Cost Accounting

COST ACCOUNTING

Organisation = King T-shirt

Ownert = student name

Here is some information about the month of October 2020

Machinery opening balance = 150,000$

Accumulated depreciation machinery opening balance = 49,000$

Depreciation = 48,000$

RM opening balance = 5,000$

Floor supervisor and Director = paid a total of 30,000$ for their October salaries

Wip monthend physical count = 14,000$

Electricity payment = 25,000$

Purchase on credit 75,000 meter of fabric at 2.50$/meter

RM monthend physical count = 2,000$

Employees worked 3,500 hours at 17.28$/hr. All paid.

Insurance payment = 8,000$

Wip opening balance = 19,000$

Sales cash = 900,000$

FG monthend physical count = 80,000$

Rent payment = 35,000$

FG opening balance = 50,000$

Capital opening balance = 175,000 (credit)

➢ Prepare the following:

1 Journal entries,

2 T accounts,

3 Trial balance,

5 Cost of Goods Manufactured statement,

6 Income statement,

7 Statement of change of equity,

8 Balance sheet