Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Statement value Sales (10,000 units) 1,500,000 work in process inventory 1/1/2020 90,000 Finished goods 1/1/2020 125,000 Selling expenses 250,000 Administrative expenses 300,000 Factory machinery rental

Statement value
Sales (10,000 units) 1,500,000
work in process inventory 1/1/2020 90,000
Finished goods 1/1/2020 125,000
Selling expenses 250,000
Administrative expenses 300,000
Factory machinery rental 50,000
Water, electricity and factory gas 75,000
Factory missions 21,000
Account Payables 15,000
Depreciation of administration buildings 10,000
Inventory of in-progress production 12/31/2020 60,000
Full production stock 31/12/2020 175,000
Raw material purchases during the year 410,000
Direct industrial fees 60,000
Factory insurance 6,000
Indirect industrial wages 10,000
consumption of factory premises 90,000
Factory real estate taxes 8,000
Account receivables 20,000
Consumption of machinery for the marketing department 5,000

Required: 1. Preparing the income statement for Al-Israa Industrial Facility for the year ending on 12/31/2020 2. Calculate the Prime cost 3. Calculating manufacturing costs 4. Calculating the conversion cost 5. Calculating the cost of production per unit sold

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting

Authors: William K. Carter

14th edition

759338094, 978-0759338098

More Books

Students also viewed these Accounting questions