Kim Company provided the following information for the current year: Increase in raw materials inventory - P150,000 Decrease in goods in process inventory - P200,000 Decrease in finished goods inventory - P350,000 Raw materials purchased - P4,300,000 Direct labor payroll - P2,000,000 Factory overhead - P3,000,000 Freight out - P450,000 Freight in P250,000 What is the cost of goods sold for the current year?

Kim Company provided the following information for the current year: Increase in raw materials inventory - P150,000 Decrease in goods in process inventory - P200,000 Decrease in finished goods inventory - P350,000 Raw materials purchased - P4,300,000 Direct labor payroll - P2,000,000 Factory overhead - P3,000,000 Freight out - P450,000 Freight in P250,000 What is the cost of goods sold for the current year?

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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Ryder Manufacturing reported the following year end information: beginning work in process inventory $90,000; cost of goods manufactured $258,000; beginning finished goods inventory, $126,000; ending work in process inventory. $110,000; and ending finished goods inventory. $132,000. Ryders cost of goods sold for the year is: a. S252,000 b. $264,000 $238,000 d. S126,000
22. Peter Company provided the following data for the year ended December 31, 2020: Raw materials purchases Total manufacturing costs Decrease in raw materials inventory Decrease in work in process inventory Increased in finished finished goods inventory45,000 Gross margin ratio Factory overhead is applied at 60% of direct labor. How much is the factory overhead cost incurred? P 80,000 220,000 4,000 20,000 40%
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Belle Company reports the following information for the current year. All beginning inventory amounts equaled $0 this year. Units produced this year 105,000 units Units sold this year 63,000 units Direct materials $ 29 per unit Direct labor $ 31 per unit Variable overhead $ 3 per unit Fixed overhead $ 918,750 in total Belle Company's product is sold for $89 per unit a Variable selling and administrative expense is $2 per unit and fixed selling and administrative is $370,000 per year. Compute the net income under variable costing.
XYZ Company uses normal costing. Following are various cost and inventory data for the just completed year: Sales revenue OMR420,000; Adjusted gross profit OMR175,000; Selling and admin expenses OMR145,000; Overapplied overhead OMR15,000; Prime costs OMR155,000; Work in process inventory has increased by OMR10,000; Finished goods inventory has decreased by OMR20,000. How much is the manufacturing overhead costs applied to work in process during the year? Select one: O a. OMR80,000 b. None of the answers given c. OMR95,000 d. OMR85,000 x e. OMR105,000
Direct materials purchased during the period cost $28,000, and there was an ending direct materials inventory of $4,000. If the beginning direct materials inventory was 20% of the cost of direct materials used in the production process, what was the cost of direct materials used in production for the period? a) $20,000 b) $40,000 c) $30,000 d) none of the above
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The following information was taken from H Company's accounting records for the year December 31, 2008: Increase in raw materials inventory P 15,000 Decrease in finished goods inventory 35.000 Raw materials purchased O 430.000 Direct labor cost 200.000 Factory overhead control 260.000 Freight-in 45.000 There was no work in process inventory at the beginning or end of the year. H's 2008 cost of goods sold is if FOH is applied at 140% of labor costs:
1. The following information was taken from H Company's accounting records for the year December 31, 2008: Increase in raw materials inventory P 15,000 Decrease in finished goods inventory 35,000 Raw materials purchased 430,000 Direct labor cost 200,000 Factory overhead control 260,000 Freight-in 45,000 There was no work in process inventory at the beginning or end of the year. H's 2008 cost of goods sold is if FOH is applied at 140% of labor costs:
XYZ Company uses normal costing. Following are various cost and inventory data for the just completed year: Sales revenue OMR420,0003; Adjusted gross profit OMR175,000; Selling and admin expenses OMR145,000 ; Overapplied overhead OMR15,000 ; Prime costs OMR155,000; Work in process inventory has increased by OMR10,000 ; Finished goods inventory has decreased by OMR20,000. How much is the manufacturing overhead costs applied to work in process during the year? Select one: a. OMR80,000 b. None of the answers given c. OMR95,000 d. OMR85,000 x e. OMR105,000 The correct answer is: OMR95,000
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