|
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 |
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 |
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