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
Long-Term Liabilities: These are usually for more than one year. They cover almost all the outsider's liabilities not comprised in the current liabilities and provisions. Such

Factors affect Decision Making These decisions need consideration of factors as like A. The level of market possible to be available in future B. The strategy that compe

explain various type of cost ccounting

specimen of cost sheet

I WENT TO MAKE ONE ASSIGNMENT CAN YOU GIVE ME QUOTE OR LINK TO SHARE ASSIGNMENT DETAIL

Features of Effective Cost Center Framework During the establishing cost centers, an organization must consider the given points as: a) Clear definition about the cost cent


A. Bolero Industries Ltd. has been approached by a customer who would like a special job to be done for her, and is willing to pay $60,000 for it. The job would require the followi

Determine Opportunity Costs A company has material B in stock that originally cost Shs. 5000 for the 1000 Kshs in stores. The material is missing over from an old purchase ord

While we are looking for sources funds it is other than natural to start searching from home. What do we have? During examining the requirement for working capital we could also ma