Information from the records of Smart Manufacturing Systems Pty Ltd for the year ended 30 June 2016

Question:

Information from the records of Smart Manufacturing Systems Pty Ltd for the year ended 30 June 2016 is given below.

Factory overhead, 200% of direct labour cost

Raw materials inventory, 1 July 2015

Cost of goods manufactured

Raw materials inventory, 30 June 2016

Work in process inventory, 30 June 2016

Raw materials purchased during the year

$240000

24000

620800

25500

50500

210000

Required

Calculate the cost of work in process inventory on 1 July 2015.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Accounting

ISBN: 978-1118608227

9th edition

Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett

See More Books

Question Posted: Jun 19, 2019 10:28 AM

See More Questions

Information from the records of Manufacturing Systems Pty Ltd for the year ended 30 June 2016 is given below. Factory overhead, 150% of direct material cost Direct labour Raw material inventory,...
Incomplete information concerning the financial performance of two manufacturing companies is presented below. Company A Company B Work in process, 1/7/15 Work in process, 30/6/16 Direct materials...
The account balances below are taken from the records of Gilberton Retail Prepare an income statement under the perpetual inventory system for the year ended 30 June 2016. Cost of sales Inventory, 30...
1. If the nominal policy interest rate is 5% and the expected rate of inflation is 3%, what is the value for the vertical intercept of the LM curve? 2. If the expected rate of inflation were to...
Consider the matrices Compute the following (where possible). (a) 2B - C (b) - 3(D + 2E) (c) tr(D - 3E) 3 1 3 2 0 021 311 214 502 113
The graph of a linear function f is shown. (a) Identify the slope, y-intercept, and x-intercept. (b) Write a formula for f. (c) Find any zeros of f. 2 y = f(x)
Explain what a demand curve is and the role of revenues in pricing decisions.
The projections of direct materials purchases that follow are for the Stromboli Corporation. The company pays for 60percent of purchases on account in the month of purchase and 40 percent in the...
29 If a firm uses NPV or IRR for capital budgeting, as the cost of capital increases A none of the choices. B D the number of projects to be accepted remains the same, but the mixture of accepted...
Jaguar Land Rover Automotive PLC (JLR) is a maker of luxury autos based in Coventry, United Kingdom. JLR uses IFRS and has a fiscal yearend of March 31. You have been asked to use your knowledge of...
Below is selected financial data extracted from the accounting records of Wilson Manufacturing Pty Ltd for the year ended 30 June 2016. Beginning work in process Ending work in process Beginning raw...
Management uses different costs for different purposes in decision making. Included in the different costs are product costs, period costs, variable costs and fixed costs. Required As a manager,...
Two tanks (Tank A and Tank B) are separated by a partition. Initially Tank A contains 2-kg steam at 1 MPa and 300C while Tank B contains 3-kg saturated liquidvapor mixture with a vapor mass fraction...
Listed below are pulse rates (beats per minute) from samples of adult males and females. Does there appear to be a difference? Find the coefficient of variation for each of the two samples; then...
When the price of an item goes down, people buy more of it because at a lower price Options: -some new people may be willing to enter the market. -the item is more valuable. -the marginal cost is...
2. Find the sum of the following sequences (3 points) a) 1, 2, 3, 4, 5, 150 ... b) 1, 3, 5, 7, 9, ..., 99 c) -4, 1, 6, 11, 16, 21, . 201 ...
Solving for Rates What annual rate of return is implied on a $2,600 loan taken next year when $6,300 must be repaid in year 12?
Significant Values. In Exercises 9-12, use the range rule of thumb to identify (a) the values that are significantly low, (b) the values that are significantly high, and (c) the values that are...
How does the ratio of rotational to translational kinetic energy of the cylinder compare with its original value? A uniform solid cylinder rolls without slipping down an incline. At the bottom of the...
A circular concrete shaft liner with Youngs modulus of 3.4 million psi, Poissons ratio of 0.25, unconfined compressive strength 3,500 psi and tensile strength 350 psi is loaded to the verge of...
(Earnings Per Share) The stockholders equity section of Tkachuk Corporation appears below as of December 31, 2004. 8% cumulative preferred stock, $50 par value, authorized 100,000 shares, outstanding...
(Retained Earnings Statement) Eddie Zambrano Corporation began operations on January 1, 2001. During its first 3 years of operations, Zambrano reported net income and declared dividends as follows....
(Earnings per Share) At December 31, 2003, Shiga Naoya Corporation had the following stock outstanding. 10% cumulative preferred stock, $100 par, 107,500 shares $10,750,000 Common stock, $5 par,...
Analysis of a replacement project At times firms will need to decide if they want to continue to use their current equipment or replace the equipment with newer equipment. In this case, the company...
Required information Skip to question [ The following information applies to the questions displayed below. ] Forten Company's current year income statement, comparative balance sheets, and...
Q3. Company ABC has accounting income $500 for year 2016, 2017 and 2018, with following balance 2015 2016 2017 2018 Accounts Payable 100 110 120 90 Unearned Revenue 100 50 30 0 Prepaid Expense 100 80...

Information from the records of Smart Manufacturing Systems Pty Ltd for the year ended 30 June 2016

Question:

Step by Step Answer:

SMART MANUFACTURING SYSTEMS PTY LTD Cost of Goods Man...View the full answer

Accounting

Students also viewed these Business questions