6. Y Corporation is a manufacturing company engaged in the production of asingle special product known as "Marvel". Production costs are accumulatedwith the use of a job-order-cost system.ausdrThe following information is available as of June 1, 20x1Work in ProcessDirect materials inventory.In analyzing the job-order cost sheets, the records disclosed that thecomposition of the work-in-process inventory on June 1, 2011 were asfollows:Direc materials used.Direct labor (900 hours)..........Factory overhead applied.*Cymuide!The following manufacturing activity occurred during the month of June 20x1:Pune For bPurchased direct materials costing P60,000Direct labor worked 9,900 hours at P5 per hourFactory overhead of P2.50 per direct labor hour was applied to production.P 10,71048,600At the end of June 20x1, the following information was gathered inconnection with the inventories:Inventory of work in process:Direct materials used.Direct labor (1,500hours).Factory overhead applied.000001Inventory of direct materials.Compute the cost of goods manufactured.a. P142,560c. P131,850P 3,9604,5002,250P10.710.....b. P118,350d. P108,600P12,9607,5003.750P24,210P51,000(PhilCPA)

Direct materials used = Beginning direct materials inventory + Purchases - Ending direct materials…

6. Y Corporation is a manufacturing company engaged in the production of a single special product known as "Marvel". Production costs are accumulated with the use of a job-order-cost system. The following information is available as of June 1, 20x1 Work in Process. Direct materials inventory. In analyzing the job-order cost sheets, the records disclosed that the composition of the work-in-process inventory on June 1, 2011 were as follows: Direc materials used... Direct labor (900 hours). Factory overhead applied. P 10,710 48,600 Inventory of work in process: 0 notanol Direct materials used. Direct labor (1,500hours). Factory overhead applied. The following manufacturing activity occurred during the month of June 20x1: Purchased direct materials costing P60,000 Direct labor worked 9,900 hours at P5 per hour Factory overhead of P2.50 per direct labor hour was applied to production. Inventory of direct materials. Compute the cost of goods manufactured. it At the end of June 20x1, the following information was gathered in connection with the inventories: a. P142,560 P 3,960 4,500 2,250 P10,710 b. P118,350 d. P108,600 P12,960 7,500 3.750 P24,210 P51,000 LIGRAY

6. Y Corporation is a manufacturing company engaged in the production of a single special product known as "Marvel". Production costs are accumulated with the use of a job-order-cost system. The following information is available as of June 1, 20x1 Work in Process. Direct materials inventory. In analyzing the job-order cost sheets, the records disclosed that the composition of the work-in-process inventory on June 1, 2011 were as follows: Direc materials used... Direct labor (900 hours). Factory overhead applied. P 10,710 48,600 Inventory of work in process: 0 notanol Direct materials used. Direct labor (1,500hours). Factory overhead applied. The following manufacturing activity occurred during the month of June 20x1: Purchased direct materials costing P60,000 Direct labor worked 9,900 hours at P5 per hour Factory overhead of P2.50 per direct labor hour was applied to production. Inventory of direct materials. Compute the cost of goods manufactured. it At the end of June 20x1, the following information was gathered in connection with the inventories: a. P142,560 P 3,960 4,500 2,250 P10,710 b. P118,350 d. P108,600 P12,960 7,500 3.750 P24,210 P51,000 LIGRAY

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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PSMO Company currently uses normal costing method in accumulating the cost of production. The following data were provided for the current year Raw Materials: Inventory, Jan. 1 Issuance to production Purchases on account Factory Labor: Total Factory payroll Factory overhead: Plant depreciation Utilities Repair and Maintenance Indirect Materials Indirect Labor Other overhead costs Work in process: Jan. 1 Dec. 31 How much is the cost of goods manufactured? P 6,940,000 P 3,370,000 P 7,010,000 P 186,000 P600,000 3,600,000 4,350,000 2,700,000 200,000 145,000 145,000 230,000 600,000 105,000 720,000 650,000
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The company uses a perpetual inventory system and has a highly labour-intensive production process, so it assigns manufacturing overhead based on direct labour cost. The predetermined overhead rate was computed from the following data: Total estimated factory overhead $2,400,000 Total estimated direct labour cost $2,000,000 The WIP account given below relates to the activities for the month of June: WIP Inventory A/C June 1 Balance b/f $15,000 Direct Materials Used 123,000 Additional data: ▪ Total material requisitioned ………………………………… $153,000 ▪ Manufacturing Labour Costs incurred …………………. $163,500 (75% represents direct labour) ▪ Other manufacturing overheads incurred …………... $94,275 ▪ Two jobs were completed with total costs of $183,000 and $105,000 respectively. They were sold on account at a margin of 33 1/3% on sales.
Telstar uses job order costing. The T-accounts below summarize its production activity for the year. Raw Materials Inventory Debit Factory Wages Payable Debit Credit Credit 46,900 Work in Process Inventory Debit Credit 26,150 9,900 26,150 87,650 104,584 Required 1 172,220 1. Compute the amount for each of the following. a. Direct materials used b. Indirect materials used c. Direct labor used d. Indirect labor used e. Cost of goods manufactured f. Cost of goods sold (before closing over- or underapplied overhead) 2. Compute the amount that overhead is overapplied or underapplied. Required 2 127,900 Complete this question by entering your answers in the tabs below. Finished Goods Inventory Credit Debit 172,220 155,190 Required 1 Required 2 87,650 42, 150 Compute the amount for each of the following. a. Direct materials used b. Indirect materials used c. Direct labor used d. Indirect labor used e. Cost of goods manufactured f. Cost of goods sold (before closing over- or underapplied…
Mc Graw Prepare the schedule of cost of goods manufactured for Barton Company using the following information for the year ended December 31. Direct materials used Direct labor Factory overhead Work in process inventory, beginning Work in process inventory, ending $ 190,000 64,500 24,400 158, 200 148,000 Barton Company Schedule of Cost of Goods Manufactured For Year Ended December 31 Add: Work in process inventory, beginning Add: Work in process inventory, ending Less: Work in process inventory, beginning Less: Work in process inventory, ending TOL DUST UT WUK BT DIGUDDO 8:01 PM 9/20/2022
The following cost data relate to the manufacturing activities of Chang Company during the just completed year: Manufacturing overhead costs incurred: Indirect materials Indirect labor Property taxes, factory Utilities, factory Depreciation, factory Insurance, factory Total actual manufacturing overhead costs incurred Other costs incurred: Purchases of raw materials (both direct and indirect) Direct labor cost Inventories: Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending Required: 1. Compute the amount of underapplied or overapplied overhead cost for the year. 2. Prepare a schedule of cost of goods manufactured for the year. Complete this question by entering your answers in the tabs below. The company uses a predetermined overhead rate of $24 per machine-hour to apply overhead cost to jobs. A total of 21,200 machine- hours were used during the year. Required 1 Required 2 Compute the amount of underapplied or overapplied overhead cost…
The following information is available for ADT Company, which produces special-order security products and uses a job order costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost. Inventories Raw materials -Work in process Finished goods Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) Indirect materials used Indirect labor used Other overhead costs 1. Raw materials purchases for cash. 2. Direct materials used. 3. Indirect materials used. View transaction list Beginning of period $ 40,000 9,400 56,000 Journal entry worksheet A Prepare journal entries for the above transactions for the period. B C Transaction 1 Note: Enter debits before credits. End of Period $ 50,000 20,600 34,000 $ 183,000 150,000 11,000 34,500 91,000 Record the raw material purchases for cash. General Journal Debit Credit
am. 108.
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3. Asters Co. uses a job order cost system. The following data summarizes the operations related to production for March. Journalize the entries to record the summarized operations. a. Materials purchased on account for $660,000 b. Materials requisitioned, $577,500 of which $73,500 was for general factory use c. Factory labor used, $681,500, of which $95,000 was indirect labor d. Other costs incurred on account were for factory, $154,320; selling expenses, $244,440; and administrative expenses, $152,250 e. Prepaid expenses expired for factory overhead were $30,450; for selling expenses, $25,830; and for administrative expenses, $18,690 f. Depreciation of office building was $88,200; of office equipment, $45,150; and of factory equipment, $30,450 g. Factory overhead costs applied to jobs, $375,500 h. Jobs completed, $871,800 i. Cost of goods sold, $860,000. Selling price of $925,000.