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Csec Principles of Accounts

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Csec: May 2013, Question #4

4/4/2018

3 Comments

 
No. 4(a): Calculation of missing figures and preparation of the Statement of Raw Materials Consumed:
Calculation of missing figures:
  1. Raw materials inventory at 1st January, 2012 = 300 metres x $19 = $5,700.
  2. Raw materials inventory at 31st December, 2012 = 340 metres x $24 = $8,160.
  3. Purchases of raw materials = (4,500 metres x $19)+(2,150 metres x $24) = $85,500+$51,600 = $137,100.
  4. Return outwards of raw materials = (100 metres x $24) = $2,400.
Below is the Statement of Raw Materials Consumed:
Picture
No. 4(b): Calculation of missing figures and preparation of Cost of Direct Labor Statement:
Calculation of missing figures:
  1. Cutters’ wages = 4,500 dresses x $15 = $67,500
  2. Stitchers’ wages = 4,120 dresses x $12 = $49,440
  3. Pressers’ wages = 4,000 dresses x $5 = $20,000
Below is the Cost of Direct Labor Statement:
Picture
No. 4(c): Preparation of the Manufacturing Account of Fashion Forward for the year ended 31st December, 2012:
Picture
I hope that you found this proposed solution helpful! If you did please share it! Also, feel free to ask any questions or to make your comments below. Good Luck!
3 Comments
Destiny Wallace
4/4/2019 06:02:46 pm

Why isn't carriage on raw material included in Statement of raw materials consumed?

Reply
Accounting Lyceum
4/6/2019 06:29:43 am

Hi Destiny,

Thanks so much for taking the time to leave a comment!
Carriage inwards was omitted in error. The solution has now been updated to include this expense. Thanks for the observation and good luck!

Reply
Cydney Denny
6/19/2021 10:15:55 pm

could you share the solutions for may/june 2011 #1-3

Reply



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    The author holds a Bsc (Hons) Degree in Applied Accounting from Oxford Brookes University, England and enjoys a successful career as an Accounting Supervisor and a private tutor.

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