The following data is provided by Naseer Textile. Jan, 01 Rs. 88,000 29,000 54,000 Dec, 31 Rs.63,000 38,000 65,000 Inventories: Material Work in process Finished goods Additional information: Rs.5.000,000 360,000 8,000 468,000 355,000 Building- Material purchased Sales discounts Factory overheads paid Marketing and Admin Expense paid Depreciation 5% (80% manufacturing, 20% marketing & Admin) Sales Direct factory payroll Indirect factory payroll Office payroll Freight in Freight out Interest on Bond Payable Income tax 1,845,000 500,000 100,000 150,000 6,500 5,000 15,000 35% Required: Prenare income statement

The following data is provided by Naseer Textile. Jan, 01 Rs. 88,000 29,000 54,000 Dec, 31 Rs.63,000 38,000 65,000 Inventories: Material Work in process Finished goods Additional information: Rs.5.000,000 360,000 8,000 468,000 355,000 Building- Material purchased Sales discounts Factory overheads paid Marketing and Admin Expense paid Depreciation 5% (80% manufacturing, 20% marketing & Admin) Sales Direct factory payroll Indirect factory payroll Office payroll Freight in Freight out Interest on Bond Payable Income tax 1,845,000 500,000 100,000 150,000 6,500 5,000 15,000 35% Required: Prenare income statement

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Informaban relates to the unit the Manino The manufacdunng eb Company 4 praluct Wge by of shs 100 Selling Rrice Cast of sales of Vanigble cats casb -65 (85) Fixed Gmas Propt çllng and administahive conb Net propt 20 15 (10) lempang hudgels fu ficed producb ced. fred to selling and adminishabse codb casb 3,600.000and ace lnwred evenly dunig 150,000 per annum. These the poar Dunng the latert faandial your! were achieved frot 6 monthr second 6 mo nthe Produchren Cunde) (unit) Isales 75,000 60 000 50 1000 70,000 stockr at There were Fried year- locured coab Inured duning the beginniog g the and odmiaiskcabse seling equal o the holged no opening poduchon cast and the were Required: Prepare taiding poAt and the tus six manth methlods; Abcorphon lehi lau statemenb for each sach the plkwy of @) Marguñal Corbng
npt=13483808&cmid%3D701919&page%3D1 services SQU Libraries SQU Portal Attendance English ial Accounting || fall20 urses / ACCT2121_yasserg_fall20 / Midterm Exam One_FALL2020 XYZ Company developed the following data for the current year: Ending work in process inventory OMR250,000 ; Direct materials used OMR96,000; Manufacturing Overhead applied OMR144,000 ; Cost of goods manufactured OMR350.000 ; Direct labor cost OMR240,000. Company's beginning work in process inventory is Select one: a. OMR580.000 b. None of the answers given Oc.OMR145,000 d OMR120,000 e. OMR380.000 Alis a student at the Unver
< CDOOR a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Receiving Report Number Received Quantity Received Unit Price Issued Materials Requisition Number Balance Issued Quantity Issued Balance Balance Unit Balance Amount Date Quantity price Amount May 1 230 $8 $1,840 27 160 $10 May 4 104 260 33 110 12 117 150 b. Determine the materials inventory balance at the end of May. A May 10 May 21 May 27 c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. d. Comparing causes idle time. as reported in the materials ledger with predetermined order points would enable management to order materials before a(n)
Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Issued Balance ReceivingReportNumber Quantity UnitPrice MaterialsRequisitionNumber Quantity Amount Date Quantity Unitprice Amount May 1 285 $30.00 $8,550 40 130 $32.00 May 4 fill in the blank b6beca03afc4fb5_1 fill in the blank b6beca03afc4fb5_2 fill in the blank b6beca03afc4fb5_3 fill in the blank b6beca03afc4fb5_4 fill in the blank b6beca03afc4fb5_5 fill in the blank b6beca03afc4fb5_6 91 365 $fill in the blank b6beca03afc4fb5_7 May 10 fill in the blank b6beca03afc4fb5_8 fill in the blank b6beca03afc4fb5_9 fill in the blank b6beca03afc4fb5_10 44 110 38.00 May 21 fill in the blank b6beca03afc4fb5_11 fill in the blank b6beca03afc4fb5_12 fill in the blank…
Assess google-Bing com orms/d/e/TEAlpQLSe0Fn/ O5m foo CSEAKMUW F-TarKOTstRVX4bz MRQkg Use the following to answe he three questions below X Company reported the following year-end information: Beginning Raw Mate s Inventory S60.000 Ending Raw Materials inventory 90,000 Beginning Work in Process Inventory 113.000 Ending Work in Process Inventory 180,000 Raw Materials purchased 200,000 Direct Labor 210,000 Manufacturing Overhead 490,000 Selling and Administrative Expenses 157.000 Refer to the above, what was the cost of raw materials used?* $260,000 $170,000 $140,000 O None of the above
The following information is given for Gator Company, who uses the FIFO method. Item Quantity Cost NetRealizableValue ReplacementCost NRVMinusNormalProfit 1 1 $17.70 $24.60 $18.00 $17.10 2 1 10.80 8.28 9.30 5.58 3 1 72.00 64.80 67.20 57.60 4 1 4.80 3.12 2.88 2.64 5 1 12.00 12.30 12.60 11.10 6 1 48.00 45.60 38.40 40.80 Required: a. Determine the lower of cost or net realizable value for each inventory item for Gator Company. Item 1 2 3 4 5 6 b. Determine the lower of cost or net realizable value for Gator Company's inventory if the lower of cost or net realizable value rule is applied to the total inventory.$_______
The following information is given for Gator Company, who uses the FIFO method. Item Quantity Cost NetRealizableValue ReplacementCost NRVMinusNormalProfit 1 1 $17.70 $24.60 $18.00 $17.10 2 1 10.80 8.28 9.30 5.58 3 1 72.00 64.80 67.20 57.60 4 1 4.80 3.12 2.88 2.64 5 1 12.00 12.30 12.60 11.10 6 1 48.00 45.60 38.40 40.80 Required: a. Determine the lower of cost or net realizable value for each inventory item for Gator Company. Item 1 $fill in the blank 1 2 $fill in the blank 2 3 $fill in the blank 3 4 $fill in the blank 4 5 $fill in the blank 5 6 $fill in the blank 6 b. Determine the lower of cost or net realizable value for Gator Company's inventory if the lower of cost or net realizable value rule is applied to the total inventory. $fill in the blank 7
2. Nem Level Which of the two methods yields a conceptaly pefenbile valion of invemory E7-10 107.5 Alternative Ivety Methods Nevens Compary nes a peiodic invenory Duting November, the foillowing tranactions occurred: Dete Tronsecfion Units Cot/Uni November Balonce $3.50 50 350 Sole Pierhme Purchese Sole 13 300 400 5.00 21 28 200 SHOW ME HOW 150 Required: 1. Compute the cost of goods sold for November and the inventory ar the end of November for each of the following cost flow assumptions: FIPO 2. b. LIPO C Average cost Next Level What can you conclude about the effects of the inventory cost flow assumptions on the financial 2. statements
rnovil8j8jhia898nvne1h7r/fbjfrrh4a1bej9uaegdje3e52rh5ri6t/1612058850000/drive/17189643598736 1 / 6 80% Tutorial 11 Submission date: 1 February 2021 before 12.00pm 1. Jorasmi Enterprise Trial Balance as at 31 December 2020 Debit RM Credit RM Particulars Inventory of raw materials 1 Jan 2020 Inventory of finished goods 1 Jan 2020 Work in progress 1 Jan 2020 21,000 38,900 13,500 Wages (direct RM180,000, factory indirect RM145,000) 325,000 7,000 3,500 370,000 230,000 12,000 31,000 7,500 13,700 44,000 30,000 11,500 12,000 4,200 13,400 2,300 4,800 5,900 Royalties Carriage inwards (on raw materials) Purchases of raw materials Productive machinery (cost RM280,000) Administration computers (cost RM20,000) General factory expenses Lighting Factory power Administration salaries Sales representative salaries Commission on sales Rent Insurance General administration expenses Bank charges Discount allowed Carriage outwards Sales Account receivable and accounts payable Bank Cash 1,000,000 64,000…
Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Issued Balance ReceivingReportNumber Quantity UnitPrice MaterialsRequisitionNumber Quantity Amount Date Quantity Unitprice Amount May 1 285 $30.00 $8,550 40 130 $32.00 May 4 fill in the blank 6b5d28043011031_1 fill in the blank 6b5d28043011031_2 fill in the blank 6b5d28043011031_3 fill in the blank 6b5d28043011031_4 fill in the blank 6b5d28043011031_5 fill in the blank 6b5d28043011031_6 91 365 $fill in the blank 6b5d28043011031_7 May 10 fill in the blank 6b5d28043011031_8 fill in the blank 6b5d28043011031_9 fill in the blank 6b5d28043011031_10 44 110 38.00 May 21 fill in the blank 6b5d28043011031_11 fill in the blank 6b5d28043011031_12 fill in the blank…
℗ Pearson X P Problem X Course:7710589/products/79c3fa4c-a84f-42ba-b87a-e36a400bca00/pages/urn:pearson:entity:67c5d... Q 3-53 W 3-54 < nhhh us d X | char 4 x | G bu trans x | b HORNG x | + Adjusting Entry End of Chapter: The Adjusting Process Specific Category of Accounts on the Balance Sheet P-F:3-35A. Journalizing and posting adjustments to the T-accounts and preparing an adjusted trial balance (Learning Objectives 3, 4) Over/ Understated The unadjusted trial balance of Anniston Air Purification System at December 31, 2024, and the data needed for the adjustments follow. Account Title Cash Accounts Receivable Prepaid Rent Office Supplies ANNISTON AIR PURIFICATION SYSTEM Unadjusted Trial Balance December 31, 2024 Equipment Accumulated Depreciation Equipment Accounts Payable Salaries Payable Unearned Revenue Common Stock Dividends Specific Category of Accounts on the Over / Income Statement Understated Service Revenue Salaries Expense Rent Expense Depreciation Expense-Equipment…
Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Issued Balance ReceivingReportNumber Quantity UnitPrice MaterialsRequisitionNumber Quantity Amount Date Quantity Unitprice Amount May 1 360 $6 $2,160 21 250 $8 May 4 fill in the blank 77c1e905afbc076_1 fill in the blank 77c1e905afbc076_2 fill in the blank 77c1e905afbc076_3 fill in the blank 77c1e905afbc076_4 fill in the blank 77c1e905afbc076_5 fill in the blank 77c1e905afbc076_6 102 410 $fill in the blank 77c1e905afbc076_7 May 10 fill in the blank 77c1e905afbc076_8 fill in the blank 77c1e905afbc076_9 fill in the blank 77c1e905afbc076_10 27 170 10 May 21 fill in the blank 77c1e905afbc076_11 fill in the blank 77c1e905afbc076_12 fill in the blank 77c1e905afbc076_13…