Answered: Liam & Co. imported raw materials from…

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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salarıes of P80,000. The total factory utilities expense incurred for the period was P360,000, repair and maintenance of factory equipment, P20,000 and depreciation on factory equipment was reported to be P120,000. The company uses the actual costing method of accumulating costs and it maintains a 35% mark up on costs for establishing its selling price. rofit ctions. olden Compute for: a) The total factory costs for the period. b) The cost of goods sold for the period. c) The net income or (loss) for the period. Problem 1-5. The following costs were actually incurred in the production of 10,000 units of Product A: ai bassouo oRaw materials, of which 10% is indirect Factory labor, of which 20% is indirect labor P1,200,500 1,045,000 900,000 19vsd Factory overhead, other than indirect materials and indirect labor les. ine Factory overhead charged to production is equivalent to 110% of direct labor costs. At the end of the period, inspection revealed that the total costs of goods…
Ilustration 5.8: From the following information, compute machine hour rate : Rs.44,000 Rs.4,000 Rs.25,000 Cost of the machine Scrap value Rent for the workshop(per annum) General lighting for the workshop (per month) Power consumption 20 units per hour Rs.160 : Rs.20 per 100 units Administrative expenses allocated to the machine (p.a.) : Rs.4,000 Repairs and maintenance Workshop supervisor's salary (per month) Estimated working time per year Setting up time which is regarded as productive time (p.a.) : 75% of depreciation Rs.3,000 : 50 weeks of 40 hours : 200 hours Effective life of the machine 10 years The machine occupies 1/4" area of the workshop. The supervisor is expected to devote 1/3rd of his time in supervising the machine. [Rs.18.47]

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