Determine the prime cost & conversion cost of the cases manufactured. 5. Prepare a schedule of cost of goods manufactured for the year ended December 31, 2020, clearly showing total manufacturing cost & total manufacturing costs to account for. 6. Prepare an income statement for Pro-Leather Company for the year ended December 31, 2020. List the non-manufacturing overheads in order of size starting with the largest.
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4. Determine the prime cost & conversion cost of the cases manufactured.
5. Prepare a schedule of cost of goods manufactured for the year ended December 31, 2020, clearly showing total manufacturing cost & total
6. Prepare an income statement for Pro-Leather Company for the year ended December 31, 2020. List the non-manufacturing overheads in order of size starting with the largest.
7. What is the factory cost per case if Pro-Leather manufactured 19,200 cases for tablets for the year?
8. How does the format of the income statement for a manufacturing concern differ from the income statement of a merchandising entity?
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- Pro-Leather Company is a manufacturer of leather cases for tablets. The following information pertainsto operations during the 2020 calendar year.Sales Revenue $14,275,000Direct Factory Labor 3,952,600Indirect Factory Labor 1,232,250Total Depreciation 1 400,000Total Utilities 2 525,000Distribution & Customer Service Costs 76,800Insurance on Plant & Equipment 585,000Property Taxes 3 90,000Administrative Wages & Salaries 1,076,000Advertising Expenses 57,700Sales Commission 6% of Sales Revenue1Of the total depreciation, 80% relates to factory plant & equipment and 20% relates to general andadministrative costs.2 Of the total utilities, 75% relates to production and 25% relates to general and administrativecosts.3 The property taxes should be shared: 85% production & 15% general & administrative costsThe following additional information is also available:Inventory Data: 1/1/2020 Purchases 31/12/2020Raw Materials $750,000 $4,330,000 $807,000Indirect Materials 55,000…Octie Company reports the following costs and expenses in January 2020. Required: From the information given, determine the total amount of Manufacturing overhead Product costs Period costs Advertising P 15,000 Factory utilities P 10,800 Depreciation-Factory Equipment 14,500 Indirect labor 55,200 Depreciation-Delivery Truck 10,800 Office supplies used 11,100 Direct labor 82,100 Property taxes-Factory 5,500 Direct materials used 135,600 Repairs-Office Equipment 4,200 Factory manager’s salary 25,000 Sales commissions 32,000 Factory repairs 13,500 Sales salaries 73,400The following cost incurred by Lucky corporation for October 2019 were as follows: Direct Materials used, P20,000 Indirect materials used, P1,000 Direct labor, P9,000 Indirect labor, P5,000 Other factory cost, P5,000 Selling expenses,P10,000 Administrative expenses, P12,000 Question: How much is the total product cost? a. P62,000 b. P50,000 c. P29,000 d. P40,000 Plz answer fast without plagiarism and don't copy answer plz
- Pro-Leather Company is a manufacturer of leather cases for tablets. The following information pertains to operations during the 2020 calendar year. Sales Revenue Direct Factory Labor Indirect Factory Labor Total Depreciation $14,275,000 3,952,600 1,232,250 400,000 Total Utilities 2 525,000 Distribution & Customer Service Costs 76,800 585,000 90,000 Insurance on Plant & Equipment Property Taxes 3 Administrative Wages & Salaries 1,076,000 57,700 6% of Sales Revenue Advertising Expenses Sales Commission I Of the total depreciation, 80% relates to factory plant & equipment and 20% relates to general and administrative costs. 2 Of the total utilities, 75% relates to production and 25% relates to general and administrative costs. 3 The property taxes should be shared: 85% production & 15% general & administrative costs The following additional information is also available: Inventory Data: 1/1/2020 Purchases 31/12/2020 $4,330,000 320,000 n/a Raw Materials $750,000 $807,000 Indirect Materials…Bubba Manufacturing Company provided the following information for the fiscal year toJune 30, 2020:Inventories 01/07/2019 30/06/2020Direct MaterialsWork-in-ProcessFinished Goods$72,000107,000149,500$65,000128,000141,700Other information:Office cleaner’s wages 4,500Sales Revenue 1,031,000Raw materials purchased 235,000Factory wages 239,700Indirect materials 23,500Delivery truck driver’s wages 15,400Indirect labor 9,500Depreciation on factory plant & equipment 32,000Insurance 1 60,000Depreciation on delivery truck 7,250Utilities 2 118,750Administrative salaries 41,250Special Design Costs 5,000Selling expenses 9,000Sales Commission 2% of gross profit1 Of the total insurance, 66⅔% relates to the factory facilities & 33⅓% relates to general& administrative costs.2 Of the total utilities, 80% relates to the manufacturing facilities & 20% relates to theoffice area.Requirements:a) What was the amount of direct materials used in production?b) What was the amount of manufacturing…Pro-Leather Company is a manufacturer of leather cases for tablets. The following information pertains to operations during the 2020 calendar year. Sales Revenue $14,275,000 Direct Factory Labor Indirect Factory Labor Total Depreciation ! 3,952,600 1,232,250 400,000 Total Utilities 2 525,000 Distribution & Customer Service Costs 76,800 Insurance on Plant & Equipment Property Taxes 3 Administrative Wages & Salaries | Advertising Expenses Sales Commission 585,000 90,000 1,076,000 57,700 6% of Sales Revenue 1Of the total depreciation, 80% relates to factory plant & equipment and 20% relates to general and administrative costs. 2 Of the total utilities, 75% relates to production and 25% relates to general and administrative costs. 3 The property taxes should be shared: 85% production & 15% general & administrative costs The following additional information is also available: Inventory Data: 1/1/2020 Purchases 31/12/2020 Raw Materials $750,000 $4,330,000 $807,000 Indirect Materials 55,000…
- LLV Sdn Bhd was incorporated in April 2018. The company produces plastic container for local market. The company provides the following financial information that relates to its operation for the month ended 31 March 2019: LLV Sdn Bhd Statement of Profit or Loss and Other Comprehensive Income For the month ended 31 March 2019 RM RM Sales 900,000 Less : Indirect labor cost 24,000 Utilities expenses 30,000 Direct labor cost 140,000 Depreciation – factory equipment 42,000 Raw materials purchased 330,000 Depreciation – sales equipment 36,000 Insurance expenses 8,000 Rental expenses 100,000 Selling and administrative salaries 64,000 Advertising expenses 150,000 924,000 Net loss (24,000) The manager of LLV Sdn Bhd was disappointed with the loss appeared in the Statement of Profit or Loss and Other Comprehensive Income (SPLOCI). He said “This…Assume the following data for Eim Alex Company for the years 2019, 2020, and 2021. Year Lifting.(Production) Costs (excluding DD&A) DD&A Production bbl 2019 750,000 855,000 325,000 2020 685,000 787,000 297,000 2021 578,000 729,000 362,000 Compute the DD&A per BOE for 2019. O 2.6308 2.6380 2.3680АСTIVITY: Problem 1: Cost of Goods Manufactured (page 10-11) In addition to the year-end statement of financial position and income statement, the management of Esterlina Gevera Company required the controller to prepare the statement of cost of goods manufactured. During 2019, P361,920 of Raw materials were purchased. Operating cost data and inventory account balances for 2019 follows: Direct labor (10,430 hours at P9.50 per hour) Plant Supervision Indirect labor (20,280 hours at P6.25 per hour) Factory Insurance Factory Utilities Depreciation-Factory Building Depreciation-Factory Utilities Manufacturing Supplies Repairs and Maintenance Selling and Administrative Expenses Raw Materials Inventory, Jan. 1, 2019 Work in Process Inventory, Jan. 1, 2019 P 99,085 42,500 126,750 8,100 29,220 46,200 62,800 9,460 14,980 76,480 26,490 101,640 148,290 24,910 100,400 141,100 Finished Goods Inventory, Jan. 1, 2019 Raw Materials Inventory, Dec. 31, 2019 Work in Process Inventory, Dec. 31, 2019…
- Bag Teeth manufactures dental supplies & equipment. Bag Teeth Acts Total sales for year 2022 is $1,587,560 cost of goods sold & gross margin Calculate Inventory: Finished Goods, Jan. 01 Work in process, Jan.ol Raw Materials, Jan. 01 31 Raw materials purchased Raw Materials, Dec Workin Process, Dec. 31 Finished Goods, Dec. 31 other Factory Expenses: Factory Supervisor salary Equipment repairs Plant utilities plant property tax Assembly employees info: # of employees. Wages per Daily hours hour Annual total days work per employee 552,000.00 165,000.00 Calculate 16,500.00 28,000.00 15,000.00 21,000.00 465,000.00 the total overhead cost? 45,000.00 15,500.00 13,500.00 11,500.00 18. 18.50 8 260 mufacturing manuABC Company has the following costs and expenses for the year December 31, 2020. Raw Materials, 1/1/2020 P40,000 Insurance, Factory P14,000 Raw Materials, 12/1/2020 P25,000 Property Taxes, Factory Building P6,000 Raw Materials Purchases P305,000 Sales Revenue P2,000,000 Work-in-Process, 1/1/2020 P60,000 Delivery Expenses P50,000 Work-in-Process, 12/1/2020 P40,000 Sales Commissions P100,000 Finished Goods, 1/1/2020 P120,000 Indirect Labor P55,000 Finished Goods, 12/31/2020 P110,000 Indirect Material P105,000 Direct Labor P400,000 Factory Machinery, Rent P25,000 Factory Manager’s Salary P25,000 Factory Utilities P55,000 Depreciation, Office Equipment P25,000 Administrative Expense P250,000 Requirement: Prepare a cost of goods manufactured schedule for ABC Company for 2020. Prepare cost of goods sold schedule for ABC Company for 2020. Prepare Income Statement for ABC Company.Pro-Leather Company is a manufacturer of leather cases for tablets. The following information pertains to operations during the 2020 calendar year. Sales Revenue $14,275,000 Direct Factory Labor Indirect Factory Labor Total Depreciation 1 3,952,600 1,232,250 400,000 Total Utilities 2 525,000 Distribution & Customer Service Costs 76,800 Insurance on Plant & Equipment 585,000 Property Taxes 3 Administrative Wages & Salaries Advertising Expenses 90,000 1,076,000 57,700 Sales Commission 6% of Sales Revenue 1Of the total depreciation, 80% relates to factory plant & equipment and 20% relates to general and administrative costs. 2 Of the total utilities, 75% relates to production and 25% relates to general and administrative costs. 3 The property taxes should be shared: 85% production & 15% general & administrative costs The following additional information is also available: Inventory Data: 1/1/2020 Purchases 31/12/2020 $750,000 $4,330,000 Raw Materials $807,000 Indirect Materials 55,000…