The following information pertains to the most recent quarter at Precious Production Limited.  Purchases of raw materials $ 360,000Raw materials inventory, beginning   40,000Raw materials inventory, ending   68,000Depreciation, factory   168,000Insurance, factory   20,000Direct labour   240,000Maintenance, factory   120,000Administrative expenses   280,000Sales   1,800,000Utilities, factory   108,000Supplies, factory   4,000Selling expenses   320,000Indirect labour   260,000Work in process inventory, beginning   28,000Work in process inventory, ending   120,000Finished goods inventory, beginning   40,000Finished goods inventory, ending   160,000 Required:1. Prepare a schedule of cost of goods manufactured.

You are given the following information for the year ended 31 October 2019: Cost item Amount (Sh) Purchase of raw materials 112,000 Returns inwards 8,000 Decrease in stock of raw materials 8,000 Direct wages 42,000 Carriage outwards 4,000 Carriage inwards 3,000 Production overheads 27,000 Increase in work-in-progress 10,000 The value of factory cost of goods completed is Select one: a. Sh 202,000 b. Sh 174,000 c. Sh 183,000 d. Sh 182,000

Opening inventory consists of 1 000 units valued at R3 125 and comprises of the following purchases:28 February 2024250 units @ R2,90 per unit29 February 2024750 units @ R3,20 per unitPurchases for March 2024:DateQuantityUnit cost05 March800 unitsR3,30 per unit11 March650 unitsR3,35 per unit16 March700 unitsR3,40 per unitInventory issued to production during March:DateQuantity03 March500 units08 March900 units12 March750 unitsRequired:Assuming all purchase transactions were on cash, complete the journal entries for the above-mentioned transactions by selecting the appropriate accounts and related data, applying the FIFO method.Date DebitCredit  RR03 MarchBlank 1Blank 2  Blank 3 Blank 4 Units issued to production   Date DebitCredit  RR05 MarchBlank 5Blank 6  Blank 7 Blank 8 Inventory purchased   Date DebitCredit  RR08 MarchBlank 9Blank 10  Blank 11 Blank 12 Units issued to production   Date DebitCredit  RR11 MarchBlank 13Blank 14  Blank 15 Blank 16 Inventory purchased   Date DebitCredit  RR12 MarchBlank 17Blank 18  Blank 19 Blank 20 Units issued to production   Date DebitCredit  RR16 MarchBlank 21Blank 22  Blank 23 Blank 24 Inventory purchased

The following information relates to a business at its year end Item Amount (Sh) Item Amount (Sh) Sales 600,000 Opening stocks: Purchases of raw materials 100,000 Raw materials 20,000 Returns inwards 10,000 Work in progress 4,000 Returns outwards 15,000 Finished goods 68,000 Carriage inwards 8,000 Closing stocks: Carriage outwards 12,000 Raw materials 22,000 Direct labour 80,000 Work in progress 8,000 Factory overheads 150,000 Finished goods 60,000 Determine the following: (Write your answers with commas, e.g. 10,000 not 10000) 1. Cost of manufacturing during the year = Sh 2. Cost of goods manufactured = Sh 3. Cost of goods sold = Sh 4. Gross profit = Sh

Primare Corporation provided the following data for last month’s manufacturing operations. Purchases of raw materials $ 30,000 Indirect materials used in production $ 4,840 Direct labor $ 58,700 Manufacturing overhead applied to work in process $ 88,000 Underapplied overhead $ 4,160 Inventories Beginning Ending Raw materials $ 10,700 $ 19,700 Work in process $ 54,400 $ 69,800 Finished goods $ 34,800 $ 43,500 Required: Prepare a schedule of cost of goods manufactured. Prepare a schedule of cost of goods sold. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold.

Fill in the Blank QuestionFill in the blank question.A company expects to sell 500 units during the second quarter and 550 units in the third quarter. Currently, during the second quarter, they have 46 units in beginning inventory. If they desire ending inventory of 10% of the next quarter's sales, units will need to be produced in the second quarter.