Problem 1-3. Christine Shop produces custom-designed dresses for retail sale Costs during the month of December in the manufacture of its top of the lin dresses include the following: P600,000 50,000 40,000 90,000 2,000 1,200 3,500 2,800 Cost of fabric used in dresses Wages of dressmakers Wages of dress designers Wages of sales personnel Wages of the maintenance employee Cost of billboard displayed in front of the shop Cost of electricity in the shop Cost of advertising the transfer of shop to another location Cost of space rental 6,500 Determine the following: a) Total prime costs for the period. b) Total conversion costs for the period

Problem 1-3. Christine Shop produces custom-designed dresses for retail sale Costs during the month of December in the manufacture of its top of the lin dresses include the following: P600,000 50,000 40,000 90,000 2,000 1,200 3,500 2,800 Cost of fabric used in dresses Wages of dressmakers Wages of dress designers Wages of sales personnel Wages of the maintenance employee Cost of billboard displayed in front of the shop Cost of electricity in the shop Cost of advertising the transfer of shop to another location Cost of space rental 6,500 Determine the following: a) Total prime costs for the period. b) Total conversion costs for the period

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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Use the table below and record the amount in the appropriate column category. Cost Item Cost Prime cost Conversion Cost Factory Overhead Period Costs Rent on Factory equipment 11,000 Insurance on factory building 1,500 Raw materials 75,000 Sales Commissions 10,000 Utility costs for factory 900 Supplies for general office 300 Wages for assembly line workers 58,000 Depreciation on office equipment 800 Miscellaneous materials (Glue etc.) 1,100 Factory manager’s salary 5,700 Property taxes on factory building 400 Advertising for the laptops 14,000 Office Supervisor Salary 16,000 Depreciation of factory building 1,500
Job Costing LeMercs Inc produces various merchandise such as t-shirts, mugs, key chains, and others according to customer requests. Thus, companies use job order costing to record the cost of each order. The following is information regarding the cost of orders carried out by LeMerch on April 1, 2020: The transactions that occurred during April 2020 regarding production at LeMerch were: 1. There are new orders during April 2020, namely L104 and L105. 2. The use of raw materials is as follows: No. Orders Amount L102 700,000 L103 1,000,000 L104 2,800,000 L105 3,300,000 Indirect Raw Materials 2,000,000 3. Payment for production labor consists of: No. Orders Amount L103 800,000 L103 1,200,000 L104 2,000,000 L105 1,600,000 Indirect labor 1,500,000 4. Manufacturing Overhead Allocation for each job is calculated at the rate of 150% of Direct Labor Cost 5. Other actual manufacturing overhead costs (other than indirect raw materials and indirect labor) were…
Need expert help please One Stop Invitations & More does customize, hand-crafted wedding memorabilia, in which each batch ofitems is a job. The company has a highly labour-intensive production process, so it allocates manufacturingoverhead based on direct labour hours. The business expects to incur $2,400,000 of manufacturingoverhead costs and to use 40,000 direct labour hours during 20X9. At the end of June 20X9, One Stop Invitations & More reported the following inventories:Raw Materials Inventory $200,000Work-in-Progress Inventory $170,000Finished Goods Inventory $110,000 During July 20X9, One Stop Invitations & More actually used 3,000 direct labour hours and recorded thefollowing transactions. i) Purchased materials on account ................$310,000ii) Manufacturing wages incurred..................... $400,000iii) Materials requisitioned (includes $30,000 of indirect materials)..$420,000iv) Assigned manufacturing wages, 90% direct labour, 10% indirect labourv) Other…
Exercise 15-22 (Static) Basic Transfer Pricing Issues (LO 15-1) Philadelphia Supply Corporation (PSC) produces and distributes various products for the hospitality industry. It is organized in two divisions: Assembly and Packaging. The managers of both divisions are evaluated and compensated based on divisional income. Assembly only "sells" to Packaging. Packaging prepares the items for a particular customer (adding labels, logos, and so on), prepares them for delivery, and ships them to the customer. Information on revenues and costs for the latest quarter for each division follows. Production and sales quantities, measured in "standard units," were 3,000 units for the quarter. Sales revenue Direct materials Direct labor Variable overhead Fixed costs a. Current transfer price per unit h PSC's (the corporation's) decision e to search A local hotel is hosting a special convention next month and has asked for a special price for 500 units at a total price of $102,500. After hearing about…
The following cost data pertain to the operations of Montgomery Department Stores, Incorporated, for the month of July. Corporate legal office salaries Apparel Department cost of sales-Evendale Store Corporate headquarters building lease Store manager's salary-Evendale Store Apparel Department sales commission-Evendale Store Store utilities-Evendale Store Apparel Department manager's salary-Evendale Store Central warehouse lease cost Janitorial costs-Evendale Store $ 56,000 $ 90,000 $ 48,000 $ 12,000 $ 7,000 $ 11,000 $ 8,000 $ 15,000 $ 9,000 The Evendale Store is one of many stores owned and operated by the company. The Apparel Department is one of many departments at the Evendale Store. The central warehouse serves all of the company's stores. Required: 1. What is the total amount of the costs listed above that are direct costs of the Apparel Department? 2. What is the total amount of the costs listed above that are direct costs of the Evendale Store? 3. What is the total amount of…
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Distinguish the difference between Limited Liability Corporation vs Limited Liability Partnership.
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The following transactions occurred this period for Larkspur Corp. as it created custom-order scented bubble bath: cost of labor, $16,300; cost of scented oils used, $9,800; and applied MOH, $7,200. Larkspur started the period with $4,900 in its WIP Inventory account. The total cost of jobs completed this period was $30,500. What is the ending balance of Larkspur's WIP Inventory account this period? Ending balance in WIP Inventory account $
1. What is the total factory overhead costs incurred by All School Logos & More during the period? 2. Determine the prime cost & conversion cost of the School crests produced.
Instructions: (a) Prepare the cost of goods manufactured schedule. (b) Compute the cost of goods sold.