Manila Company manufactures one main product and two by-products, A and B. The following are data from the month of May: MainBy- ProductProductABTotalSalesP75,000 P6,000 P3,500 P84,500Cost of further processingMarketing & Admin Expenses11,5001,10090013,5006,0007505507,300Joint Cost37,500Profit based on sales allowed for A and B is 15% and 12% respectively. Compute for the totalproduction cost of the main product

Step 1 Main product is the product which is final product made from after the formation of by…

Answered: Manila Company manufactures one main…

Manila Company manufactures one main product and two by-products, A and B. The following are data from the month of May:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Novex company keeps track on time related to orders and their production. During the mostrecent quarter, the company recorded the following average times for each unit or order. 22 | P a g ea) Wait time: 18 hoursb) Inspection time: 0.5 daysc) In Process time: 2 daysd) Move time: 0.6 dayse) Queue time: 5 daysOnce production is finished, goods are shipped. Calculate the manufacturing cycle time.
The Towson company has gathered the following information for the month of September pertaining to its use of materials in Work in Process; beginning inventory had 4,500 (equivalent units of production) valued at $13,500; $202,000 of materials were added during the month ending inventory consisted of 16,000 (equivalent units of production) and 50,000 units were completed and transfered to the next department. What is the weighted average cost per EUP of materials for the month of september?
2. Alloy Manufacturing Company has the following production data for selected months. Ending WIP Units Transferred Units Month Beginning WIP Percentage Complete 30 to out April May 3000 1000 4000 800 60 Compute the physical units of each department.
The following data are taken from the general ledger and other records of Du-sik Manufacturing on January 31, the end of the first month of operations in the current fiscal year: Sales - 75,000; Materials inventory (January 1) - 25,000; Work in process inventory (January 1) - 24,000; Finished goods inventory (January 1) - 32,000; Materials Purchased - 21,000; Direct labor cost - 18,000; Factory overhead (including 1,000 of indirect materials used and 3,000 of indirect labor cost) - 12,000; Selling and Administrative expenses - 10,000; Inventories at January 31: Materials - 22,000; Work in Process - 20,000; Finished Goods - 30,000. How much is the cost of goods sold? *
Use the following information to calculate the cost of goods manufactured during July. Work in process inventory, 1 July Manufacturing overhead applied during the month Work in process inventory, 31 July Finished goods inventory, 1 July Finished goods inventory, 31 July Cost of goods sold during July 9,000 20,000 14,000 7,500 5,000 75,000
In order to sumarize production fr the past month both broken down by the number of each type of widget produced by each divisin, as well as the total number of each type of widget produced and the total production for each division, you would use
The following data are taken from the general ledger and other records of Du-sik Manufacturing on January 31, the end of the first month of operations in the current fiscal year: Sales - 75,000; Materials inventory (January 1) - 25,000; Work in process inventory (January 1) - 24,000; Finished goods inventory (January 1) - 32,000; Materials Purchased - 21,000; Direct labor cost - 18,000; Factory overhead (including 1,000 of indirect materials used and 3,000 of indirect labor cost) - 12,000; Selling and Administrative expenses - 10,000; Inventories at January 31: Materials - 22,000; Work in Process 20,000; Finished Goods - 30,000. What is the total manufacturing cost? * Your answer
Percent Completed Units Mixing Materials Conversion Work in process inventory, September 1 Work in process inventory, September 30 4 100% 60% 50% 4 100% 20% 10% Mixing Materials Conversion Work in process inventory, September 1 Cost added during September $ 9,456 $ 108 $ 1,828 $ 229,154 $ 23,766 $ 143,449
Accounting The following information is given for process I for B Ltd. The average method of pricing work-in-progress is used. Work-in-progress in January: Materials on 500 units Labour on 500 units Factory overheads on 500 units Total Production costs for January: Materials Labour Factory overheads Cost for January Rs 7,800 9,150 6,125 23,075 Rs 900 1,000 400 2,300 Production completed during January: 500 units from 1 January, work-in-progress 2,000 units from products received during January 2,500 total units completed Work-in-progress on 31 January: 400 units, 25% completed as to material, labour and overhead. Calculate process I account for January. Pls be fast
Vista Vacuum Company has the following production information for the month of March. All materials are added at the beginning of the manufacturing process. Units • Beginning inventory of 3,500 units that are 100 percent complete for materials and 23 percent complete for conversion. • 15,400 units started during the period. • Ending inventory of 3,400 units that are 14 percent complete for conversion. Manufacturing Costs • Beginning inventory was $20,200 ($8,900 materials and $11,300 conversion costs). • Costs added during the month were $29,600 for materials and $54,300 for conversion ($28,200 labor and $26,100 applied overhead). Assume the company uses Weighted-Average Method. Required: 1. Calculate the number of equivalent units of production for materials and conversion for March. 2. Calculate the cost per equivalent unit for materials and conversion for March. 3. Determine the costs to be assigned to the units transferred out and the units still in process. Complete this question…
Bernis Company has two service departments: Personnel and Inspection. Both service departments provide services to the two production departments: Casting and Finishing. The company allocates service department cots using the step-down method. First, will be the costs of the Personnel department which are allocated based on the number of employees. Next will be the costs of the Inspection department allocated on the basis of the number of inspections performed. Selected information on the four departments for September of the current year are given below: Department Costs Number of Number of Inspections Employees Personnel P160,000 100,000 10 Inspection Casting Finishing 20 160,000 60,000 3,200 2,800 80 60
Friedman Company has a production process that involves three processes. Units move through the processes in this order: cutting, stamping, and then polishing. The company had the following transactions in November: View the transactions. Prepare the joumal entries for Friedman Company. (Record debits first, then credits. Exclude explanations from journal entries.) 1. Cost of units completed in the Cutting Department, $14,000 Date Nov. 30 Accounts Debit Credit Transactions 1. Cost of units completed in the Cutting Department, $14,000 2. Cost of units completed in the Stamping Department, $28,000 $39,000 3. Cost of units completed in the Polishing Department, 4. Sales on account, $40,000 5. Cost of goods sold is 80% of sales - X