From the following particulars of a manufacturing firm, prepare a statement showing: (a) Cost of materials consumed
Question:
From the following particulars of a manufacturing firm, prepare a statement showing:
(a) Cost of materials consumed
(b) Works cost
(c) Cost of production
(d) Percentage of works overhead to productive wages
(e) Percentage of general overhead to works cost
Transcribed Image Text:
Stock of materials on January 1, 2002 Purchase of raw materials in January 2002 Stock of finished goods on 1.1.2002 Productive wages Finished goods sold Works overhead charges Office and general expenses Stock of materials on 31.1.2002 Stock of finished goods on 31.1.2002 Rs. 40,000 11,00,000 50,000 5,00,000 24,00,000 1,50,000 1,00,000 1,40,000 60,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 40% (5 reviews)
a Rs 1000000 ...View the full answer
Answered By
Rustia Melrod
I am a retired teacher with 6 years of experience teaching various science subjects to high school students and undergraduate students. This background enables me to be able to help tutor students who are struggling with the science of business component of their education. Teaching difficult subjects has definitely taught me patience. There is no greater joy for me than to patiently guide a student to the correct answer. When a student has that "aha!" moment, all my efforts are worth it.
The Common Core standards are a useful yardstick for measuring how well students are doing. My students consistently met or exceeded the Common Core standards for science. I believe in working with each student's individual learning styles to help them understand the material. If students were struggling with a concept, I would figure out a different way to teach or apply that concept. I was voted Teacher of the Year six times in my career. I also won an award for Innovative Teaching Style at the 2011 National Teaching Conference.
4.90+
4+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Determine the stresses induced at point A. Also estimate the principal stresses induced in the shaft P= 30 kN F= 400 N 600 mm T 500 Nm 40 mm
-
The number of auto accidents in Athens, Ohio, is related to the regional number of registered automobiles in thousands (X), alcoholic beverage sales in $10,000s (X), and rainfall in inches (X3)....
-
A regulation basketball is initially flat and is then inflated to a pressure of approximately 24 lb/in absolute. Consider the air temperature to be constant at 70 F. Find the mass of air required to...
-
Date 1 July 2019 1 June 2020 30 June 2020 1 July 2020 1 July 2020 30 June 2021 1 July 2021 Particulars (???) (???) (To record acquisition of delivery truck) (???) (???) (???) (To record minor repair...
-
What are the three types of inventory in a manufacturing firm?
-
Use the data in Exercise 8-9. What entry would have been required if the amount of coin and currency had been $247.20? Which of the accounts debited would not appear in the income statement? kj56...
-
P 22-4 Journal entries and statement of activitiesNongovernmental not-for-profit college The following information relates to revenues and expenses for a private not-for-profit college: Tuition and...
-
The standard cost of Product B manufactured by TLC Company includes three units of direct materials at $5.00 per unit. During June, 28,000 units of direct materials are purchased at a cost of $4.70...
-
An income statement for Crandall's Bookstore for the first quarter of the current year is presented below. CRANDALL'S BOOKSTORE Income Statement for the First Quarter of the Current Year $800,00...
-
The following data have been extracted from the books of M/s Moonshine Industries for the calendar year 2002. The Managing Directors remuneration is to be allocated as Rs. 40,00,000 to the factory,...
-
What is meant by 'differential cost'?
-
Assigning Costs- Missing Data: The following T-accounts are to be completed with the missing information. Addi- tional data appear after the accounts. 1. Materials of $56,800 were purchased during...
-
Complete the exercises on the following website. Remember to type your answers in word or excel, screenshot, or phone pic as your work. The site does not save your answers. Upload your work on...
-
There are many management theories that are utilized in organizations. These theories were developed by scholars in the management discipline. One individual was responsible for identifying the major...
-
An increase in the price and a decrease of the quantity of Paclitaxel (an anti-cancer drug) could be caused by which of the following? Select one: O a. an increase in the number of people being...
-
At December 31, 2023, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances as follows: Category Land Land improvements Buildings Equipment Automobiles and...
-
Assume that the following table represents the sales figures for the five largest firms in the industry. Compute the HHI for the industry (assuming the industry contains just these five firms). Sales...
-
Suppose 5% of the area under the standard normal curve lies to the right of z. Is z positive or negative?
-
Critical reading SAT scores are distributed as N(500, 100). a. Find the SAT score at the 75th percentile. b. Find the SAT score at the 25th percentile. c. Find the interquartile range for SAT scores....
-
Name the three inventory methods commonly associated with process costing.
-
Describe the distinctive characteristic of weighted-average computations in assigning costs to units completed and to units in ending work in process.
-
Describe the distinctive characteristic of weighted-average computations in assigning costs to units completed and to units in ending work in process.
-
Assignment Title: The Role of Bookkeeping in Business Management and Financial Reporting Objective: Understand the importance of proper bookkeeping procedures in the management of...
-
17) The adjustment that is made to allocate the cost of a building over its expected life is called:A) depreciation expense.B) residual value.C) accumulated depreciation.D) None of the above answers...
-
9) Prepaid Rent is considered to be a(n):A) liability.B) asset.C) contra-asset.D) expense.10) As Prepaid Rent is used, it becomes a(n):A) liability.B) expense. C) contra-asset.D) contra-revenue.11)...
Study smarter with the SolutionInn App