Prepare statement cost of good solds

Assignment Help Accounting Basics
Reference no: EM132718741

Manufacturing:

Jing Inc. had cost of goods manufactured for the month of July equal to 100,000; direct materials used P29,000; cost of goods sold, P120,000; direct labor, P28,000; purchases of materials, P45,000; cost of goods available for sale, P125,000; and total factory labor, P58,000. Work in process was P35,000 on May 1 and P15,000 on July 31. The company uses a sole account for direct and indirect materials.

Problem 1: Prepare statement cost of good solds

Reference no: EM132718741

Questions Cloud

What amount should memory foam corp : At December, 2020, what amount should Memory Foam Corp. show as a restriction of Retained Earnings as a result of its treasury stock transactions?
How the procedures will use to audit expenditure department : You are an internal auditor in a manufacturing company. Explain how the procedures will use to audit expenditure department?
Identify a strategic group the organization : Identify a strategic group the organization may belong to. What are other organizations in that group?
Structural characteristics for decision making processes : How do the structural characteristics of organizations influence decision making and power in organizations? Discuss the implications of each of the structural
Prepare statement cost of good solds : Prepare statement cost of good solds. Work in process P35,000 on May 1 and P15,000 on July 31. The company uses a sole account for direct and indirect materials
What kinds of technology do make use of everyday : What kinds of technology do you make use of everyday? Have ever wondered how the people who created apps got the idea of creating them in the first place?
Prepare the relevant journal entries of land and building : Prepare the relevant journal entries of the land and building from year 2016 to 2019 in the account of Viga Berhad and its group
State the two implications on segment disclosure : Across time an entity's may contract or expand relative to other operating segments. State the two implications on segment disclosure as per AASB 8
Discuss how the concept of health has changed overtime : Discuss how the concept of "health" has changed overtime. Discuss how the concept has evolved to include wellness, illness, and overall well-being.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the company working capital

All liabilities are current (the company has no long - term debt). The company has a current ratio of 1.2. What is the company's working capital

  Revenue recognition and accrual accounting

U.S. Political Consultants has been in existence for many years. During the month of November, the following events occurred:

  Stockholders equity of camp bell soup

Determine the stockholders' equity of Camp bell soup as of July 31, 2005 If assets increased by $1,094and liabilities increased by $596, what was the increase of decrease in stockholders' equity for the year ending July 30,2006?

  What is the net advantage or disadvantage to the company

What is the net advantage or disadvantage to the company from upgrading the computers rather than selling them in their present condition

  Prepare a reconciliation of tyrone bank account

Prepare a reconciliation of Tyrone's bank account as of April 30. Show both a corrected balance per bank and a corrected balance per books

  How many units should mccoy company produce

McCoy Company has beginning inventory of 14000 units and expects to sell 3000 units. How many units should McCoy Company produce

  What is the cost of the truck

Thomas Company incurs these expenditures in purchasing a truck: cash price $24,000, What is the cost of the truck

  Liability for the contingency

After the 2010 financial statements were issued, the case was settled with the IRS for $1,200,000. What amount, if any, should be reported as a liability for this contingency as of December 31, 2010?

  In what areas should business be regulated

In what areas should business be regulated? Do you think there is too much regulation? If so, in what areas would you cut back regulation?

  How many shares of stock are currently outstanding

MBA 6100 Given that the company has the following dividend policy: How many shares of stock are currently outstanding?

  Compute the company current income tax expense

Woodward Corporation reported pretax book income of $1,000,000. Compute the company's current income tax expense or benefit

  Explain the purpose and objective of accounting

You have been asked by the CEO of your company to give a presentation to the students at a local college. You were specifically asked to discuss the role of an accountant. In a presentation of 500-700 words, discuss the following:

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd