If the selling price is 50.00, how much is the net income? Kyrie Company produces different sizes of basketballs. The following costs wereincurred during the year.MaterialsLaborFactory overheadP65,000 (P 15,000 is indirect)70,000 (P 18,000 is indirect)95,000 (including indirect materinlsand indirect Iabor) ·2,60018,600General and administrative expensesOffice salariesThere were no work in process at the end of the year, 5,000 units were produced,and 90% of the units produced were soldRequired:1. Compute the prime costs2. Compute the conversion costs3. Compute the total product costs4. Compute the total period costs5. If the selling price is P50.00, how much is the net income

AS specifically asked , only Sub part 5 is answered. (Sub part 3 is required to for answering sub…

Kyrie Company produces different sizes of basketballs. The following costs were incurred during the year. Materials Labor P65,000 (P 15,000 is indirect) 70,000 (P 18,000 is indirect) 95,000 (including indirect materinls and indirect labor) · 2,600 18,600 Factory overhend General and administrative expenses Office salaries There were no work in process at the end of the year, 5,000 units were produced, and 90% of the units produced were sold Required: 1. Compute the prime costs 2. Compute the conversion costs 3. Compute the total product costs 4. Compute the total period costs 5. If the selling price is P50.00, how much is the net income

Kyrie Company produces different sizes of basketballs. The following costs were incurred during the year. Materials Labor P65,000 (P 15,000 is indirect) 70,000 (P 18,000 is indirect) 95,000 (including indirect materinls and indirect labor) · 2,600 18,600 Factory overhend General and administrative expenses Office salaries There were no work in process at the end of the year, 5,000 units were produced, and 90% of the units produced were sold Required: 1. Compute the prime costs 2. Compute the conversion costs 3. Compute the total product costs 4. Compute the total period costs 5. If the selling price is P50.00, how much is the net income

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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