ABC Company pays P4 per unit for a minimum 2,000 units completed and P5 per unit in excess of 2,000 units. The guaranteed daily wages for 20 employees is P8,000. Daily production in units for the 1st week is as follows: Monday 2,300; Tuesday 2,450; Wednesday 1,900; Thursday 2,700; Friday 1,600; and Saturday 2,600. If Tolentino uses perpetual inventory system, what is the amount of direct labor cost charged to work in process account? a.P46,000 b.P48,000 c.P54,200 d.P58,250

Q: A company purchased 130 units for $30 each on January 31. It purchased 170 units for $25 each on…

A: Cost of goods sold = 130 * $30 + 40 * $25 Cost of goods sold = $3,900 + $1,000

Q: June Corp. sells one product and uses perpetual inventory system. The beginning inventort consisted…

A: FIFO, first in first out is one of method which is used for inventory valuation under this method…

Q: Burisma Corp uses a perpetual inventory system. They take a physical count of its inventory at the…

A: Perpetual inventory system helps to track inventory after each sale or purchase made hence, it is…

Q: ne product and uses a pe

A: Option D is correct 204 units  Calculation :   Units in the ending inventory = ( units in beginning…

Q: lower of cost or net realizable value (LCNRV) rule

A: As per IAS -02 inventory is valued at lower of cost of Net Realisable value  Net Realisable Value is…

Q: At beginning of July 2021, Idah & Faith (IF) Co had 25 microwave ovens in inventory costing of…

A: The objective of the question is to prepare the stores ledger card using FIFO and LIFO methods,…

Q: Oriole uses the periodic inventory system. For the current month, the beginning inventory consisted…

A: First in First Out (FIFO) suggests pricing is based on the assumption that items received first at…

Q: Bowen Industrial is a multiproduct firm. Presented below is information concerning one of its…

A: Ending inventory is the amount of inventory that an entity has on hand, at the end of the period. It…

Q: Causwell Company began 2021 with 10,000 units of inventory on hand. The cost of each unit was $5.00.…

A: The answer is as fallows

Q: Firth Company's annual report shows an average inventory balance of $45,000 and cost of goods of…

A: The ratio is the technique used by the prospective investor or an individual or strategist to read…

Q: Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a…

A: The sale was made on Jan 14, So the average cost will be calculated from the purchases of Jan 1 and…

Q: Swifty Company's inventory records show the following data: Units Unit Cost Inventory, January 1…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Q: Sunland Company sells one product and uses a perpetual inventory system. The beginning inventory…

A: LIFO is the Last in first out method of inventory which says that inventory purchased last will be…

Q: Illini Company uses the weighted average cost assumption. On January 1, there were 180 units on hand…

A: Calculate the cost of ending inventory, if Company uses the weighted average cost assumption. First,…

Q: [The following information applies to the questions displayed below.] A company reports the…

A: The inventory can be valued using various methods as FIFO, LIFO and average method. Using LIFO, the…

Q: Journalize the transactions for the month of April, assuming the company uses a: -  Periodic…

A: Perpetual Inventory System and Periodic Inventory System: There are two main systems—periodic and…

Q: YE Company ships inventory to its branch at a mark-up of 125% of cost. The required balance of the…

A: Some time , head office sent the goods to branch at price over the cost price for which the head…

Q: Calculate the cost of the inventory purchased for the purchasing company: Invoice price of goods is…

A: Lets understand the basics. For the attracting early payment from the customer, supplier provide…

Q: Pacific Company starts the year with a beginning inventory of 3,700 units at $5 per unit. The…

A: FIFO method is an inventory valuation method where inventory that was purchased first will be used…

Q: Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a…

A: Average cost method of inventory says that cost of ending inventory and cost of goods sold should be…

Q: Johnson Corporation began the year with inventory of 15,000 units of its only product. The units…

A: What are inventories? It is also known as a stock which is the unsold units of the company at the…

Q: At the beginning of the year, Blue Ltd. had 900 units with a cost of $7 per unit in its beginning…

A: The journal entries are prepared to record the transactions on regular basis. The cost of goods sold…

Q: The Xu Corporation uses a periodic inventory system. The company has a beginning inventory of 310…

A: LIFO: LIFO stands for Last-In, First-Out. In this method inventory purchased at last will be sell…

Q: Date Units Purchased Units Cost Units Issued 5/1 (BI) 10 P15 5/5 20 20 5/15 15 5/19 10 5/24 15 18…

A: Under the weighted average cost method, Cost of each unit is ( Total cost of inventory purchased +…

Q: The following information for Dorado Corporation relates to the three-month period ending September…

A: 1. Cost of goods sold (LIFO) = 400,000 units purchased at $24 each + 25,000 units from beginning…

Q: Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a…

A: FIFO: FIFO stands for First-In, First-Out.  In this method inventory purchased first will be sell…

Q: ABC Company is a retailer dealing with a single product. Beginning inventory in January 1,…

A: LIFO is the last in first out method of inventory in which inventories purchased at last will be…

Q: A new firm, ABC, purchased 20,000 units of product X at PI0 per unit on January 5. It sold 15,000…

A: Ending inventory units are calculated as difference between units available for sale and units sold.…

Q: Syarikat Layang uses the LIFO (Last-in, First-out) costing method for its perpetual inventory…

A: Under the perpetual inventory system, the inventory record is updated time to time with every…

Q: At the end of January, Higgins Data Systems had an inventory of 750 units, which cost $13 per unit…

A: Solution:Cost of goods sold refers to the cost of the units which are sold.

Q: Crane Corporation uses the perpetual inventory system and began business on April 1. During the…

A: A journal entry is a basic accounting record that is used to chronologically track financial…

Q: At the beginning of the year, Culver Ltd. had 860 units with a cost of $7 per unit in its beginning…

A: The objective of the question is to calculate the cost of goods sold (COGS) and ending inventory for…

Q: Monroe Company had a beginning inventory of 350 cans of paint at $12 each on January 1 at a cost of…

A: Total cans purchased =Cans purchased on February 15 +Cans purchased on April 30 + Cans purchased…

Q: Sell 100 units of inventory to customers on account, $12,600. [Hint: The cost of units sold from the…

A: An adjusting journal entry is made at the end of the accounting period to account for the…

Q: The inventory of Royal decking consisted of five products. Information about the December 31. 2021,…

A: LCM stands for Lower of cost or market method which is used to value the inventory through comparing…

Q: Morgenstern Ltd. has the following units and costs for the month of April. Beginning inventory,…

A: FIFO means first in first out which means that inventory which is recieved first , will be sold…

Q: 1. Calculate Topanga's cost of goods sold for the first quarter using: FIFO LIFO Average cost 2.…

A: In FIFO method, inventory which is purchased first is sold first. This mean the latest inventory…