24. Fundador Inc. manufactures X product from a process that yields a by-product called Z. The by-product requires additional processing cost of P30,000. The by- product will require selling and administrative expenses totaling P20,000. It is Fundador's accounting policy to charge the joint costs to the main product only. Information concerning a batch produced during the year ended December 31, 2020 follows: Product Units Produced Market Value at Split off Units Sold 100,000 P50 60,000 8,000 10 8,000 The Joint costs incurred up to split-off point are: Direct materials P2,000,000

24. Fundador Inc. manufactures X product from a process that yields a by-product called Z. The by-product requires additional processing cost of P30,000. The by- product will require selling and administrative expenses totaling P20,000. It is Fundador's accounting policy to charge the joint costs to the main product only. Information concerning a batch produced during the year ended December 31, 2020 follows: Product Units Produced Market Value at Split off Units Sold 100,000 P50 60,000 8,000 10 8,000 The Joint costs incurred up to split-off point are: Direct materials P2,000,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

ff1
Q36 Goods of the Invoice value R240 000 sent out to consignee at 20% profit on cost. If all goods were sold, what would be the gross amount? Select one: a. R48 000 b. R50 000 c. R40 000 d. R33 333
Analyze the influence of factors on the level of return on sales (ROS). Choose the proper method of factor analysis. Year 200A Year 200B Sales, $'000 56000 58421 Cost of goods sold, $'000 48000 50024
aiount. Sales 2019 2020 750000 Less cost of sales 900000 Gross profit Expenses Net profit 7?? 7?? 250000 275000 210000 170000 40000 7?? (6) 2.1 Calculate the cost of sales for 2019 and 2020 2.2 Calculate the net profit for 2020 2.3 What effect does expenses have on the profit of a business 2.4 Calculate the gross profit percentage for 2019 and 2020 2.5 Calculate net profit percentage for 2019 and 2020 (6) 3. The selling price of a product is affected by the cost of the material, the quantity or Products sold, the percentage mark-up and the monthly fixed costs, Sane, the owner of a new business, finds that the selling price for her jewellery range is too high. How can she reduce the price of her jewellery? Explain by using examples of FIVE (5) different factors that influence the selling
T2.
of current year, an equipment was leased to another entity France Company is a dealer in equipment. At the beginning Problem 14-15 (IAA) with the following provisions: Annual rental payable at the end of each year Lease term and useful life of machinery Cost of equipment Residual value-unguaranteed Implicit interest rate PV of an ordinary annuity of 1 at 12% for 5 periods PV of 1 at 12% for 5 periods 1,500,000 5 year 4,000,000 500,000 12% 3.60 0.57 At the end of the lease term the equipment will revert to the lessor. The entity incurred initial direct cost of P200,000 in finalizing the lease agreement.
4. On January 01, 2012, PC Options sold equipment to PC Madness and simultaneously leased it back. Pertinent information at this date are presented below. In the initial entry upon leaseback, how much is the gain to be recognized by the buyer- lessor? * Sales price P 9,000,000 Fair value 8,000,000 Carrying amount 7,200,000 Annual rental payable at the end of each year 600,000 Remaining life 20 Lease term 4 Interest rate on the lease contract 12% Borrowing rate of PC Options 11% Borrowing rate of PC Madness 10.50% a. P800,000 b. P720,000 c. P400,000 d. P717,780
where did the fixed sellind and admin $110,000 come from
Q31 Each and every individual item in this method is recorded in balance sheet in ________ method taking in to consideration the ________ index according to the cost of replacing all the assets and liabilities rather than original cost. a. Historical cost ; General price index b. Current purchasing; General price index c. Replacement cost ; Specific price index d. Replacement cost ; General price index
Cafés Richard Bangladesh 2020 Income Statement Net sales Cost of goods sold Depreciation Earnings before interest and taxes Less: Interest paid Taxable Income Tk. 5,680,000 (4,060,000) (420,000) 1,200,000 (30,000) 1,170,000 (410,000) Tk. 760,000 Less: Taxes Net income Dividends 500,000 2019 70,000 980,000 Cafés Richard Bangladesh Comparative Balance Sheets 2020 180,000 840,000 2019 1,350,000 1,170,000 720,000 3,200,000 3,500,000 940,000 1.200.000 2020 Cash Accounts payable Long-term debt Accounts rec. 500,000 Common stock Inventory Total Current Assets 1,560,000 1,990,000 2,610,000 3,010,000 3.600,000 3.360,000 6,210,000 6,370,000 Total liabilities & equity 6,210.000 6.370,000 Retained earnings Net fixed assets Total assets Required a. Calculate cash flow from assets for 2020;
Question No: 03 This is a subjective question, hence you have to write your answer in the Text-Field given below. 1-2023/0 679 Statement of Income and Expenditure for the year ended March 31, 2022 6952 2023 The Statement of Income and Expenditure of Tribhuvan Spintex Ltd. For the year ended March 31, 2022, is as follows 23/ 9116-82521-202 Sales Dividend Income Interest Income. Gain on disposal of plant Total Income Cost of goods sold Depreciation expense Finance Cost Selling and administration expense Loss on sale of investment Total expense Denfit hafa my Options Calculator 193400 1200 1000 3200 198800 116600 23000 3600 5400 1200 149800 Ann View Instructor [Ma 79116-82521-2023/ 023/05/21-202-679 579116-82521-202 2521-20
Net sales CGS Operating expenses Determine the Gross profit and net profit 336500 132200 109000