SOLUTION: Assume The Following Data Of Jimma Abba Jifar Waddesa Wooden Product Furniture Factory As Of January 1, 2016 As Follows: Direct Materials Inventory January1 Birr.................

Question 1200066: Assume The Following Data Of Jimma Abba Jifar Waddesa Wooden Product Furniture
Factory As Of January 1, 2016 As Follows:
Direct Materials Inventory January1 Birr................................. 300,000
Direct Materials Inventory January 31 Birr.............................. 134,000
Direct Labor For The Month Of January Birr. ............................. 666, 00
Work-In-Process Inventory Costs January 1 Br. ........................440,000
Work-In-Process Inventory January 31 Br...............................212,000
Finished Good Inventory January 1 Birr ................................. 114,000
Finished Good Inventory January 31 Birr ...............................321,000
Purchases Of January Birr................................................. 900,000
Purchase Return & Allowance 20% Of Purchase Made During January
Purchase Discount 10% Of Purchase Made During January
Freight Inwards Birr.......................................................... 44,000
Freight Outwards Birr.........................................................28,000
ADDITIONAL INFORMATION
The Following Manufacturing Overhead Costs Are Incurred:
Indirect Labor Br. ..............................................................................123,00
Depreciation On Factory Equipment Birr. ................................................. 49,000
Light And Power Birr. .........................................................................10,200
Depreciation Of Factory Building Birr. .................................................... 24,000
Insurance Expense On Factory Properties Birr............................................. 12,000
Property Tax Birr.............................................................................. 30,000
Factory Supplies Expense Birr................................................................31,600
Miscellaneous Factory Costs Birr............................................................ ..28,200
Sales...........................................................................................2,222,000
Sales Return, Allowance & Discount Five Percent Of Sale Made During January
Selling Exp .....................................................................................40,000
Admin. Exp......................................................................................50,000
Compute:
a) DMU (direct material used)
b) CGM (cost of goods manufacturing)
c) CGS (cost of goods sold)
Answer by ikleyn(52776) (Show Source): You can put this solution on YOUR website!
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Sorry, at this forum we do not teach Finance.

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