During the month of July, the company worked on four orders, three of which were completed. Job 702 P 52,500 P 58,400 45,000 There was no beginning work in process in July. The company applies factory overhead to production at the rate of 90% of direct labor cost. Actual overhead for the month amounted to P186,720. Jobs 701, 702, and 703 were completed. Jobs 701 and 702 were delivered and the Costs and other pertinent data in connection with these orders are: Job 703 P 45,300 P 42,500 15,000 Job 701 P 30,000 P 85,100 50,000 Job 704 P 22,600 P 28,600 12,000 Direct materials Direct labor Direct labor hours customers billed in the amounts of P210,700 and P180,200 respectively.

During the month of July, the company worked on four orders, three of which were completed. Job 702 P 52,500 P 58,400 45,000 There was no beginning work in process in July. The company applies factory overhead to production at the rate of 90% of direct labor cost. Actual overhead for the month amounted to P186,720. Jobs 701, 702, and 703 were completed. Jobs 701 and 702 were delivered and the Costs and other pertinent data in connection with these orders are: Job 703 P 45,300 P 42,500 15,000 Job 701 P 30,000 P 85,100 50,000 Job 704 P 22,600 P 28,600 12,000 Direct materials Direct labor Direct labor hours customers billed in the amounts of P210,700 and P180,200 respectively.

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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1. Match one or more of the following terms with each definition below: Direct labour b. Direct materials Indirect labour d. Indirect materials e. Inventoriable product costs f. Manufacturing overhead g. Period costs а. с. i) Operating costs that are expensed in the period in which they are incurred Materials that become a physical part of a finished product and whose costs are traceable to the finished product iii) All manufacturing costs other than direct materials & direct labour iv) Labour costs that are difficult to trace to specific products v) ii) Materials whose costs cannot conveniently be directly traced to particular finished products vi) Product costs included in inventory, as required by GAAP vii) The compensation of employees who physically convert materials into the company's products; labour costs that are directly traceable to finished products
Which of the following is true of a production report prepared under a process-costing system? a. It has a unit information section, a cost information section, and a revenue information section. b. It is prepared at the final stage of a manufacturing activity. c. It provides information about the physical units processed in a department. d. It summarizes the manufacturing activity of a company only at the end of a reporting period.
Prepare the journal entry to record the transfer of costs from Work in Process to Finished Goods.
Place the following steps required to prepare a process costing production report into their correct order. I. Reconcile the total cost of work in process inventory. II. Apply manufacturing overhead to specific jobs. III. Calculate cost per equivalent unit. IV. Record costs incurred for each job on a separate job cost sheet. V. Convert physical units into equivalent units. VI. Reconcile the number of physical units. VII. Prepare a production report. 1. 2. 3. 4. 5 List separately any step that should not be included in the process. (You may select more than one answer. Single click the box with a check mark for correct answers and double click to empty the box for the wrong answers.) ■ I ✔ || IV VI iv MI V il V VI VII
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As production takes place, all manufacturing costs are added to the: O a. Production Labor account. b. Cost-of-Goods-Sold account. O c. Work-in-Process Inventory account. O d. Finished-Goods Inventory account. O e. Manufacturing-Overhead Inventory account.
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Cost of Units Completed and in Process The charges to Work in Process--Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production.
! Required information Gable Company uses three activity cost pools. Each pool has a cost driver. Information for Gable Company follows: Activity Cost Pools Machining Designing costs Setup costs Total Cost of Pool Number of machine hours Number of design hours. Number of batches. Cost Driver $416,700 Number of machine hours 93,100 Number of design hours 73,338 Number of batches Suppose that Gable Company manufactures three products, A, B, and C. Information about these products follows: Estimated Cost Driver 92,600 9,500 510 Product A Product B Product C 36,000 46,000 10,600 3,800 2,100 3,600 285 50 175
Journalizing the entry for a job completed would include a debit to a.Work in Process b.Factory Overhead c.Finished Goods d.Cost of Goods Sold
Subject: acounting