Activity 1 - ABC Company (De Jesus, MC 19, Chap 10) The ABC Company seeks to streamline the costing system of its Manila plant. It will use a backflush costing system with three trigger points: • Purchase of raw materials • Completion of finished goods • Sale of finished goods Activity 1 - ABC Company (De Jesus, MC 19, Chap 10) There are no beginning inventories. The following data pertain to August 2020: Raw materials purchased Raw materials used P1,760,000 1,700,000 Conversion costs incurred 844,000 Conversion costs allocated to finished goods 800,000 Cost transferred to finished goods 2,500,000 Cost of goods sold 2,380,000 Activity 1 - ABC Company (De Jesus, MC 19, Chap 10) Required: (1) Assume there are no material variances. Compute the balance of Materials and In Process inventory at the end of August 2020. (2) Compute the total finished goods inventory on August 31, 2020.

Activity 1 - ABC Company (De Jesus, MC 19, Chap 10) The ABC Company seeks to streamline the costing system of its Manila plant. It will use a backflush costing system with three trigger points: • Purchase of raw materials • Completion of finished goods • Sale of finished goods Activity 1 - ABC Company (De Jesus, MC 19, Chap 10) There are no beginning inventories. The following data pertain to August 2020: Raw materials purchased Raw materials used P1,760,000 1,700,000 Conversion costs incurred 844,000 Conversion costs allocated to finished goods 800,000 Cost transferred to finished goods 2,500,000 Cost of goods sold 2,380,000 Activity 1 - ABC Company (De Jesus, MC 19, Chap 10) Required: (1) Assume there are no material variances. Compute the balance of Materials and In Process inventory at the end of August 2020. (2) Compute the total finished goods inventory on August 31, 2020.

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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United Technologies Corporation implemented activity-based costing in two of its subsidiaries: Otis Elevator Company and Carrier Corporation. The following table shows 27 activities and eight accounts identified at Carrier, along with the classification determined by the ABC project team.12 Required: Choose two activities or accounts from each of the four classifications and explain why you agree or disagree with the ABC project team’s classification.
How do I do this?
(a) Prepare a statement of equivalent production to determine the equivalent units for direct materials (From Moulding & Direct Material Added), and conversion costs and the cost per equivalent unit for direct materials and conversion costs. (b) Calculate the: - Total cost of units completed and transferred to the Packaging Department - Cost of the unexpected losses - Cost of ending work-in-process inventory in the Polishing Department
Lastly: Determine the costs of goods sold for January:
Mason Company provided the following data for this year: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Beginning Ending $ Raw materials $ 8,100 10,900 Work in $ $ 5,100 process Finished goods 20,400 $ $ 70,000 25, 200 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement. Complete this question by entering your answers in the tabs below. Required Required Required 1 2 3 Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Mason Company Schedule of Cost of Goods Manufactured Direct materials: Total raw materials available $ 652,000 $ 88,000 $…
The following cost data relate to the manufacturing activities of Chang Company during the just completed year: Manufacturing overhead costs incurred: Indirect materials Indirect labor Property taxes, factory Utilities, factory Depreciation, factory Insurance, factory Total actual manufacturing overhead costs incurred Other costs incurred: Purchases of raw materials (both direct and indirect) Direct labor cost Inventories: Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending Required: 1. Compute the amount of underapplied or overapplied overhead cost for the year. 2. Prepare a schedule of cost of goods manufactured for the year. Complete this question by entering your answers in the tabs below. The company uses a predetermined overhead rate of $24 per machine-hour to apply overhead cost to jobs. A total of 21,200 machine- hours were used during the year. Required 1 Required 2 Compute the amount of underapplied or overapplied overhead cost…
Part B: Compute the cost per equivalent unit fir direct materials and conversion costs Please avoid solutions image based solutions thanku
Cebu Company adds materials at the beginning of the process in Department 1. Data concerning the materials used in November 2021 production are as follows: Units WIP, March 1 Started during March Completed and transferred to next department during March Normal spoilage incurred WIP, March 31 16,000 34,000 36,000 4,000 10,000 1. The equivalent units for the materials unit cost calculation using FIFO is 2. The equivalent units for the materials unit cost calculation using weighted average is
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Please do not give solution in image format thanku
Please do not give solution in image format thanku