Question 59Redillas Corporation's 2021 manufacturing costs were as follows:Prime costsP 430,000Depreciation of factory equipmentDepreciation of factory building000'00IJanitor's wages for cleaning factory area i000'Salesmen's commission based on salesDepreciation for delivery vanHow much of these costs should be inventoried for external reporting purposes?O P 612,000O P 500,000O P 647,000O P 512,000Question 6OMacBook Pro

The product cost including direct and indirect cost should be treated as inventoried cost.

Answered: Question 59 Redillas Corporation's 2021…

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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Problems Problem 1 The following information pertains to Mimi's Mini Treats Manufacturing Company: January 1, 20x7 December 31, 20x7 $13,000 41,000 175,000 Inventories Raw Materials Work in Process Finished Goods Other information pertaining to 20x7 Raw materials used Indirect materials used Factory wages and salaries Utilities Depreciation $59,000 6,000 120,000 16,000 26,000 $10,000 28,000 104,000 • The sales price is determined by adding a 40% mark-up to the cost of inventory. • For the expenses above, 80% of the wages relate to hands-on labour in the factory, and half (50%) of the utilities and depreciation relate to the factory. Required - a) How much raw material was purchased during 20x7? b) Prepare a schedule of cost of goods manufactured for 20x7, using actual manufacturing overhead. c) What amount of gross profit would show on Mimi's income statement for 20x7? Please show your work.
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Cost & Management Accounting AC336 Question 3 (13 Marks) Krypton Inc. manufactures two products, Vintex and Bromal. The company estimated it would incur $160,690 in manufacturing overhead costs during the current period. Overhead currently is applied to the products on the basis of direct labour hours. Data concerning the current period's operations appear below: Estimated Volume Direct labour hours per unit Direct labour cost per unit Direct material cost per unit Activity cost pool Material acquisition costs Machine costs General factory costs Required: Activity cost pool Material acquisition costs Machine costs General factory costs Vintex 4,700 units 2.1 hours Estimated overhead costs $33.60 $4.80 The company is considering using an activity-based costing system to compute unit product costs instead of its traditional single plant-wide system based on direct labour hours. The activity- based costing system would use three activity cost pools and drivers: Driver Purchase orders…
Question 3 Ashale Botwe Ltd has the following cost and expense data for the year ending December 31, 2022. Direct materials (GHC) Work in process (GH¢) Finished goods (GH¢) Insurance factory Property taxes on factory building Materials purchases Sales Indirect materials Delivery expenses Sales commissions Indirect labour 1/1/22 Factory machinery rent Factory utilities Direct labour 30,000 80,000 110,000 Other items of revenue and cost during the year are as follows: (GHC) 31/12/22 20,000 50,000 120,000 Direct materials used b) Total manufacturing cost c) Statement of cost of goods manufactured d) Prime cost e) Conversion cost f) Cost of goods available for sale g) Cost of goods sold h) Gross profit i) Period cost j) Net income 14,000 6,000 205,000 1,500,000 15,000 100,000 150,000 90,000 40,000 ARI 65,000 350,000 24,000 35,000 300,000 Depreciation, factory building Factory manager's salary Administrative expenses For the year 2022, you are required to compute the following:
PROBLEM 4 Marquess Corporation has provided the following partial listing of costs incurred during May: Marketing salaries. $39,000 $8,000 Property taxes, factory Administrative travel. $102,000 $73,000 $31,000 $197,000 $145,000 $39,000 $78,000 Sales commissions Indirect labor. Direct materials. Advertising. Depreciation of production equipment....... Direct labor.... Required: a. What is the total amount of product cost listed above? Show your work. b. What is the total amount of period cost listed above? Show your work.

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