II. Basic Cost Accounting ConceptsBCD Company makes industrial cleaning solvents. Different chemicals, detergent, and water aremixed together and then bottled in 10-gallon drums. BDC provided the following information forlast year (2020):Raw materials purchasesDirect laborDepreciation-factory equipmentDepreciation-factory buildingDepreciation-headquarters buildingFactory insuranceProperty taxes:FactoryHeadquartersUtilities for factoryUtilities for sales officeP 250,000140,00045,00030,00050,00015,00020,00018,00034,0001,800150,000156,00090,000Administrative salariesIndirect labor salariesSales office salariesBeginning balance, Raw materialsBeginning balance, Work-in-processBeginning balance, Finished goodsEnding balance, Raw materialsEnding balance, Work-in-processEnding balance, Finished goods124,000124,00084,000102,000130,00082,000Last year, BCD completed 100,000 units. Sales revenue equaled P 1,200,000, and BCD paid asales commission of 5% of sales.Required:1. Calculate the direct materials used in production for last year.2. Calculate total prime cost.3. Calcukate total conversion cost.4. Prepare a cost of goods manufactured statement for last year. Calculate the unitproduct cost.5. Prepare an income statement for last year.

Name: II. Basic Cost Accounting ConceptsBCD Company makes industrial cleani
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Description: II. Basic Cost Accounting ConceptsBCD Company makes industrial cleaning solvents. Different chemicals, detergent, and water aremixed together and then bottled in 10-gallon drums. BDC provided the following information forlast year (2020):Raw materia

The cost of the hourly wage for production workers is defined as DIRECT Labor. Prime Cost = Direct…

Answered: 1. Calculate the direct materials used…

Business

Accounting

1. Calculate the direct materials used in production for last year. 2. Calculate total prime cost. 3. Calcukate total conversion cost.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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