Lucky Manufacturing Company uses a Raw and in Process account and charges all conversion costs to Cost of Goods Sold. At the end of each month, all inventories are counted, their conversion costs are estimated and inventory accounts are adjusted. The following information is available for the month of August. Beg. Balance of RIP, including Raw Materials of P84,000 Beg. Balance FG, including Raw Materials of P64,000 Raw materials purchased on account Ending balance of RIP, including Raw Materials of P88,000 Ending balance of FG, including Raw Materials of P48,000 Conversion costs added to production P93,600 96,000 1,776.000 101,600 77,600 950,000

Q: What are life-cycle costs? How do these costs relate to the production life cycle?

A: Life cycle cost is the summation of all costs related to a product, structure, system, or service…

Q: What are the three categories of manufacturing costs?

A: Manufacturing costs are the costs of materials plus cost to convert the material into products. All…

Q: Which of the following cost is included in cost of goods sold? customer service cost manufacturing…

A: In layman's language, the Cost of goods sold is nothing but the total cost incurred to produce a…

Q: How is the cost of goods sold calculated?

A: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to…

Q: How you get the gross profit and cost of goods sold

A: Gross Profit -Gross Profit is a Profit earned by the entity from the customer. It is the profit…

Q: How does the unit cost of producing an item depend on the total quantity of items that have been…

A: Unit cost is the cost of producing per unit. Unit cost includes both variable and fixed cost that…

Q: What is Cost of Goods Sold (COGS) and how is it calculated? What is Gross Profit and how is it…

A: The income statement is prepared to record the revenues and expenses of the current period.

Q: Is (freight-in, materials) included in the cost of goods manufactured statement

A: The cost of having goods or materials delivered to a business for manufacture or resale is known as…

Q: How do the costs of doing business affect prices?

A: The cost of producing a product or service that a company sells is usually referred to as the cost.…

Q: st of googs sold and intrest expens

A: The cost of goods sold can be calculated by using the inventory turnover ratio. Inventory turnover…

Q: Where can yo find information about the cost of goods sold

A: Financial statements are defined as the records that are prepared by the business entities as per…

Q: What is the Cost Flows in a Manufacturing Company?

A: Cost flows allude to the way or course through which costs go through business.

Q: why service industry involve operating expenses and retail industry involve operating expenses and…

A: Service Industries include those companies which offers only services to other industries. Retail…

Q: What is a cost of production report and what information does it show?

A: Production means conversion of raw materials into finished goods and the process involved is…

Q: Define cost of goods sold.

A: Cost:   It refers to the sum total of economic value to get an asset in place and ready for use.

Q: How to calculate manufacturing costs

A: How to calculate manufacturing costs.

Q: How do you compute the unadjusted cost of goods sold?

A: Cost of Goods Sold: Once the product is manufactured, that product is delivered to customers. The…

Q: What is the market value of goods

A:

Q: What are the pitfalls of franchising?

A: Franchising is a licensing that one party takes from the business owner. It allow that party to…

Q: what is production cost? what is tangible assets? what is operating expenses? what is cost of goods…

A: Expenses are those costs which are required to be incurred by the company to smoothly run the…

Q: What are the difference between the cost of goods sold of manufacturing and service type businesses…

A: Introduction:

Q: What costs are incurred when making a product? How are they recorded when incurred?

A: Cost to create a product is know as product cost. These cost include all direct cost like direct…

Q: What are the equivalent units of production?

A: Work-in-Process: It refers to the partially finished goods of a company waiting to be completed.…

Q: Explain the difference between a product cost and a period cost.

A: Product costs: Product costs are the costs which are incurred in the production of the goods. These…

Q: do you determine the production

A:

Q: Which factors contribute to the cost of direct labor?

A: Direct labour refers to the labour which is directly related to the production of products of any…

Q: How are costs assumed to flow through the manufacturing process?

A: The costs incurred during manufacturing process are said to be manufacturing cost.

Q: What is the difference between the methods of calculating cost of goods, periodic vs perpetual?

A: Inventory: Inventory refers to the goods purchased or material purchased and manufactured which is…

Q: How is the cost price of the finished product formed / shaped?

A: production of goods and providing of services various cost , These are variable and fixed , the…