the cost cycle - double entry system, Cost Accounting

entries to be entered into a ledger account for the month of July 2009 & prepare an incoem statement.

balances at 1/7/2009
Materials control $6150
Labour control (accrued wages) $2500
Factory overhead control (credit balance) $2000
Work in process $16000
Finished goods $60000

Transactions for July 2009

Purchases of materials
- on credit (inc GST $5000) - $55000
- on cash (inc GST $400) - $4400
Materials issueed
Direct materials - $46500
Indirect materials - $6000
Surplus material returned to store:
Direct materials - $1000
Indirect materials _ $150
Factory payroll paid $117750
Labour costs incurred:
Direct labour - $112500
Indirect Labour - $8500
Overhead costs paid (inc GST $7650) - $84150
Cost of completed production $245000
Credit sales (inc GST $45000) $495000
Costs og goods sold $262500

Additional information
Factory overhad is applied on the basis of 200% of the cost of direct materials used (net of returns)

factory overhead under or over applied is transferred to cost of goods sold at the end of each month

A physical stocktake at 31/07/09 revealed that the value of material on hand is $8500
Posted Date: 10/6/2012 5:10:28 AM | Location : United States







Related Discussions:- the cost cycle - double entry system, Assignment Help, Ask Question on the cost cycle - double entry system, Get Answer, Expert's Help, the cost cycle - double entry system Discussions

Write discussion on the cost cycle - double entry system
Your posts are moderated
Related Questions
We have earlier explained working capital by total current assets less current liabilities. It, in other words, implies that all the assets held through the business along with the

Radovilsky's Department Store in Haywood, California, maintains a successful catalog sales department in which a clerk takes orders by telephone. If the clerk is occupied on one li

how variable cost help in decision making.with suitable example

Zero Based Budgeting It is referred to also like priority based budgeting. It is a cost advantage approach budgeting where it is assumed that the cost allowance is Zero for a

XYZ Company is a family-owned bicycle manufacturing company located in Stow, Ohio. Until recently,it had maintained slow but steady growth in producing and marketing its only prod

I need project help in Government and nonprofit accounting, can you help me in look out this problems?

Direct and Indirect costs Recall such direct costs are costs which can be traced particularly to the end product of the production procedure while indirect costs cannot be so

From  the  following  data  write the  standard  cost  card  for  one  unit  of  the  sole  product manufactured.                                    Standard Cost card for One U

i.   Identify the organization ii.  Identify the stakeholders iii. Give the major requirements for the IT application iv. Reflect on how difficult it was to do the require

Amanda Deal, president of XYZ, had recently finished an arduous round of meetings with her financial staff". Those meetings dealt with the details necessary to produce an accurate