The gross profit. Sky Ltd's accountant recently prepared the following data from the company'saccounting records for the year ended 31 December 2022:Sales$2,520,630Inventories at 1 January 2022:Raw materials158,760Work in process112,980Finished goods198,450Inventories at 31 December 2022:Raw materials151,830Work in process107,940Finished goods204,120Direct labour239,400Purchases of raw materials680,400Selling expenses248,430Factory overhead is applied at the rate of 180% of direct labour cost.Compute the following for the year ended 31 December 2022.The costs of direct material used.The manufacturing costs for the period.The cost of goods manufactured.The cost of goods sold.

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Answered: The gross profit. Sky Ltd's accountant…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6PB: During the year, a company purchased raw materials of $77,321 and incurred direct labor costs of...

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The following data are taken from the general ledger and other records of Coral Park Production Co. on January 31, the end of the first month of operations in the current fiscal year: a. Prepare a statement of cost of goods manufactured. b. Prepare the cost of goods sold section of the income statement.
During the year, a company purchased raw materials of $77,321 and incurred direct labor costs of $125,900. Overhead Is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
What are the total costs to account for if a companys beginning inventory had $231,432 in materials, $186,450 in conversion costs, and added direct material costs ($4,231,392), direct labor ($2,313,392), and manufacturing overhead ($1,156,696)?
The following data were taken from the records of Jun Company for the year ended Dec. 31, 2021: Sales P5,590,000Sales returns 55,000Inventories, January 1:Raw materials 131,000Work in process 238,350Finished goods 442,000Inventories, December 31:Raw materials 145,500Work in process 175,720Finished goods 412,000Direct labor 1,050,300Purchases 2,051,500Purchase returns 17,150Purchase discounts 12,550Freight in…
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