Question 1The following information and figures are related to the business of KSK Enterprise.RMOpening stock of raw materials 2500Purchases of raw materials 61000Closing stock of raw materials 3500Factory wages 38000Insurance of factory building 800Depreciation of manufacturingequipment2500Electricity of factory 900Rent of factory 1000Required:Compute the following:a. Cost of raw materials used during the yearb. Prime costc. Factory overheadd. Cost of production

During its first month of operations, a manufacturer incurs the following costs (in dollars) related to activities within its factory:Direct materials $15,000Direct labor $30,000Manufacturing overhead $40,000What amount should be reported as cost of goods sold on the income statement if 5,000 units are produced and 4,000 are sold? $56,000 $68,000 $70,000 $85,000

A manufacturing company produces Product P, which has the following cost components per unit:Direct materials: $15Direct labor: $8Direct expenses: $5Variable production overhead: $6Variable selling expense: $7Fixed production overhead: $10Calculate the inventory valuations for Product P according to marginal costing and absorption costing.Question 2Answera.MC: $51 and AC: $44b.MC: $41 and AC: $44c.MC: $34 and AC: $44d.MC: $34 and AC: $51

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

Fundamentals of Cost and Management Accounting (Study Text) 165 | P a g e Example Company A produces a single product with the following budget: Selling price Rs 10 Direct materials Rs 3 per unit Direct wages Rs 2 per unit Variable production overhead Re 1 per unit Fixed production overhead Rs 10,000 per month. The fixed overhead absorption rate is based on volume of 5,000 units per month. There was production of 6000units i.e 4,800 units were sold and 1200 units left in closing stock. Prepare the profit statement for the month under absorption costing.

The following information applies to the questions displayed below.] Kubin Company’s relevant range of production is 28,000 to 31,500 units. When it produces and sells 29,750 units, its average costs per unit are as follows:    Average Cost per UnitDirect materials $ 8.80Direct labor $ 5.80Variable manufacturing overhead $ 3.30Fixed manufacturing overhead $ 6.80Fixed selling expense $ 5.30Fixed administrative expense $ 4.30Sales commissions $ 2.80Variable administrative expense $ 2.30Required:1. For financial accounting purposes, what is the total amount of product costs incurred to make 29,750 units?2. For financial accounting purposes, what is the total amount of period costs incurred to sell 29,750 units?3. For financial accounting purposes, what is the total amount of product costs incurred to make 31,500 units?4. For financial accounting purposes, what is the total amount of period costs incurred to sell 28,000 units? (For all requirements, do not round intermediate calculations.)