ABC Company's accounting records for 2019 indicated the followingcosts had been incurred:Direct materials purchased$1,24,000Depreciation, factory equipment30,000Direct labor97,000Utilities18,000Sales commissions65,000Indirect materials25,000Depreciation, office equipment17,000Production supervisor's salary76,000Advertising61,00060% of the utilities relate to the factory while 40% of the utilities relateto the general office building.Calculate the total period costs incurred during 2019.

To calculate the total period costs, we first need to differentiate between product costs and period…

Answered: ABC Company's accounting records for…

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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Survivor Company incurred the following cost for the year-ended December 31, 2021: Depreciation of delivery equipment Depreciation of administrative equipment Depreciation of production equipment Direct materials Direct labor Indirect labor Utilities, admin department Utilities, sales department Rent, finished goods warehouse Rent, raw materials warehouse Determine the total period cost. P24.426 P49,343 P13,994 P10,555 P39,043 P38,237 P56,799 P57,027 P22,200 P20,483
The following information is available for the QRS Corporation for 2019: Inventories January 1 December 31 Materials $351,000 $436,800 Work in process 631,800 592,800 Finished goods 608,400 576,000 Advertising expense $ 296,400 Depreciation expense-office equipment 42,120 Depreciation expense-factory equipment 56,160 Direct labor 670,800 Heat, Light and Power-Factory…
The following transactions were taken from the books of Masayun La Eni Corporation during the month of June 2020: a.Purchased raw materials on account, P200,000 and factory supplies, P70,000. b. Issued raw materials to production, P400,000. c. Paid direct factory labor, P950,000. d. Paid indirect factory labor, P160,000. e. Consumed factory supplies in production, P80,000. f. Paid production supervisor’s salary, P60,000. g. Received factory utility bills for the month, P122,460. h. Depreciation of production assets for the month, P64,000. i. Units finished were 10,000 units in the amount of P1,600,000. j. Sales for the month, P3,600,000. Goods related to sales cost P1,800,000. Required: 1. Establish T-accounts for the following manufacturing accounts and post corresponding beginning balances. Manufacturing Accounts Beginning Balances Raw Materials Inventory - P205,000 Work-in-Process Inventory - P630,000 Finished Goods Inventory - P360,000 Indirect Materials Inventory -…
Octie Company reports the following costs and expenses in January 2020. Required: From the information given, determine the total amount of Manufacturing overhead Product costs Period costs Advertising P 15,000 Factory utilities P 10,800 Depreciation-Factory Equipment 14,500 Indirect labor 55,200 Depreciation-Delivery Truck 10,800 Office supplies used 11,100 Direct labor 82,100 Property taxes-Factory 5,500 Direct materials used 135,600 Repairs-Office Equipment 4,200 Factory manager’s salary 25,000 Sales commissions 32,000 Factory repairs 13,500 Sales salaries 73,400
Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $53,800. 2. Raw Materials of $36,500 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,500 was classified as indirect materials. 3. Factory labor costs incurred were $61,900, of which $50,000 pertained to factory wages payable and $11,900 pertained to employer payroll taxes payable. 4. Time tickets indicated that $54,900 was direct labor and $7,000 was indirect labor. 5. Manufacturing overhead costs incurred on account were $82,300. 6. Depreciation on the company’s office building was $9,000. 7. Manufacturing overhead was applied at the rate of 160% of direct labor cost. 8. Goods costing $96,600 were completed and transferred to finished goods. 9. Finished goods costing $79,400 to manufacture were sold on account for $106,800. Journalize the transactions. (Credit account titles are automatically…
Claire Corporation’s trial balance includes the following expenses: Raw materials used in production$5,500Raw materials purchased6,500General manager salary50,000Sales manager salary30,000Direct labor incurred130,000General liability insurance premium3,000Factory rent24,000Office lease18,000Factory utilities12,000Depreciation on factory equipment14,000 Assuming that this list represents all expenses for the year, what amount should Claire report as a period (non-product) expense? Select one: a. $74,000 b. $107,500 c. $83,000 d. $101,000
Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $ 46,300. 2. Raw Materials of $ 36,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $ 6,800 was classified as indirect materials. 3. Factory labor costs incurred were $ 59,900, of which $ 51,000 pertained to factory wages payable and $ 8,900 pertained to employer payroll taxes payable. 4. Time tickets indicated that $ 54,000 was direct labor and $ 5,900 was indirect labor. 5. Manufacturing overhead costs incurred on account were $ 80,500. 6. Depreciation on the company’s office building was $ 8,100. 7. Manufacturing overhead was applied at the rate of 150% of direct labor cost. 8. Goods costing $ 88,000 were completed and transferred to finished goods. 9. Finished goods costing $ 75,000 to manufacture were sold on account for $ 103,000. Journalize the transactions. (Credit account…
Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $55,000. 2. Raw Materials of $36,400 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,100 was classified as indirect materials. 3. Factory labor costs incurred were $61,000, of which $51,600 pertained to factory wages payable and $9,400 pertained to employer payroll taxes payable. 4. Time tickets indicated that $54,300 was direct labor and $6,700 was indirect labor. 5. Manufacturing overhead costs incurred on account were $82,100. 6. Depreciation on the company’s office building was $8,400. 7. Manufacturing overhead was applied at the rate of 160% of direct labor cost. 8. Goods costing $90,200 were completed and transferred to finished goods. 9. Finished goods costing $85,000 to manufacture were sold on account for $108,200. Journalize the transactions. (Credit account titles are automatically…
Tamarisk Corporation incurred the following costs during 2022. Direct materials used in product Depreciation on factory Property taxes on store Labor costs of assembly-line workers Factory supplies used (a) * Your answer is incorrect. Compute cost of goods manufactured. $115,200 Cost of goods manufactured 57,600 7,200 105,600 22,400 Advertising expense Property taxes on factory Delivery expense Sales commissions Salaries paid to sales clerks Work in process inventory was $11,600 at January 1 and $14,800 at December 31. Finished goods inventory was $57,600 at January 1 and $43,700 at December 31. $43,200 314400 13,600 20,000 33,600 48,000
If the company records revenue at a point in time, how much must be shown as current asset in the balance sheet of MOC Construction Company as of December 31? A. 5,100,000 C. 250,000B. 500,000 D. 100,000
provide the income statement
During the current accounting period, a manufacturing company purchased P70,000 of raw materials, of which P50,000 of direct materials and P5,000 of indirect materials were used in production. The company also incurred P45,000 of total labor cost and P20,000 of other factory overhead cost. An analysis of the work-in-process control account revealed P40,000 of direct labor cost. Based upon the above information, what is the total amount accumulated in the factory overhead control account? a. P25,000 c. P45,000 b. P30,000 d. P50,000

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