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.
According to the information given in the table below, which of the following is Cost of Production? Raw materials consumed 184000 Wages 56000 Factory overhead 37 % of prime cost Interest expense 9500 Taxes 3300 Select one: a. 339300 b. 341500 c. 336000 d. 328800
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Problem 1 Purchase price of raw materials P100,000 Rebates on raw material purchases Import taxes Local taxes paid in relation to the purchase 1,500 Freight-in 12% VAT on the purchase price Interest expense related to the purchase 3,200 Utilities used on factories to 0, Wages of factory personnel Salaries of accountants 000 Depreciation of factory equipment Depreciation of the head office 00 00 2,800 Normal losses during production Abnormal losses during production General and administrative expenses Storage costs of work-in-process inventories Storage costs of finished goods inventories 00 00 Shipping costs on sale of finished goods How much is the total cost of inventories?
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…
XYZ Ltd. has the following costs for 1,000 units: Total Cost Direct materials E 1.500 Direct labour 7,500 Depreciation on building 30,000 What is the total amount of direct materials for 100 units? a. £1.50 b. £225.00 c. £3.00 d. £150.00 Cost per Unit € 1.50 7.50 30.00
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Bilbo Limited incurs the following costs and revenues in manufacturing and selling 8,000 units of its product X: Direct materials. E12 000 Direct labour. £16 000 E1000 Depreciation of machinery.. Sales. 856 000 What is the contribution per unt of product? a. £7.00 b.E0.80 c. £2.50 d.£3.50
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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:
10-21 Estimating a cost function using the Account Analysis Approach. Khan Sunil Enterprises, a software engineering firm, uses the account analysis approach to identify the cost behavior of production costs for its premium software. The following details relate to the company's activities for June 2019 in which it produced 350 units. Total Variable Fixed Materials used in production 270,000 Labor costs Production facility costs Total production cost R 10,000 2 4,000 2270,000 2134,000 R130,000 3 3,000 3 17,000 2103,000 100,000 2507,000 3500,000 Required 1. Describe the production cost in the equation form y = a + bx 2. Assume the company intends to produce 400 units next month, calculate the total production costs for the month. 3. Comment on the usefulness of the estimation to management of the company.

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