Winners Company expects to manufacture and sell 30,000 athletic uniforms for £80each in 2024. Direct materials costs are £20, direct manufacturing labor is £8, andmanufacturing overhead is £6 for each uniform. The following inventory levels applyto 2024:Direct materialsBeginning inventory12,000 unitsEnding inventory9,000 unitsWork-in-process inventoryO unitsO unitsFinished goods inventory6,000 units5,000 unitsWhat is the amount budgeted for direct material purchases in 2024?a.£520,000b. £600,000C.£580,000d. £760,000

Good day! We are asked to compute the Budgeted for Direct Materials Purchases. First step is to…

Answered: Winners Company expects to manufacture…

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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Golden Ventures has the following inventories for the month of December 2020: December 1 December 31 Materials P 18,000 P 14,000 Work-in-process 32,000 24,800 Finished goods 72,000 60,000 During December, purchases of direct materials were P 36,000. Direct labor and factory overhead costs were P 40,000 and P56,000 respectively. The cost of goods manufactured in December was Group of answer choices P 155,200 P 143,200 P 148,000 P 136,000
Synergy Manufacturing Co. Ltd. manufactures Product A and Product B. The following information is available for March 2020 Product A Product B Production (units) 5,000 3,500 Sales (units) 4,600 3,200 Opening inventory (units) Financial data: Product A Product B Unit selling price £ 180.00 £ 150.00 Unit cost: direct materials £ 30.00 £ 24.00 direct labour £ 36.00 £ 24.00 variable production overheads £ 24.00 £ 16.00 fixed production overheads £ 60.00 £ 40.00 variable selling overheads £ 2.00 £ 2.00 Fixed production overheads for the period were £210,000 and fixed administration overheads were £54,000. Please note that fixed production overheads and fixed administration overheads are shared based on the number of production units for Product A and Product B. Required: Based on the details provided in the table below, prepare and interpret accurate income statements for the company using a range of management accounting techniques, such as marginal and absorption costs.
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Ethel Company provided the following information asof May 31, 2020SalesP900,000Finished goods inventory, May 31300,000Work in process inventory,May 31 350,000Raw materials inventory, May 31280,000Finished goods inventory, May 1200,000Work in process inventory,May310,000Raw materials inventory, May250,000Direct labor150,000Factory overhead110,000The average historical gross profit is 30% of salesWhat is the total manufacturing cost? How much was the total raw materials used? How much was the total raw materials purchased?
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