Cille Yuan Manufacturing Company makes only one product. The company has a normal capacityof 32,000 units annually. Cille Yuan is expecting to produce 30,000 units next year but during theyear, it actually produced 31,000 units. The company accountant has budgeted the following factoryoverhead costs for the coming year:Indirect materialsP2 per unit144,000 plus P2 per unit60,000 plus PO.04 per unit20,000 plus PO.34 per unit16,000 plus PO.12 per unit210,000 per year50,000 per year12,000 per yearIndirect laborPlant utilitiesRepairs for the plantMaterial handling costsDepreciation plant assetsRent of plant buildingInsurance on plant buildingUsing the most appropriate overhead application based, the applied factory overhead for the year is The comparative inventory data for SAN JOSE Manufacturing Corporation for the year endedDecember 31, 2014 is summarized below:Raw Materials inventory P 55,000Work in process inventoryFinished goods inventoryJanuary 1 December 31P 53,00059,00047,00049,00045,000During the year 2014, the corporation completed, among others, the following transactions:j.k.materials.1.Purchases, all on account, direct materials, P2,100,000; indirect materials, P400,000.The total materials requisitioned for use during the year included P360,000 for indirectThe payroll for the year was a follows: direct labor, P1,650,000, indirect labor, P550,000.The payroll was vouchered, and analysis disclosed the following details:W/H Taxm.Phil HealthHDMFP 38,000GrossSSECCDirect laborP 1,650,000 P 80,000P 40,000P12,000P 6,000Indirect labor550,00040,00012,5003,00012,0001,500n. Other manufacturing expenses vouchered amounted to P920,000, and depreciationcharges were P450,000 on plant assets.o. Manufacturing expenses were applied to production at predetermined rate equal to 150%of direct labor cost.p. Completed goods were transferred to the finished goods warehouse.q. All sales are made on terms 2/10, n/30; billing price is at 150% of actual cost.r. At the end of the year, any overapplied or underapplied manufacturing expense is treatedas an adjustment to the cost of goods sold.

Name: Cille Yuan Manufacturing Company makes only one product. The company
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Description: Cille Yuan Manufacturing Company makes only one product. The company has a normal capacityof 32,000 units annually. Cille Yuan is expecting to produce 30,000 units next year but during theyear, it actually produced 31,000 units. The company accounta

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Cille Yuan Manufacturing Company makes only one product. The company has a normal capacity of 32,000 units annually. Cille Yuan is expecting to produce 30,000 units next year but during the year, it actually produced 31,000 units. The company accountant has budgeted the following factory overhead costs for the coming year: Indirect materials Indirect labor Plant utilities Repairs for the plant Material handling costs Depreciation plant assets Rent of plant building Insurance on plant building P2 per unit 144,000 plus P2 per unit 60,000 plus PO.04 per unit 20,000 plus PO.34 per unit 16,000 plus PO.12 per unit 210,000 per year 50,000 per year 12,000 per year Using the most appropriate overhead application based, the applied factory overhead for the year is

Cille Yuan Manufacturing Company makes only one product. The company has a normal capacity of 32,000 units annually. Cille Yuan is expecting to produce 30,000 units next year but during the year, it actually produced 31,000 units. The company accountant has budgeted the following factory overhead costs for the coming year: Indirect materials Indirect labor Plant utilities Repairs for the plant Material handling costs Depreciation plant assets Rent of plant building Insurance on plant building P2 per unit 144,000 plus P2 per unit 60,000 plus PO.04 per unit 20,000 plus PO.34 per unit 16,000 plus PO.12 per unit 210,000 per year 50,000 per year 12,000 per year Using the most appropriate overhead application based, the applied factory overhead for the year is

FINANCIAL ACCOUNTING

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Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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