For the year ended December 31, 2017, Waltz Company incurred the following costs on jobnumber 007 for manufacturing 500 units:Original cost accumulation:Direct materialsP800,000Direct labor500,000Manufacturing125,000Direct costs of reworking 200 unitsDirect materialsP320,000Direct labor200,000What is the cost per unit of Job number 007 if the rework costs were attributable to the exactingspecifications?

Given information, Original costs: Direct materials=P800,000 Direct labour =P500,000…

Answered: For the year ended December 31, 2017,…

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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For the year ended December 31 2017, Waltz Company incurred the following costs on job number 007 for manufacturing 500 units: Original cost accumulation:Direct materials P800,000Direct labor 500,000Manufacturing 125,000 Direct costs of reworking 200 units Direct materials P320,000Direct labor 200.000What is the cost per unit of Job number 007 if the rework costs were attributed to internal failure?
What is the cost per unit of Job number 007 if the rework costs were attributable to the exacting specifications?
XYZ Company had the following information for the year: Direct materials used OMR 110,000 Direct labor incurred (4,000 hours) OMR 150,000 Actual manufacturing overhead incurred OMR 166,000O The Company used a predetermined overhead rate of OMR 35 per direct labor hour for the year. Assume the only inventory balance is an ending Work in Process Irentory balance of OMR 17,000. What was cost of goods manufactured? a. OMR 383,000 O b. OMR 418,000 Ос. OMR 363,000 d. OMR 393,000 е. None of the given answer is correct
Can you please give answer
ree Co., a manufacturer of heating units, summarized the following information for the year 2022:a) Materials cost of P270,000 includes indirect materials and supplies of P75,000; b) Labor cost of P360,000 includes direct labor of P240,000; c) Factory overhead of P120,000 represents power and light; d) Selling and administrative overhead total P180,000.Conversion costs for 2022 amounted to:
29. Tippy Cup Co. also incurred $10,550 for factory overhead and 250 hours of direct labor at $10.30 per hour. Using the cost of direct materials used calculated in Exercise 28, determine the total manufacturing costs incurred for the year. 30. As of January 1, 2018, Tippy Cup Co.'s work in process inventory had a beginning balance of $98,750. The ending balance of work in process inventory totaled $92,350. Using the information calculated in Exercise 29, calculate the cost of goods manufactured for the year.
The following information provides the amount of cost incurred in Merch for the cost items indicated. During March 8,500 units of the firm's single product were manufactured Factory depreciation exper rect Ser Production servi Сперитет гента и an is Required 141.200 a. How much cost would you expect to be incurred for each of these items during Apr when 9.700 units of the product are planned for production? (Do not round intermedine calcul Factory on exper D Potion superviso Frey 1 of 13 Next >
Pearl Company reported the following actual cost data for the year: Purchase of raw materials (all $300,000 direct) Direct labour cost 200,000 Manufacturing overhead costs 269,000 Change in inventories: Decrease in raw materials $12,000 Decrease in work in process 10,000 Decrease in finished goods 20,000 Pearl Company used a 150% predetermined overhead rate based on direct labour cost. The rate was based on annual estimated overhead cost and direct labour cost of $252,000 and $168,000 respectively. Required: 1. Calculate the cost of goods manufactured. 2. What was the cost of goods sold before adjusting for any under or overapplied overhead? 3. By how much was manufacturing overhead cost under or overapplied? 4. Prepare a summary journal entry to close any under or overapplied manufacturing overhead cost to cost of goods sold.
For the year ended December 31, 2017, Waltz Company incurred the following costs on job number 007 for manufacturing 500 units: Original cost accumulation: Direct materials Direct labor Manufacturing P800,000 500.000 125,000 Direct costs of reworking 200 units Direct materials Direct labor P320,000 What is the cost per unit of Job number 007 if the rework costs were attributable to the exacting specifications?

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