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answer in text form with all workings like explanation , computation , steps for every steps for all requirements
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter27: Adjustments, Financial Statements, And Year-end Accounting For A Manufacturing
business
Section: Chapter Questions
Problem 1MP: Reese Manufacturing Company manufactures and sells a limited line of products made to customer...
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answer in text form with all workings like explanation , computation , steps for every steps for all requirements
![Q.1 Late Corporation is in the business of producing furniture, previously the company has had a
policy of preparing costing statements annually. The following data was taken from the general ledger
and other records of Jarico Manufacturing Co. at December 31 2023, the end of the second year of
operations in the fiscal year:
Revenue
Inventories at January 1:
Materials inventory
Work in process inventory
Finished goods inventory
Inventories at January 31:
Materials inventory
Work in process inventory
Finished goods inventory
Materials purchased
Labor Costs:
Finishing workers' wages
Supervisors' salaries
Admin personnel salaries
Depreciation:
Factory Equipment
Admin office
Indirect materials used
Factory utilities
Employee Fringe Benefits.
Insurance (30% Admin & 70% Factory)
Workers Compensation Insurance
Overtime Premium
Defective Work
Lubricants
Rent (40% Factory & 60% Admin)
Property Tax
Spoilage
Heating & Lighting (40% Admin and 60% Factory)
Carriage Inwards
Carriage Outwards
Trade Debts
Cash & Cash Equivalents
Trade Payable
Loan (3 Year Maturity)
a.
b.
Fixtures & Fittings
Motor Vehicle
Equity
Bad debts
Drawings
Stationary
Discount Allowed
Discount Received
General Office Expenses
Factory Building
Prepare a statement of cost of goods manufactured.
Prepare the Income Statement for the year ended 31 Dec 2023.
Domom the state out of financial position.
318 T
3022
$910, 124
35,632
29,632
28,632
20,352
12,831
24,645
164,136
185, 312
30,423
52, 153
73, 852
28,525
3,521
67,173
45,312
3,516
4,513
5,512
3,241
5,134
67,482
1,235
45, 123
62,213
3,612
3,600
194,842
293,251
182,512
300, 132
31, 123
223, 124
1,213, 121
1238
574,272
5,182
7,131
4,131
5,132
410,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F875e2ee0-f010-4ce3-90ea-8c7dd8d6f42a%2Fe859bc9b-9498-400b-a381-75f6e2f4efde%2Fbsqnbe_processed.png&w=3840&q=75)
Transcribed Image Text:Q.1 Late Corporation is in the business of producing furniture, previously the company has had a
policy of preparing costing statements annually. The following data was taken from the general ledger
and other records of Jarico Manufacturing Co. at December 31 2023, the end of the second year of
operations in the fiscal year:
Revenue
Inventories at January 1:
Materials inventory
Work in process inventory
Finished goods inventory
Inventories at January 31:
Materials inventory
Work in process inventory
Finished goods inventory
Materials purchased
Labor Costs:
Finishing workers' wages
Supervisors' salaries
Admin personnel salaries
Depreciation:
Factory Equipment
Admin office
Indirect materials used
Factory utilities
Employee Fringe Benefits.
Insurance (30% Admin & 70% Factory)
Workers Compensation Insurance
Overtime Premium
Defective Work
Lubricants
Rent (40% Factory & 60% Admin)
Property Tax
Spoilage
Heating & Lighting (40% Admin and 60% Factory)
Carriage Inwards
Carriage Outwards
Trade Debts
Cash & Cash Equivalents
Trade Payable
Loan (3 Year Maturity)
a.
b.
Fixtures & Fittings
Motor Vehicle
Equity
Bad debts
Drawings
Stationary
Discount Allowed
Discount Received
General Office Expenses
Factory Building
Prepare a statement of cost of goods manufactured.
Prepare the Income Statement for the year ended 31 Dec 2023.
Domom the state out of financial position.
318 T
3022
$910, 124
35,632
29,632
28,632
20,352
12,831
24,645
164,136
185, 312
30,423
52, 153
73, 852
28,525
3,521
67,173
45,312
3,516
4,513
5,512
3,241
5,134
67,482
1,235
45, 123
62,213
3,612
3,600
194,842
293,251
182,512
300, 132
31, 123
223, 124
1,213, 121
1238
574,272
5,182
7,131
4,131
5,132
410,000
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