocated to the unfinished goods in process on 31-12-2014. Calculate amount of Cost of Goods Manufactured.
All applicable Cases are available with McGraw-Hill’s Connect™Accounting. Cost of goods manufactured, cost of goods sold, and income statement Determine each of the following missing amounts:Firm A Firm B Firm CBeginning raw materials inventory . . . . . . . . . . . . . . . . . $ 17,000 $ ? $ 42,000Purchases of raw materials during the year . . . . . . . . . . ? 96,000 226,000Raw materials available for use . . . . . . . . . . . . . . . . . . . ? 119,000 ?Ending raw materials inventory . . . . . . . . . . . . . . . . . . . 12,000 ? 51,000Cost of raw materials used . . . . . . . . . . . . . . . . . . . . . . 90,000 101,000 ?Direct labor costs incurred. . . . . . . . . . . . . . . . . . . . . . . 130,000 ? 318,000Variable manufacturing overhead applied. . . . . . . . . . . . ? 34,000 72,000Fixed manufacturing overhead applied. . . . . . . . . . . . . . 100,000 60,000 ?Total manufacturing costs incurred . . . . . . . . . . . . . . . . 370,000 ? ?Beginning work in process. . . . . . . . .…
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3. The following information is taking from Wei Min Enterprise for the year ended 31 December 2020: Particulars RM Inventory at 1 January 2020: Raw materials Work in progress Finished goods Purchases : raw materials Carriage on raw materials Direct labour 25,400 31,100 23,260 91,535 1,960 84,208 33,419 5,200 4,420 Office salaries Rent | Office lighting and heating Depreciation: Works machinery Office equipment Sales Factory fuel and power 10,200 2,300 318,622 8,120
The following transactions were taken from the books of Masayun La Eni Corporation during the month of June 2020: a. Purchased raw materials on account, P200,000 and factory supplies, P70,000. b. Issued raw materials to production, P400,000. c. Paid direct factory labor, P950,000. d. Paid indirect factory labor, P160,000. e. Consumed factory supplies in production, P80,000. f. Paid production supervisor’s salary, P60,000. g. Received factory utility bills for the month, P122,460. h. Depreciation of production assets for the month, P64,000. i. Units finished were 10,000 units in the amount of P1,600,000. j. Sales for the month, P3,600,000. Goods related to sales cost P1,800,000. Required: Manufacturing Accounts Beginning Balances Raw Materials Inventory P205,000 Work-in-Process Inventory P630,000 Finished Goods Inventory P360,000 Indirect Materials Inventory P100,000 Factory Overhead - 1. Post entries to T-accounts. 2. Prepare statement of Cost of Goods Manufactured in good form.…
The following transactions were taken from the books of Masayun La Eni Corporation during the month of June 2020: a.Purchased raw materials on account, P200,000 and factory supplies, P70,000. b. Issued raw materials to production, P400,000. c. Paid direct factory labor, P950,000. d. Paid indirect factory labor, P160,000. e. Consumed factory supplies in production, P80,000. f. Paid production supervisor’s salary, P60,000. g. Received factory utility bills for the month, P122,460. h. Depreciation of production assets for the month, P64,000. i. Units finished were 10,000 units in the amount of P1,600,000. j. Sales for the month, P3,600,000. Goods related to sales cost P1,800,000. Required: 1. Establish T-accounts for the following manufacturing accounts and post corresponding beginning balances. Manufacturing Accounts Beginning Balances Raw Materials Inventory - P205,000 Work-in-Process Inventory - P630,000 Finished Goods Inventory - P360,000 Indirect Materials Inventory -…
The following transactions were taken from the books ofMasayun La Eni Corporation during the month of June 2020: a. Purchased raw materials on account, P200,000 and factorysupplies, P70,000.b. Issued raw materials to production, P400,000.c. Paid direct factory labor, P950,000.d. Paid indirect factory labor, P160,000.e. Consumed factory supplies in production, P80,000.f. Paid production supervisor’s salary, P60,000.g. Received factory utility bills for the month, P122,460.h. Depreciation of production assets for the month,P64,000.i. Units finished were 10,000 units in the amount ofP1,600,000.j. Sales for the month, P3,600,000. Goods related to salescost P1,800,000. Required: 1. Establish T-accounts for the following manufacturingaccounts and post corresponding beginning balances.Manufacturing Accounts Beginning BalancesRaw Materials Inventory P205,000Work-in-Process Inventory P630,000Finished Goods Inventory P360,000Indirect Materials Inventory P100,000Factory Overhead -2. Prepare…
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Please complete the Income statement Calculation of Direct Materials Used (Analyze Raw Materials Account) Beginning Raw Materials Inventory 2,373.75 Plus: Purchases of Direct Materials, Freight-in, Duties 26111.25 Materials Available for Use 28485 Less: Ending Raw Materials Inventory 18,041.32 <<<To balance sheet Direct Materials Used 10443.68 Calculation of Cost of Goods Manufactured (Analyze WIP Inventory) Beginning WIP Inventory 0 Plus Manufacturing Costs Incurred: 355,428.68 Direct Materials Used 10443.68 Direct Labor 135,000.00 Manufacturing Overhead 191,943.68 Total Manufacturing Costs to Account For 337,387.36 Less: Ending WIP Inventory 18,041.32 <<<To balance sheet Cost of Goods Manufactured 319346.04 Calculation of Cost of Goods Sold (Analyze Finished Goods Inventory)…
The following information is taking from Wei Min Enterprise for the year ended 31 December 2020: Particulars RM Inventory at 1 January 2020: Raw materials Work in progress Finished goods Purchases: raw materials Carriage on raw materials Direct labour Office salaries Rent Office lighting and heating Depreciation: Works machinery Office equipment Sales Factory fuel and power 25,400 31,100 23,260 91,535 1,960 84,208 33,419 5,200 4,420 10,200 2,300 318,622 8,120