22. Peter Company provided the following data for theyear ended December 31, 2020:Raw materials purchasesTotal manufacturing costsDecrease in raw materials inventoryDecrease in work in process inventoryIncreased in finished finished goodsinventory45,000Gross margin ratioFactory overhead is applied at 60% of direct labor. Howmuch is the factory overhead cost incurred?P 80,000220,0004,00020,00040%

Manufacturing cost means the cost which is incurred in factory or related with production of goods…

Answered: 22. Peter Company provided the…

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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4.The following were taken from accounting records of Bella Company in December 2020.Prime cost, P301,000Gross profit rate on sales, 20%Cost of goods available for sale, P460,000Direct materials purchased, P170,000Work in process, December 1, 2020, P34,000Direct Materials, December 1, 2020, P16,000Finished goods, December 1, 2020, P30,000Factory overhead, 40% of conversion cost.Sales, P500,000Direct labor, P180,000Compute for December 31, 2020: (1) Direct materials inventory; (2) Work in process inventory; (3) Finished goodsinventory: A.(1) P6,000 ; (2) P25,400 ; (3) P30,000B. (1) P49,000 ; (2) P25,000 ; (3) P30,000C. (1) P65,000 ; (2) P25,400 ; (3) P60,000D. (1) P65,000 ; (2) P25,000 ; (3) P60,000
Accenture Chemicals has the following data relating to its factory in the year ended 31 December 2020: Direct material costs OMR 500 Direct labor cost OMR 250 The total indirect expenses for the factory are OMR 30,000. There were 5,000 labor hours worked and 25,000 machine hours consumed in the factory in the year 2020. Compute the overhead rate based on direct labor hour. None of these b. OMR 6.000 / hour COMR 1.000 / hour d. OMR 6.150 / hour
The following data were taken from the records of Westbrooks Company: INVENTORIES Aug. 31, 2020 Sept. 30, 2020 Raw Materials ₱00? ₱50,000 Work-in-Process ₱80,000 ₱95,000 Finished Goods ₱60,000 ₱78,000 Additional Information: Raw materials purchased ₱46,000 Factory overhead, 75% of direct labor cost ₱63,000 Selling and administrative expenses, 12.5% of sales ₱25,000 Net Income for September 2020 ₱25,000 What is the total manufacturing cost.. Show solution Group of answer choices ₱183,000 ₱200,000 ₱150,000 ₱168,000
7
During January 2021, XYZ Corp. produced 100,000 units of Product A with costs as follows: Materials P 6,000,000 Labor 3,300,000 Variable factory overhead 2,500,000 Fixed factory overhead 1,500,000 Total manufacturing costs 13,300,000 Selling and administrative costs incurred during the month were: Variable selling and administrative 3,000,000 Fixed selling and administrative 2,000,000 5,000,000 Selling price P200 per unit XYZ Corp. uses the JIT system. It does not keep inventories in stock. What amount should be considered product cost per unit under variable costing? Group of answer choices P 118 P 133 P 148 P 183
Accenture Chemicals has the following data relating to its factory in the year ended 31 December 2020: · Direct material costs OMR 500 · Direct labour cost OMR 250 The total indirect expenses for the factory are OMR 30,000. There were 5,000 labour hours worked and 25,000 machine hours consumed in the factory in the year 2020. Compute the overhead rate based on direct labour hour. a. OMR 6.000/hour b. OMR 6.150/hour c. None of these d. OMR 1.000/hour Clear my choice
1. For The period just ended, the gross margin of Robin Company was P 3,840,000, the cost of goods manufactured was P 13,6000,000; the work in process inventory increased by P400,000 and finished goods ending inventories increased by P400,000 during the year, but the materials inventories decreased by P 120,000. Assuming that factory overhead is applied to production at 150% of direct labor cost but only 45% of material cost, how much is the total factory overhead applied to production? 2. A machine shop manufactures a stainless-steel part that is used in an assembled product. Materials charged to a particular job amounted to P6,000. At the point of final inspection, it was discovered that the material used was inferior to the specifications required by the engineering department; therefore, all units had to be scrapped. The revenue received for scrap is to be treated as a reduction in manufacturing cost but cannot be identified with a specific job. A firm price is not determinable for…
Prepare the Income statement of Cambridge Manufacturers for the year ended 31 March 2021 using the absorption costing method, INFORMATION The following information was extracted from the accounting records of Cambridge Manufacturers for the year ended 31 March 2021: Inventory on 01 April 2020 1 000 units Production for the year 30 000 units Sales for the year (at R240 per unit) 25 000 units Costs: Direct materials cost per unit R60 Direct labour cost per unit R36 Variable manufacturing overheads cost per unit R24 Variable selling and administrative costs per unit sold R12 Fixed manufacturing overhead cost R696 000 Fixed selling and administrative cost R303 200 Additional information The total manufacturing costs per unit for the year ended 31 March 2020 amounted to R130, comprising R110 for variable manufacturing costs and R20 for fixed manufacturing costs. The total selling and administrative costs per unit for the same period amounted to R10, The firs-in-first out method of inventory…
ABS Co. has these data related to production of 30,000 units during March 2021: 3/1/21 3/1/21 Direct materials (DM) P36,000 30,000 Work in process 18,000 12,000 Finished goods 54,000 72,000 Additional information for the March 2021 are as follows:DM purchased P84,000Factory overhead per DLhour P10.00Freight-out 2,000Selling expenses 15,000Direct Labor (DL) payroll 60,000Administrative expenses 17,000DL rate per hour 7.50 For the month of March 2021, PRIME cost was:A. P90,000B. P120,000C. P144,000D. P150,000
20. Modern Manufacturing shows cost of goods sold for the month of March was 180,000. The finished goods inventory was 30,000 on March 1 and 35,000 on March 31. Beginning and ending inventory work in process inventories were 40,000 and 50,000 respectively. What was the cost of goods manufactured during March? A. 180,000 B. 195,000 C. 175,000 D. 185,000
35- ABC production company calculates production costs according to the phase cost system. The information of the business for the period of June 2021 is as follows: According to the information given above, what is the share of general production expenses in the cost of end-of-period semi-finished products? a) 96,000 TL B) 1.870.000 TL NS) 360.000 TL D) 192.000 TL TO) 648,000 TL
Malone Company has the following balances for the current month: Indirect materials used $1320 Direct labor 5469 Sales salaries 11588 Indirect labor 1508 Production manager's salary 10170 Marketing costs 4286 Factory rent Direct materials used What are the total period costs? 11814 2021

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