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

Ask an Expert

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

Write your message here..

Related Questions

Draw the demand curve - quantity of trash, The total demand (marginal benef... The total demand (marginal benefit) curve for visiting Yosemite is as follows: Price = 5000-10*NumberOfTrips -10*TonsOfVisibleTrash.     a. Suppose the quantity of trash=100 ton

Calculate remuneration of employee of an organisation, Calculate Remunerati... Calculate Remuneration of Employee of an Organisation Based on the data underneath that you are necessary to calculate the remuneration of all employee like determined with ea

Standard costs establish the minimum desirable costs, Standard Costs Establ... Standard Costs Establish the Minimum Desirable Costs When actual costs incurred exceed or else are below the standard costs, we after that investigate the variances along with

Calculate the ß, Calculate the β of Maine Corporation from the following da... Calculate the β of Maine Corporation from the following data. The prices are at the beginning and at the end of each year     Normal 0 false false

Determine the velocity impulse, Problem: A satellite is launched into Ear... Problem: A satellite is launched into Earth orbit by a Delta II launch vehicle (LV).  The Delta LV's engines do not perform as expected, and at upper-stage burnout the satellite

Purpose, what are the purposes of cost accounting what are the purposes of cost accounting

Operating cost.., procedure,advantages .. procedure,advantages ..

Labour cost, labour cost related case study with solution labour cost related case study with solution

Explain stock valuation, G. Mills was appointed a local agent for the High ... G. Mills was appointed a local agent for the High Power Mobile Workshop Bolt (HPMW-B) on 1 April 2009. The HPMW-B is manufactured by Mobile Equipment Ltd (MEL). The company charges

Example of profit volume graph, Example of Profit Volume Graph The sum... Example of Profit Volume Graph The summary results of a company are given as: Product                        A B          C