4. JYD Manufacturing Company showed the following information as of June 1, 2020; Raw materials inventory Work in process inventory Finished goods inventory P320,000 400,000 350,000 During the month of June, the following were incurred Materials purchased P170,000 200,000 Materials used Direct labor 400.000 Factory Overhead After reviewing the quantities on hand, ending inventories were: 210,000 Work in process inventory Finished goods inventory 280,000 430,000 How much was the Cost of goods sold?
4. JYD Manufacturing Company showed the following information as of June 1, 2020; Raw materials inventory Work in process inventory Finished goods inventory P320,000 400,000 350,000 During the month of June, the following were incurred Materials purchased P170,000 200,000 Materials used Direct labor 400.000 Factory Overhead After reviewing the quantities on hand, ending inventories were: 210,000 Work in process inventory Finished goods inventory 280,000 430,000 How much was the Cost of goods sold?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concept explainers
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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Transcribed Image Text:16:28
Job order costing-activity 2.docx
Factory Overhead
After reviewing the quantities on hand, ending
inventories were:
210,000
Work in process inventory
Finished goods inventory
280,000
430,000
What is the total cost of goods available for sale?
4. JYD Manufacturing Company showed the following
information as of June 1, 2020;
Raw materials inventory
Work in process inventory
Finished goods inventory
P320,000
400,000
350,000
During the month of June, the following were incurred
Materials purchased
P170,000
200,000
400.000
Materials used
Direct labor
Factory Overhead
After reviewing the quantities on hand, ending
inventories were:
Work in process inventory
Finished goods inventory
210,000
280,000
430,000
How much was the Cost of goods sold?
5. Peter Senen Company has the following cost data as of
Sept 1, 2020
Materials purchased
P170,000
200,000
400,000
210,000
50,000
Materials used
Direct labor
Factory overhead
Office rent
How much is the total manufacturing costs?
6. Peter Senen Company has the following cost data as of
Sept 1, 2020
Materials purchased
P170,000
200,000
400,000
210,000
50,000
Materials used
Direct labor
Factory overhead
Office rent
What is the total prime costs?
7. Peter Senen Company has the following cost data as of
Sept 1, 2020
Materials purchased
P170,000
3
000
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Calendar
To Do
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Transcribed Image Text:16:28
Job order costing-activity 2.docx
Activity 2-Job Order Costing
1. JYD Manufacturing Company showed the following
information as of June 1, 2020;
Raw materials inventory
Work in process inventory
Finished goods inventory
P320,000
400,000
350,000
During the month of June, the following were incurred
Materials purchased
P170,000
200,000
Materials used
Direct labor
400.000
Factory Overhead
After reviewing the quantities on hand, ending
inventories were:
Work in process inventory
Finished goods inventory
210,000
280,000
430,000
What is the raw materials inventory as of June 30, 2020?
2. .JYD Manufacturing Company showed the following
information as of June 1, 2020;
Raw materials inventory
Work in process inventory
Finished goods inventory
P320,000
400,000
350,000
During the month of June, the following were incurred
Materials purchased
P170,000
200,000
400.000
Materials used
Direct labor
Factory Overhead
After reviewing the quantities on hand, ending
inventories were:
210,000
Work in process inventory
Finished goods inventory
280,000
430,000
What is the total cost of goods manufactured during the
month?
3. JYD Manufacturing Company showed the following
information as of June 1, 2020;
Raw materials inventory
Work in process inventory
Finished goods inventory
Р20,000
400,000
350,000
During the month of June, the following were incurred
Materials purchased
P170,000
200,000
Materials used
Direct labor
400.000
3
000
Dashboard
Calendar
To Do
Notifications
Inbox
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