Data about Kiko Company’s production and inventories for the month of June are as follows: Purchases - direct materials ₱143,440 Freight-in ₱5,000 Purchase returns and allowances ₱2,440 Direct labor ₱175,000 Actual factory overhead ₱120,000 Inventories: June 1 June 30 Finished goods ₱68,000 ₱56,000 Work-in-process ₱110,000 ₱135,000 Direct materials ₱52,000 ₱44,000 Kiko Company applies factory overhead to production at 80% of direct labor cost. Over or underapplied overhead is closed to cost of goods sold at year-end. The company’s accounting period is on the calendar year basis. Kiko Company’s prime cost for June was ₱154,000 ₱329,000 ₱198,000 ₱315,000 20.) Kiko Company’s conversion cost for June was ₱315,000 ₱295,000 ₱329,000 ₱444,000 21.) For the month of June, Kiko Company’s total manufacturing cost was ₱469,000 ₱444,000 ₱644,000 ₱449,000 22.) For June, Kiko Company’s cost of goods transferred to the finished goods inventory account was ₱579,000 ₱461,000 ₱469,000 ₱444,000 23.) Kiko Company’s cost of goods sold for June was ₱441,000 ₱481,000 ₱456,000 ₱444,000 24.) The amount of over/under-applied overhead factory for the month of June was ₱140,000 overapplied. ₱120,000 underapplied. ₱20,000 overapplied. ₱20,000 underapplied. 25.) The cost of goods sold for the month of June should be increased (decreased) by the amount of over/under-applied factory overhead of ₱20,000 (₱20,000) (₱120,000) ₱0

Data about Kiko Company’s production and inventories for the month of June are as follows: Purchases - direct materials ₱143,440 Freight-in ₱5,000 Purchase returns and allowances ₱2,440 Direct labor ₱175,000 Actual factory overhead ₱120,000 Inventories: June 1 June 30 Finished goods ₱68,000 ₱56,000 Work-in-process ₱110,000 ₱135,000 Direct materials ₱52,000 ₱44,000 Kiko Company applies factory overhead to production at 80% of direct labor cost. Over or underapplied overhead is closed to cost of goods sold at year-end. The company’s accounting period is on the calendar year basis. Kiko Company’s prime cost for June was ₱154,000 ₱329,000 ₱198,000 ₱315,000 20.) Kiko Company’s conversion cost for June was ₱315,000 ₱295,000 ₱329,000 ₱444,000 21.) For the month of June, Kiko Company’s total manufacturing cost was ₱469,000 ₱444,000 ₱644,000 ₱449,000 22.) For June, Kiko Company’s cost of goods transferred to the finished goods inventory account was ₱579,000 ₱461,000 ₱469,000 ₱444,000 23.) Kiko Company’s cost of goods sold for June was ₱441,000 ₱481,000 ₱456,000 ₱444,000 24.) The amount of over/under-applied overhead factory for the month of June was ₱140,000 overapplied. ₱120,000 underapplied. ₱20,000 overapplied. ₱20,000 underapplied. 25.) The cost of goods sold for the month of June should be increased (decreased) by the amount of over/under-applied factory overhead of ₱20,000 (₱20,000) (₱120,000) ₱0

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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20.)

Kiko Company’s conversion cost for June was

₱315,000

₱295,000

₱329,000

₱444,000

21.)

For the month of June, Kiko Company’s total manufacturing cost was

₱469,000

₱444,000

₱644,000

₱449,000

22.)

For June, Kiko Company’s cost of goods transferred to the finished goods inventory account was

₱579,000

₱461,000

₱469,000

₱444,000

23.)

Kiko Company’s cost of goods sold for June was

₱441,000

₱481,000

₱456,000

₱444,000

24.)

The amount of over/under-applied overhead factory for the month of June was

₱140,000 overapplied.

₱120,000 underapplied.

₱20,000 overapplied.

₱20,000 underapplied.

25.)

The cost of goods sold for the month of June should be increased (decreased) by the amount of over/under-applied factory overhead of

₱20,000

(₱20,000)

(₱120,000)

₱0

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