COST ACCOUNTING PLS SHOW SOLUTION 7. BonGo, a general manager of a highly automated coffee production plant in Bulacan hasprovided the following information for transactions that occurred during October. Theproduction plant uses a JIT costing system.a. Raw materials costing P300,000 were purchased.b. All materials costing P300,000 were requisitioned for productionc. Direct labor costs of P200,000 were incurredd. Actual Factory Overhead costs amounted to P995,000e. Conversion costs allocated totaled P1,300,000. This includes the direct labor costf. All units are completed and immediately soldREQUIRED: What is the Over-Allocated or Under-Allocated conversion costs for themonth?a. P305,000 over allocatedb. P195,000 under allocatedc. P105,000 over allocatedd. P105,000 under-allocated8. Same problem in no. 6, assuming no adjustment has been made for over-allocated orunder-allocated conversion costREQUIRED: What is the balance of the cost of goods sold account on October 31?a. P1,300,000b. P1,495,000c. P 1,600,000d. P 1,195,000

Solution:- 7)Calculation of over-allocated or under-allocated conversion costs for the month as…

Answered: COST ACCOUNTING PLS SHOW SOLUTION

Business

Accounting

COST ACCOUNTING PLS SHOW SOLUTION

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: What are some management techniques in cost management

A: Cost Management refers to the practice of estimating, recording and closely the monitoring the costs…

Q: Please explain with examples briefly benefits of accounting system for manual cost accounting?

A: Cost accounting: It is a branch of managerial accounting that focuses on calculation of total cost…

Q: Explain the role of unit cost in task order pricing.

A: Task orders refer to the contract made for specific and separate orders. These are the small…

Q: Assign costs to unitsusing the FIFO method.

A: FIFO Method: It is a method of inventory costing where the inventory purchased first is the first…

Q: How does computerised accounting system could help to improvise better reporting sytem in…

A: An accounting system in which the events and the process of final transactions are in accordance to…

Q: Explain the Problems in Cost Accounting Measurements?

Q: Please explain with examples briefly benefits of accounting system for automated cost accounting?

A: Cost accounting: It is a form of managerial accounting which focuses on calculation of company's…

Q: plain 4 objectives of cost accou

A: Cost accounting refers to type of accounting which computes the sum total of expenses involved in…

Q: How to deal with cost accounting

A: Cost accounting refers to the accounting which dealt with the aggregate cost of production of…

Q: "Standard costing improves the control function"explain with more information and examples

A: Standard costing is part of Cost Accounting which is used by some manufacturing concerns to identify…

Q: Standard costing improves the control functions” discuss this statement give some examples.

A: Standard Costing: It is the accounting system in which standard cost is measured with actual cost to…

Q: job costing system implementaion?

A: Job Costing System: The act of gathering information on the expenses associated with a particular…

Q: omputerised cost

A: The computerized accounting system is an accounting data system that processes financial…

Q: In Cost accounting the main emphasis is on ?

A: Cost accounting is the classification, documentation, and appropriate distribution of expenditure…

Q: tracing and allocating cost to cost object

A: Cost Allocation is the process of identifying various cost pools and allocating them to cost object…

Q: Explain unit sales.

A: Sales: Sales means the goods and services sold by one company to their customers for a period.

Q: Discuss relevant cost.

A: Relevant cost term is used in making decision whether to buy or not.Whether to produce a goods or…

Q: Explain why unit cost is important in the task order costing method.

A: Task Order costing method is used to determine the cost of each order/job/task. This method of…

Q: how does standard costing system helps managers to make decisions

A: Standard costing is said to be a practice where expenses for production process are estimated in…

Q: ost classifications used for assigning costs to cost objects include: Multiple Choice Variable cost…

A: Cost Classification Determining the cost in the organisation is one of the important part in the…

Q: Describe how changes in the demand, ordering cost,or holding cost affect the EOQ.

A: Conceptual base- Economic Order Quantity (EOQ) is the order quantity that minimizes total inventory…

Q: Activity based Costing enables overhead cost to be ___________assigned to cost objects. a. Over b.…

A: Activity Based Costing is a method of accounting which is used to find the cost of activities…

Q: Define the term process-costing system.

Q: How standard costing control the business activity

A: Standard Costing is the technique of setting up standard costs and applying them to measure the…

Q: A direct cost is a cost that is classified by Traceability Behaviour Controllability…

A: Following is the answer to the given question

Q: How are costs allocated in an ABC system?

A: ABC system means activity-based costing.

Q: ABC costing attempts to: O A. classify as many costs as indirect costs as is feasible. OB. identify…

A: B. identify the activities involved in a process.Explanation:Approach to solving the question:…

Q: Define Accounts payable and what are its representative cost driver?

A: Accounts payable: Accounts payable is the obligation of the company to make payment (within period…

Q: explain the concept of equivalent units in cost accounting

A: In process costing, some units may have fully finished but other units may still be under…

Q: What are the three key features of cost accounting?

A: Cost accounting: It is a process of recording of all the costs incurred in the business in a way…

Q: Why do we require product, task order, and process cost data?

A: The Answer :

Question

COST ACCOUNTING

PLS SHOW SOLUTION

7. BonGo, a general manager of a highly automated coffee production plant in Bulacan has
provided the following information for transactions that occurred during October. The
production plant uses a JIT costing system.
a. Raw materials costing P300,000 were purchased.
b. All materials costing P300,000 were requisitioned for production
c. Direct labor costs of P200,000 were incurred
d. Actual Factory Overhead costs amounted to P995,000
e. Conversion costs allocated totaled P1,300,000. This includes the direct labor cost
f. All units are completed and immediately sold
REQUIRED: What is the Over-Allocated or Under-Allocated conversion costs for the
month?
a. P305,000 over allocated
b. P195,000 under allocated
c. P105,000 over allocated
d. P105,000 under-allocated
8. Same problem in no. 6, assuming no adjustment has been made for over-allocated or
under-allocated conversion cost
REQUIRED: What is the balance of the cost of goods sold account on October 31?
a. P1,300,000
b. P1,495,000
c. P 1,600,000
d. P 1,195,000

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Describe accounting concepts useful in classifying costs.
Under operations analysis, how do you describe cost analysis?
A 'product' cost is a cost that is classified by: a. behavior b. function c. controllability d. relevance
Define standard costs and explain how standard cost information is useful formanagement by exception.
Define the term process costing.
Define and explain the two major subsystems of the cost management information system.
Explain an example how to calculate total costs.