DEF Company consigned 1,000 video players costing P900 per unit and retailing for P1,500 per unit to UUU on November1, 2021. DEF paid P15,000 for the freight. For the month of November, the consignee sold 700 units. On December DEFordered safety device on players which have not been sold. The cost of this alteration was: parts from inventories, P6,000with a freight of P5,000. On December 20, DEF Company sent a mechanic to UUU to install safety devices on players. Thecost of for labor, P5,000 which was paid by the consignee. DEF Company, thereafter, increased the unit retail price toP1,750 for the unsold players. On December 31, UUU remitted P1,021,750 to DEF Company in full settlement to dateafter deducting a commission of 15% of selling price on each player sold and P14,500 for delivering the players sold.Compute the consignment income to be reported by the consignor

The consignor needs to record the gross amount of goods sold to the customer at the time of transfer…

EF Company consigned 1,000 video players co 2021. DEF paid P15,000 for the freight. For t dered safety device on players which have no ith a freight of P5,000. On December 20, DEF ost of for labor, P5,000 which was paid by th

EF Company consigned 1,000 video players co 2021. DEF paid P15,000 for the freight. For t dered safety device on players which have no ith a freight of P5,000. On December 20, DEF ost of for labor, P5,000 which was paid by th

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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USW Ltd a manufacturing entity manufactures specialized robust cell phone cases for resale. The manufacturing cost per ton is R850. Finished products are sold for R935 per ton. Sales expenses amount to R45 per ton, delivery costs amount to R35 per ton and other directly associated costs to inventory to make a sale is R25 per ton. Closing inventories on hand at 31 December 2020 amounts to 3 500 tons. The amount that must be used to write down inventories to its net realisable value is? R70 000 R75 000 R80 000 R85 000
Explain please
Hh1. Southwest Milling Co. purchased a front-end loader to move stacks of lumber. The loader had a list price of $121,930. The seller agreed to allow a 5.25 percent discount because Southwest Milling paid cash. Delivery terms were FOB shipping point. Freight cost amounted to $2,320. Southwest Milling had to hire a specialist to calibrate the loader. The specialist’s fee was $1,220. The loader operator is paid an annual salary of $32,000. The cost of the company’s theft insurance policy increased
4. A manufacturing organization had 6000 Kg. of direct material with total cost of Rs. 600,000 as at April 1, 2019. During the month two times direct material was purchased. On Aprol 5, 2019 10,000 Kg. of direct material was purchased @ Rs. 104.8 per Kg. and on April 20, 2019 12000 Kg. of direct material was purchased at a total cost of Rs. 1320,000. During the month 25000 Kg. of direct material was used in production (Assume only one type of material is used in production) and direct labour cost of Rs. 1250,000 and factory overhead cost of Rs. 1100,000 was incurred. On April 1, 2019 cost of work in process inventory was Rs. 500,000 and on April 30, 2019 cost of work in process inventory was Rs. 400,000. Required: Calculate cost of direct material used during April 2019, cost of direct material inventory as at April 30, 2019, cost of goods manufactured during April 2019 assuming periodic inventory system under each of the following methods separately:…
TB MC Qu. 6-60 (Algo) Flare Co. manufactures textiles. Among... Flare Co. manufactures textiles. Among Flare's 2020 manufacturing costs were the following salaries and wages: Loom operators $ 129,000 Factory foremen 54,000 Machine mechanics 39,000 What was the amount of Flare's 2020 indirect labor? (CPA adapted) Multiple Choice A) $93,000 B) $168,000 C) $129,000 D) $183,000
Please show your solution in good accounting form. Thank you!
Shipments received from home office are billed at 120% of cost. During the year, the branch received shipments billed at P360,000, and returned damaged goods with billed price of P24,000. The branch has an ending inventory of P72,000. The branch reported a loss of P10,000. How much is the true branch income? a. P56,000 b. P54,000 c. P44,000 d. P34,000
Bilbo Limited incurs the following costs and revenues in manufacturing and selling 8,000 units of its product X: Direct materials. E12 000 Direct labour. £16 000 E1000 Depreciation of machinery.. Sales. 856 000 What is the contribution per unt of product? a. £7.00 b.E0.80 c. £2.50 d.£3.50
A10 please help.....
Southwest Milling Company purchased a front-end loader to move stacks of lumber. The loader had a list price of $118,810. The selleragreed to allow a 6.00 percent discount because Southwest Milling paid cash. Delivery terms were FOB shipping point. Freight costamounted to $2,840. Southwest Milling had to hire a specialist to calibrate the loader. The specialist’s fee was $800. The loader operatoris paid an annual salary of $29,210. The cost of the company’s theft insurance policy increased by $2,180 per year as a result ofacquiring the loader. The loader had a four-year useful life and an expected salvage value of $13,500.Requireda. Determine the amount to be capitalized in an asset account for the purchase of the loader.b. Record the purchase in general journal format. Required A Required B Complete this question by entering your answers in the tabs below.
Penner LLC imported a packing machine from London. Penner LLC incurred the following costs: Purchase price of the packing machine quoted by the seller OMR 32,000. The initial operating loss occurred OMR 700. Trade discount for the machine acquired 550. Assembly cost OMR 1200. Transportation cost from London to penner LLC site OMR 1,400. Dismantling the machine at its current location, OMR 2,600. General overheads cost OMR 1300. Import duties OMR 2100. According to IAS 16 - 'Property, Plant and Equipment', the total included in non-current assets (PPE) in respect of the machine should be: Chapter 5 - IAS 16..pdf A Chapter 5 - IAS 16..p Chapter 4 - IAS 2 i.pdf A 01 EN 25