Reference no: EM132529212
The following data refer to Nani's Fashions for the current year:
Sales Revenues$475,000
Work in process inventory, 31 December 15,000
Work in process inventory, 1 January 20,000
Selling and administrative expenses 75,000
Income tax expense 45,000
Purchase of raw materials 90,000
Raw materials inventory, 31 December 12,500
Raw material inventory. 1 January 20,000
Direct labour 100,000
Electricity:
plant 20,000
Depreciation plant and equipment 30,000
Finished goods inventory, 31 December 25,000
Finished goods inventory, 1 January 10,000
Indirect material 5,000
Indirect labour 7,500
Other manufacturing overhead 40,000
Required:
Question 1: Prepare the schedule of cost of goods manufactured for Nani's fashion.
Question 2: Prepare the schedule of cost of goods sold for Nani's Fashions and explain the information provided by the schedule of cost of goods sold.
Question 3: prepare income statement for the current year.
|
How much raw material was transferred to work in process
: How much raw material was transferred to work in process on January 31? Raw materials inventory on January 1 is $100,000, raw materials purchased
|
|
Compute cost behaviour for the complex electricity costs
: Use the high-low method to estimate the cost behaviour for the complex's electricity costs, assuming that the variable costs vary in proportion
|
|
Fee-for-service and prepaid health plan models
: Compare and contrast the fee-for-service and prepaid health plan models. What is the best type of health insurance (for the consumer and organization) and why
|
|
Compute the book value of the drill press
: Compute depreciation for 2018 and 2019 and the book value of the drill press at December 31, 2018 and 2019, assuming the double-declining-balance method is used
|
|
Create the schedule of cost of goods sold for nani fashions
: Create the schedule of cost of goods sold for Nani's Fashions and explain the information provided by the schedule of cost of goods sold.
|
|
What is the journal entry to record the additional revenue
: Your Company, which has fiscal year ending October 31, sells scented bars of soap for a 12% commission. What is journal entry to record the additional revenue
|
|
Examine the use of project management software in practice
: Critically evaluate these models in relation to their applicability to practice and Examine the use of project management software in practice
|
|
What adjusting entry must you record december
: Your firm holds a $15,000, 8% note receivable issued on August 1, 20X0. What adjusting entry must you record December 31, 20X6
|
|
Create journal entry to record the incurrence of production
: Create journal entries to record the incurrence of production costs, completion of job number A26 and the shipment of 900 cuddly koalas.
|