QUESTION 1) At the end of 2020, Wuhan Manufacturing Company reported the following accounts and their balances (all amounts in USD): Des 11.30 pendant REQUIRED: Prepare an Income Statement for the Wuhan Manufacturing Company for the year 2020 based only on the information above and calculate the OPERATING INCOME figure for 2020 QUESTION 2) Once you answer the Question 1, prepare a similar question ON YOUR OWN as if you were preparing an exam and prepare the answer for this question. You will change the amounts, if you want you may also change/add new items to your question, feel free and use your imagination QUESTION 3) The main functions of cost accounting are; UNIT COST CALCULATION; COST ESTIMATION: PLANNING: CONTROLLING: PROVIDING INFORMATION FOR DECISION MAKING. By mentioning all of these functions, briefly explain with your own words (that means DO NOT copy paste from somewhere) the importance of cost accounting for business entities and its role in decision making. Your answer should be between 200 to 500 words. 1 QUESTION 4) In the Yenibosna Manufacturing Company, the hourly rate for manufacturing workers is $10/hour (ignore taxes and other legal requirements). According to the records kept by the supervisor, one of the workers had the following activities on November 30, 2020, Started ACTIVITY QUESTION 4) In the Yenibosna Manufacturing Company. the hourly rate for manufacturing workers is $10/hour (ignore taxes and other legal requirements). According to the records kept by the supervisor, one of the workers had the following activities on November 30, 2020. Started ACTIVITY NO 10.00 Onde 1000 Leden 0002 .. 11.00 11.00 Small nur olm.de Chine REQUIRED: What is the amount of direct labor cost and indirect labor cost for this worker for this day? Show your calculations. QUESTION 5) In the Kadky Manufacturing Company. The hourly rate is $8/hour, and overtime is paid 50% more than the ordinary rate (ignore taxes and other legal requirements). Information about manufacturing workers' activities in December 2020 were as mentioned in the table below. Heren und der 30 | - REQUIRED: What is the amount of direct labor cost and indirect labor cost for this month? Show your calculations. QUESTION 6) Beijing Manufacturing Company uses perpetual inventory method. Below are the purchases and issues (sent to production) of direct material inventory during April 2020. www 10 16 Am April AMO prethod 10 10 1 Aprad LAMUN Apred REQUIRED: A) Prepare two INVENTORY CARDs for April, if the Beijing Company uses Weighted Average Method (WAM) (round to two digits). b) if the Beijing Company uses First-In-First-Out (FIFO). B) What are the "COST OF DIRECT MATERIAL USED and the "COST OF ENDING INVENTORY" figures under the both methods? PURCHASES ISSUED BALANCE Date Transaction Unit Unit Total Cost Unit Unit To Unit Unit Total Cont Casa Coul Casa QUESTION 1) At the end of 2020, Wuhan Manufacturing Company reported the following accounts and their balances (all amounts in USD): Sales Revenue 3,095,790 Finished goods inventory, 1.1.2020 198,700 Direct materials inventory, 1.1.2020 36,000 | Property Taxes (Headquarters) 15,000 Indirect materials inventory, 1.1.2020 2,500 Salaries Expense (Selling&Marketing 65,800 Depreciation Expense (Headquarters) 14,800 Direct materials inventory, 31.12.2020 42,000 Direct Labor 460,100 Utilities Expense (Factory) 98,700 Salaries Expense (General Administrative 87,520 Purchases of indirect materials 12,650 Selling Expense 74,200 || Work-In-Process inventory, 1.1.2020 224,500 Work-In-Process inventory, 31.12.2020 124,500 | Purchases of direct materials 545,900 Indirect Labor 87,000 Utilities Expense (Headquarters) 38.970 Finished goods inventory, 31.12.2020 98,700 | Indirect materials inventory, 31.12.2020 1.500 Rent Expense (Factory) 150,000 Insurance Expense (Factory) 41,150 Rent Expense (Headquarters) 85,000 Depreciation Expense (Factory) 74,500 Property Taxes (Factory) 35,000 Insurance Expense (Headquarters) 14,500 REQUIRED: Prepare an Income Statement for the Wuhan Manufacturing Company for the year 2020 based only on the information above and calculate the OPERATING INCOME figure for 2020. QUESTION 2) Once you answer the Question 1, prepare a similar question ON YOUR OWN as if you were preparing an exam and prepare the answer for this question. You will change the amounts, if you want you may also change/add new items to your question, feel free and use your imagination. QUESTION 3) The main functions of cost accounting are; UNIT COST CALCULATION; COST ESTIMATION; PLANNING; CONTROLLING; PROVIDING INFORMATION FOR DECISION MAKING. By mentioning all of these functions, briefly explain with your own words (that means DO NOT copy paste from somewhere) the importance of cost accounting for business entities and its role in decision making. Your answer should be between 200 to 500 words. QUESTION 4) In the Yenibosna Manufacturing Company. the hourly rate for manufacturing workers is $10/hour (ignore taxes and other legal requirements). According to the records kept by the supervisor, one of the workers had the following activities on November 30, 2020. Started ACTIVITY NO 10.00 Onde 1000 Leden 0002 .. 11.00 11.00 Small nur olm.de Chine REQUIRED: What is the amount of direct labor cost and indirect labor cost for this worker for this day? Show your calculations. QUESTION 5) In the Kadky Manufacturing Company. The hourly rate is $8/hour, and overtime is paid 50% more than the ordinary rate (ignore taxes and other legal requirements). Information about manufacturing workers' activities in December 2020 were as mentioned in the table below. Heren und der 30 | - REQUIRED: What is the amount of direct labor cost and indirect labor cost for this month? Show your calculations. QUESTION 6) Beijing Manufacturing Company uses perpetual inventory method. Below are the purchases and issues (sent to production) of direct material inventory during April 2020. www 10 16 Am April AMO prethod 10 10 1 Aprad LAMUN Apred QUESTION 5) In the Kadky Manufacturing Company, The hourly rate is $8/hour, and overtime is paid 50% more than the ordinary rate (ignore taxes and other legal requirements). Information about manufacturing workers' activities in December 2020 were as mentioned in the table below. Hours worked on Job Orders Hours worked on Job Orders (overtime-routine) Waited for materials and for other reasons Hours worked by supervisors, cleaning, maintenance, and support personnel |3.500 hours 600 hours 50 hours 800 hours REQUIRED: What is the amount of direct labor cost and indirect labor cost for this month? Show your calculations. Date QUESTION 6) Beijing Manufacturing Company uses perpetual inventory method. Below are the purchases and issues (sent to production) of direct material inventory during April 2020. Transaction Unit Unit Cost (8) Aprill Beginning Inventory 60 April 5 Purchased April 8 Issued April 10 Purchased April 14 Issued April 15 Purchased April 20 Issued April 28 Purchased April 30 Issued 10 16 150 90 20 220 250 150 22 180 70 100 25 REQUIRED: REQUIRED: A) Prepare two INVENTORY CARDs for April, wif the Beijing Company uses Weighted Average Method (WAM) (round to two digits). b) if the Beijing Company uses First-In-First-Out (FIFO) B) What are the "COST OF DIRECT MATERIAL USED and the "COST OF ENDING INVENTORY" figures under the both methods? PURCHASES ISSUED BALANCE Date Transaction Unit Unit Total Con Teattet mit Total Case Cast Cust Cat Cust)