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Kings Inc- Cost Acctg

Kings Inc- Cost Acctg

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Published by Shinji

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Published by: Shinji on Jul 06, 2009
Copyright:Attribution Non-commercial

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07/06/2009

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Ex. 13, KingCost of goods manufactured and sold statementRaw materials used (Note l)102,000Note l: Cost of raw materials usedDirect labor60,000Raw materials, beg.Total prime costs162,000Add: Net cost of purchasesFactory overhead (Note 2)102,000PurchasesTotal manufacturing costs264,000Freight inAdd: Work in Process, beg.25,000Cost of goodsCost of goods placed in process289,000Less: Pur. DiLess: Work in process, end16,000 Pur. ReCost of goods manufactured273,000Cost of raw materials avail.Add: Finished goods, beg.15,000Less: Raw mat. EndCost of goods available for sale288,000Cost of raw mat. UsedLess: Fin. Goods, end12,000Cost of goods manufactured and sold276,000Note 2: Factory overheadFac. Supp.Income StatementRep. And Mai Net sales (Note l)870,000Fac. Sal.Less: Cost of goods manuf. And sold (Schedule l)276,000Depr.-Gross profit594,000TotalAdd: Other income (Note 2)4,000Total598,000Note 2: Other incomeLess: Operating exp.Interest incoSelling expenses (Note 3)202,000Admin. Expn. (Note 4)42,000 Note 3: SellingexpensesOther expenses (Note 5)7,000251,000Advertising Net operating income347,000Sales Sal.Less: Provision for income tax (32%)111,040Freight out Net income after tax235,960TotalBalanceSheetNote l: Net sPar Value:SCapital Stock, issued, P10 par140,000LSubscribed Capital Stock100,000 dLess: Subscriptions rec.20,00080,000Stock Dividends to be Issued40,000260,000Additional paid-in capital:eDonated Capital10,000Premium on Capital Stock6,000Paid-in capital from treasury stocks4,00020,000Total paid-in capital280,000Retained Earnings:Free (140,000 + 235,960)375,960Appropriated for treasury stocks26,000401,960Appraisal Capital296,000Total977,960

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