ne 2021, at the following costs per pair: Materials, P80; Labor, P50; and Overhead (125% of direct labor cost). Final inspection revealed that 500 pairs were spoiled which were sold as seconds for P20, 000. The good units were then shipped to the customer at cost plus 50% mark-up on cost. Assuming the spoilage is a result of changes in the specification of the customer, the cost per good units is: A. 192.5 B. 209.44
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MARIKINA SHOE Company had a production run of 5, 000 pairs of quality shoes during the month of June 2021, at the following costs per pair: Materials, P80; Labor, P50; and Overhead (125% of direct labor cost). Final inspection revealed that 500 pairs were spoiled which were sold as seconds for P20, 000. The good units were then shipped to the customer at cost plus 50% mark-up on cost. Assuming the spoilage is a result of changes in the specification of the customer, the cost per good units is:
A. 192.5
B. 209.44
C. 200.53
D. 288.75
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- 18. MARIKINA SHOE Company had a production run of 5, 000 pairs of quality shoes during the month of June 2021, at the following costs per pair: Materials, P80; Labor, P50; and Overhead (125% of direct labor cost). Final inspection revealed that 500 pairs were spoiled which were sold as seconds for P20, 000. The good units were then shipped to the customer at cost plus 50% mark-up on cost. Assuming the spoilage is a result of changes in the specification of the customer, the cost per good units is: a. • P192.5 b. • P209.44 c. • P200.53 d. • P288.75Google Co. completed 3,600 expensive ladies bags during the last quarter of the current year. The following cost per units are as follows: Materials, P1,000; Labor, P900; Factory overhead including P20 allowance for spoilage, P400. Final inspection revealed that 600 bags were spoiled which were sold as export overruns at 60% of production cost. The good units were delivered and billed to the customer at 60% gross profit. The spoilage is due to the exacting specifications of the customer. How much is the billing price?Luke Co. completed 3,600 expensive ladies bags during the last quarter of the current year. The following cost per units are as follows: Materials, P1,000; Labor, P900; Factory overhead including P20 allowance for spoilage, P400. Final inspection revealed that 600 bags were spoiled which were sold as export overruns at 60% of production cost. The good units were delivered and billed to the customer at 60% gross profit. The spoilage is due to the exacting specifications of the customer.How much is the billing price? PPP, QQQ and RRR are partners sharing profits and losses of 5:3:2, respectively. As of December 31, 2020, their capital balances were P99,750; P84,000 and P63,000 respectively. On January 1, 2021, the partners admitted SSS as a new partner and according to their agreement, SSS will contribute P84,000 in cash to the partnership and also pay P10,500 for 15% of QQQ’s share. SSS will be given a 20% share in profits, while the original partners’ share will be…
- The following information relates to Josma ltd for the month of July 2020.The company usessingle/unit costing method. The company expects to produce 1,000 units during the month of July 2020 Additional Information:1. Some products had some defects which required additional work being carried out in the factory to correct these defects. The cost of correcting these defective products was Shs 250,000.2. The was a by-product that resulted from the production which was sold generating cash amounting to Shs 480,000 Required:i) Prepare a cost sheet for the company using the single/unit costing method. The cost sheet should indicate all the totals for all major categories of costs including (Prime Cost; Works/Factory cost, Cost of production, Cost of goods sold and Cost of sales).ii) Calculate the profit the profit/loss the company will have for the month of July 2020 if the projected revenue is 96,000,000Big Company manufactures electric drills to the exact specifications of various customers. During April 2020, Job 403 for the production of 1,100 units was completed at the following costs per unit: If the spoilage is attributable to Job 202 only, what is the unit selling price of the good units? (round off to the nearest centavo)Big Company manufactures electric drills to the exact specifications of various customers. During April 2020, Job 403 for the production of 1,100 units was completed at the following costs per unit: The question is If the spoilage is attributable to Job 202 only, what is the unit selling price of the good units? (round off to the nearest centavo) IN A GOOD ACCOUNTING FORM PLEASE ANSWER THIS QUESTION ABOUT JOB 202 ONLY.
- Big Company manufactures electric drills to the exact specifications of various customers. During April 2020, Job 403 for the production of 1,100 units was completed at the following costs per unit: The question is If the spoilage is attributable to Job 202 only, what is the unit selling price of the good units? (round off to the nearest centavo)ABC Company manufactures chairs too the exacting specifications of various customers. During January 2020, Job 123 for the production of 1,100 chairs was completed at the following costs per unit: Direct materials 10 Direct labor 8 Applied factory overhead 12 Total 30 Final inspection of Job 123 disclosed 50 defective units and 100 spoiled units. The defective chairs were reworked at a total cost of P500, and the spoiled chairs were sold to a jobber for P1,500. What would be the unit cost of the good units produced on Job 123?15.Ford Inc. has completed the Job 101, containing 1,100 shoes during 2021 at the unit costs presented in the table below. Final inspection of Job 101 disclosed 100 spoiled shoes which were sold to a department for P200,000. What is the unit cost of good shoes produced on Job 101 if spoilage loss is charged to all production? * 16.Refer to No. 15. What is the unit cost of the good shoes produced on Job 101 if spoilage loss is charged to specific Job 101? *
- Crane Company has gathered the following information about its product. Direct materials: Each unit of product contains 4.9 pounds of materials. The average waste and spoilage per unit produced under normal conditions is 1.7 pounds. Materials cost $5.30 per pound, but Crane always takes the 2.90% cash discount all of its suppliers offer. Freight costs average $0.38 per pound. Direct labor. Each unit requires 1.73 hours of labor. Setup, cleanup, and downtime average 0.43 hours per unit. The average hourly pay rate of Crane's employees is $9.73. Payroll taxes and fringe benefits are an additional $2.53 per hour. Manufacturing overhead. Overhead is applied at a rate of $5.73 per direct labor hour. Compute Crane's total standard cost per unit. (Round answer to 2 decimal places, eg 1.25.) Total standard cost per unitVerizon Manufacturing Company spent $410,000 in 2019 to inspect incoming components. Of the $410,000, $250,000 is fixed appraisal costs. The variable inspection cost is $0.20 per component. It takes four components for each finished product. Internal failure costs average $80 per failed unit of finished goods. In 2019, five percent of all completed items had to be reworked. External failure costs average $200 per failed unit. The company's average external failures are one percent of units sold. The company manufactures all units as ordered and carries no materials inventories. Seeking to decrease its total cost of quality (COQ), Verizon contracted Quality-is-Free Consultants, Inc. (QIFC) to study ways to improve product quality and to reduce costs. Upon completion of the study, QIFC recommended automatic inspection equipment that requires a $61,400 annual cost for training and $157,000 for equipment rental and maintenance. The new equipment will eliminate $43,500 of the fixed…Verizon Manufacturing Company spent $420,000 in 2019 to inspect incoming components. Of the $420,000, $240,000 is fixed appraisal costs. The variable inspection cost is $0.20 per component. It takes six components for each finished product. Internal failure costs average $80 per failed unit of finished goods. In 2019, five percent of all completed items had to be reworked. External failure costs average $200 per failed unit. The company's average external failures are one percent of units sold. The company manufactures all units as ordered and carries no materials inventories. Seeking to decrease its total cost of quality (COQ), Verizon contracted Quality-is-Free Consultants, Inc. (QIFC) to study ways to improve product quality and to reduce costs. Upon completion of the study, QIFC recommended automatic inspection equipment that requires a $63,800 annual cost for training and $169,000 for equipment rental and maintenance. The new equipment will eliminate $49,500 of the fixed appraisal…
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