Flintoff Fashions |
||
Schedule of cost of goods manufactured |
||
For the year ended 31st Dec |
||
Particulars |
$ |
Amount ($) |
Direct material: |
||
Raw material inventory, 1st Jan |
24,000 |
|
Add: Purchases of raw material |
108,000 |
|
Raw material available for use |
132,000 |
|
Less: Raw material inventory, 31st Dec |
15,000 |
|
Raw material used |
117,000 |
|
Direct labour |
120,000 |
|
Manufacturing overhead: |
||
Indirect material |
6,000 |
|
Indirect labour |
9,000 |
|
Electricity: plant |
24,000 |
|
Depreciation: plant and equipment |
36,000 |
|
Other manufacturing overhead |
48,000 |
|
Total manufacturing overhead |
123,000 |
|
Total manufacturing costs |
360,000 |
|
Add: Work in process inventory, 1 January |
24,000 |
|
Subtotal |
384,000 |
|
Less: Work in process inventory, 31 December |
18,000 |
|
Cost of goods manufactured |
|
366,000 |
Flintoff Fashions |
||
Schedule of cost of goods sold |
||
For the year ended 31st Dec |
||
Particulars |
Amount ($) |
|
Finished goods inventory, 1 Jan |
12,000 |
|
Add: Cost of goods manufactured |
366,000 |
|
Cost of goods available for sale |
378,000 |
|
Less: Finished goods inventory, 31 Dec |
30,000 |
|
Cost of goods sold |
|
348,000 |
Flintoff Fashions |
||
Income Statement |
||
For the year ended 31st Dec |
||
Particulars |
Amount ($) |
|
Sales revenue |
570,000 |
|
Less: Cost of goods sold |
348,000 |
|
Gross margin |
222,000 |
|
Selling and administrative expenses |
90,000 |
|
Profit before taxes |
132,000 |
|
Income tax expense |
54,000 |
|
Net profit |
|
78,000 |
Flintoff Fashions |
||
Schedule of cost of goods manufactured |
||
For the year ended 31st Dec |
||
Particulars |
$ |
Amount ($) |
Direct material: |
||
Raw material inventory, 1 January |
24,000 |
|
Add: Purchases of raw material |
110,400 |
|
Raw material available for use |
134,400 |
|
Less: Raw material inventory, 31 December |
15,000 |
|
Raw material used |
119,400 |
|
Direct labour |
120,000 |
|
Manufacturing overhead: |
||
Indirect material |
6,000 |
|
Indirect labour |
9,000 |
|
Electricity: plant |
24,000 |
|
Depreciation: plant and equipment |
36,000 |
|
Other manufacturing overhead |
48,000 |
|
Total manufacturing overhead |
123,000 |
|
Total manufacturing costs |
362,400 |
|
Add: Work in process inventory, 1 January |
24,000 |
|
Subtotal |
386,400 |
|
Less: Work in process inventory, 31 December |
18,000 |
|
Cost of goods manufactured |
|
368,400 |
Flintoff Fashions |
||
Schedule of cost of goods sold |
||
For the year ended 31st Dec |
||
Particulars |
Amount ($) |
|
Finished goods inventory, 1 January |
12,000 |
|
Add: Cost of goods manufactured |
368,400 |
|
Cost of goods available for sale |
380,400 |
|
Less: Finished goods inventory, 31 December |
30,000 |
|
Cost of goods sold |
|
350,400 |
Flintoff Fashions |
||
Income Statement |
||
For the year ended 31st Dec |
||
Particulars |
Amount ($) |
|
Sales revenue |
570,000 |
|
Less: Cost of goods sold |
350,400 |
|
Gross margin |
219,600 |
|
Selling and administrative expenses |
90,000 |
|
Profit before taxes |
129,600 |
|
Income tax expense |
54,000 |
|
Net profit |
|
75,600 |
Flintoff Fashions |
||
Schedule of cost of goods manufactured |
||
For the year ended 31st Dec |
||
Particulars |
$ |
Amount ($) |
Direct material: |
||
Raw material inventory, 1 January |
24,000 |
|
Add: Purchases of raw material |
108,000 |
|
Raw material available for use |
132,000 |
|
Less: Raw material inventory, 31 December |
15,000 |
|
Raw material used |
117,000 |
|
Direct labour |
120,000 |
|
Manufacturing overhead: |
||
Indirect material |
6,000 |
|
Indirect labour |
9,600 |
|
Electricity: plant |
24,000 |
|
Depreciation: plant and equipment |
36,000 |
|
Other manufacturing overhead |
48,000 |
|
Total manufacturing overhead |
123,600 |
|
Total manufacturing costs |
360,600 |
|
Add: Work in process inventory, 1 Jan |
24,000 |
|
Subtotal |
384,600 |
|
Less: Work in process inventory, 31 Dec |
18,000 |
|
Cost of goods manufactured |
|
366,600 |
Flintoff Fashions |
||
Schedule of cost of goods sold |
||
For the year ended 31st Dec |
||
Particulars |
Amount ($) |
|
Finished goods inventory, 1 Jan |
12,000 |
|
Add: Cost of goods manufactured |
366,600 |
|
Cost of goods available for sale |
378,600 |
|
Less: Finished goods inventory, 31 Dec |
30,000 |
|
Cost of goods sold |
|
348,600 |
Flintoff Fashions |
||
Income Statement |
||
For the year ended 31st Dec |
||
Particulars |
Amount ($) |
|
Sales revenue |
570,000 |
|
Less: Cost of goods sold |
348,600 |
|
Gross margin |
221,400 |
|
Selling and administrative expenses |
90,000 |
|
Profit before taxes |
131,400 |
|
Income tax expense |
54,000 |
|
Net profit |
|
77,400 |
Particulars |
Bali Adventure |
Thailand Discovery |
Malaysian Orienteering |
Total |
Total Revenue |
$900,000 |
$1,440,000 |
$1,120,000 |
$3,460,000 |
Less: Direct Costs |
||||
Tour leader |
$50,000 |
$240,000 |
$90,000 |
$380,000 |
Tour assistant |
$20,000 |
$60,000 |
$60,000 |
$140,000 |
Air travel |
$280,000 |
$600,000 |
$320,000 |
$1,200,000 |
Accommodation |
$150,000 |
$520,000 |
$240,000 |
$910,000 |
Equipment hire |
$40,000 |
$0 |
$90,000 |
$130,000 |
Meals |
$180,000 |
$300,000 |
$80,000 |
$560,000 |
|
$720,000 |
$1,720,000 |
$880,000 |
$3,320,000 |
Less: Indirect Costs |
||||
Salaries |
$52,023 |
$83,237 |
$64,740 |
$200,000 |
Phone |
$520 |
$832 |
$647 |
$2,000 |
Depreciation on equipment |
$1,301 |
$2,081 |
$1,618 |
$5,000 |
Utilities |
$520 |
$832 |
$647 |
$2,000 |
Rent and property taxes |
$2,341 |
$3,746 |
$2,913 |
$9,000 |
Other department costs |
$3,121 |
$4,994 |
$3,884 |
$12,000 |
|
$59,827 |
$95,723 |
$74,451 |
$230,000 |
Net Profit |
$120,173 |
-$375,723 |
$165,549 |
-$90,000 |
Profit per package |
$12,017 |
-$18,786 |
$16,555 |
|
WN-1: Calculation of revenue
Bali Adventure |
= |
No. of packages sold x No. of people per package x Revenue per person |
= |
10 x 5 x 18000 |
|
= |
$900,000 |
|
Thailand Discovery |
No. of packages sold x No. of people per package x Revenue per person |
|
= |
20 x 6 x 12000 |
|
= |
$1,440,000 |
|
Malaysian Orienteering |
No. of packages sold x No. of people per package x Revenue per person |
|
= |
10 x 8 x 14000 |
|
= |
$1,120,000 |
|
Total Actual revenue of last year |
= |
900000 + 1440000 + 1120000 |
= |
$3,460,000 |
Cool Cooking Tools Ltd |
||
Schedule of cost of goods manufactured |
||
For the month ended on 28th Feb |
||
Particulars |
$ |
Amount ($) |
Direct material: |
||
Raw material inventory, 1 Jan |
– |
|
Add: Purchases of raw material |
26,000 |
|
Raw material available for use |
26,000 |
|
Less: Raw material inventory, 31 Dec |
– |
|
Raw material used |
26,000 |
|
Direct labour |
20,000 |
|
Manufacturing overhead |
30,000 |
|
Total manufacturing costs |
76,000 |
|
Add: Work in process inventory, 1 Jan |
9,000 |
|
Subtotal |
85,000 |
|
Less: Work in process inventory, 31 Dec |
4,600 |
|
Cost of goods manufactured |
|
80,400 |
Predetermined overhead rate as % of direct labour cost is 150%. |
|
Direct Labour cost |
20,000 |
Overhead applied (20000 x 150%) |
30,000 |
Overhead incurred |
32,000 |
Under application of overhead |
2,000 |
We provide professional writing services to help you score straight A’s by submitting custom written assignments that mirror your guidelines.
Get result-oriented writing and never worry about grades anymore. We follow the highest quality standards to make sure that you get perfect assignments.
Our writers have experience in dealing with papers of every educational level. You can surely rely on the expertise of our qualified professionals.
Your deadline is our threshold for success and we take it very seriously. We make sure you receive your papers before your predefined time.
Someone from our customer support team is always here to respond to your questions. So, hit us up if you have got any ambiguity or concern.
Sit back and relax while we help you out with writing your papers. We have an ultimate policy for keeping your personal and order-related details a secret.
We assure you that your document will be thoroughly checked for plagiarism and grammatical errors as we use highly authentic and licit sources.
Still reluctant about placing an order? Our 100% Moneyback Guarantee backs you up on rare occasions where you aren’t satisfied with the writing.
You don’t have to wait for an update for hours; you can track the progress of your order any time you want. We share the status after each step.
Although you can leverage our expertise for any writing task, we have a knack for creating flawless papers for the following document types.
Although you can leverage our expertise for any writing task, we have a knack for creating flawless papers for the following document types.
From brainstorming your paper's outline to perfecting its grammar, we perform every step carefully to make your paper worthy of A grade.
Hire your preferred writer anytime. Simply specify if you want your preferred expert to write your paper and we’ll make that happen.
Get an elaborate and authentic grammar check report with your work to have the grammar goodness sealed in your document.
You can purchase this feature if you want our writers to sum up your paper in the form of a concise and well-articulated summary.
You don’t have to worry about plagiarism anymore. Get a plagiarism report to certify the uniqueness of your work.
Join us for the best experience while seeking writing assistance in your college life. A good grade is all you need to boost up your academic excellence and we are all about it.
We create perfect papers according to the guidelines.
We seamlessly edit out errors from your papers.
We thoroughly read your final draft to identify errors.
Work with ultimate peace of mind because we ensure that your academic work is our responsibility and your grades are a top concern for us!
Dedication. Quality. Commitment. Punctuality
Here is what we have achieved so far. These numbers are evidence that we go the extra mile to make your college journey successful.
We have the most intuitive and minimalistic process so that you can easily place an order. Just follow a few steps to unlock success.
We understand your guidelines first before delivering any writing service. You can discuss your writing needs and we will have them evaluated by our dedicated team.
We write your papers in a standardized way. We complete your work in such a way that it turns out to be a perfect description of your guidelines.
We promise you excellent grades and academic excellence that you always longed for. Our writers stay in touch with you via email.