If the ShoeFits, Inc is a Shoe Manufacturing Company located in Laguna. In deciding their 4th Quarter Production Plan, the cost accountant have to classify the costs based on the data below for the month of September 2022: ACTUAL PRODUCTION 200 pairs of leather shoes 100 pairs of leather Boots 300 pairs of Rubber Flats Each pair requires the following materials Leather Shoes Leather Boots Rubber Flats 3 Sq. ft of leather 7 Sq. ft of leather 6 Sq. ft of rubber 2 regular shoe laces 2 premium shoe laces 2 soles 2 soles 2 soles Cost of Materials Leather ₱ 174.00 Rubber ₱ 87.00 Premium shoe laces ₱ 58.00 Regular shoe laces ₱ 34.80 Soles ₱ 116.00 Other Costs for the Month Electricity (80% Factory 20% Admin) ₱ 50,000.00 Salaries of Production Workers ₱ 130,000.00 Salaries of Administrative Department ₱ 80,000.00 Factory Supplies ₱ 10,000.00 Production Supervisors' Salaries ₱ 40,000.00 COMPUTE FOR THE FF: 1. Direct Materials 2. Direct Labor 3. Manufacturing Overhead 4. Total Manufacturing/Product Costs 5. Prime Costs 6. Conversion Costs 7. Period Cos

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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If the ShoeFits, Inc is a Shoe Manufacturing Company located in Laguna. In deciding their 4^th Quarter Production Plan, the cost accountant have to classify the costs based on the data below for the month of September 2022:

*ACTUAL PRODUCTION

200 pairs of leather shoes

100 pairs of leather Boots

300 pairs of Rubber Flats

*Each pair requires the following materials

Leather Shoes	Leather Boots	Rubber Flats
3 Sq. ft of leather	7 Sq. ft of leather	6 Sq. ft of rubber
2 regular shoe laces	2 premium shoe laces	2 soles
2 soles	2 soles

*Cost of Materials

Leather	₱ 174.00
Rubber	₱ 87.00
Premium shoe laces	₱ 58.00
Regular shoe laces	₱ 34.80
Soles	₱ 116.00

*Other Costs for the Month

Electricity (80% Factory 20% Admin)	₱ 50,000.00
Salaries of Production Workers	₱ 130,000.00
Salaries of Administrative Department	₱ 80,000.00
Factory Supplies	₱ 10,000.00
Production Supervisors' Salaries	₱ 40,000.00

COMPUTE FOR THE FF:

1. Direct Materials

2. Direct Labor

3. Manufacturing Overhead

4. Total Manufacturing/Product Costs

5. Prime Costs

6. Conversion Costs

7. Period Costs

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