Problem 1-7. Jansport Manufacturing Company currently uses normal costing% method in accumulating the cost of production. The following data were provided for the current year: Factory Labor: Total Factory payroll Raw Materials: P2,700,000 450,000 Inventory, Jan 1 4,500,000 3,600,000 Purchases on account Issuance to production Factory overhead: Depreciation Maintenance 220,000 125,000 145,000 230,000 105,000 600,000 Utilities Indirect materials Miscellaneous overhead Indirect labor Work in process: Beginning inventory Ending inventory 720,000 650,000 Compute for the following: a) Total factory costs assuming factory overhead is applied at 70% of direct labor costs. b) Cost of sales assuming finished goods inventory is increased by P186,000

Problem 1-7. Jansport Manufacturing Company currently uses normal costing% method in accumulating the cost of production. The following data were provided for the current year: Factory Labor: Total Factory payroll Raw Materials: P2,700,000 450,000 Inventory, Jan 1 4,500,000 3,600,000 Purchases on account Issuance to production Factory overhead: Depreciation Maintenance 220,000 125,000 145,000 230,000 105,000 600,000 Utilities Indirect materials Miscellaneous overhead Indirect labor Work in process: Beginning inventory Ending inventory 720,000 650,000 Compute for the following: a) Total factory costs assuming factory overhead is applied at 70% of direct labor costs. b) Cost of sales assuming finished goods inventory is increased by P186,000

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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Cost of Goods Sold, Cost of Goods Manufactured Princeton 3 Company has the following information for May: Cost of direct materials used in production $66,000 Direct labor 73,000 Factory overhead 37,000 Work in process inventory, May 1 59,000 Work in process inventory, May 31 58,750 Finished goods inventory, May 1 25,000 Finished goods inventory, May 31 19,000 Question Content Area a. For May, using the data given, prepare a statement of Cost of Goods Manufactured. Princeton 3 CompanyStatement of Cost of Goods Manufacturedblank $- Select - $- Select - - Select - - Select - Total manufacturing costs incurred during May fill in the blank 47477f001f8204f_9 Total manufacturing costs $fill in the blank 47477f001f8204f_10 - Select - Cost of goods manufactured $fill in the blank 47477f001f8204f_13 Question Content Area b. For May, using the data given, prepare a statement of Cost of Goods…
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Prepare the Income statement of Cambridge Manufacturers for the year ended 31 March 2021 using the absorption costing method, INFORMATION The following information was extracted from the accounting records of Cambridge Manufacturers for the year ended 31 March 2021: Inventory on 01 April 2020 1 000 units Production for the year 30 000 units Sales for the year (at R240 per unit) 25 000 units Costs: Direct materials cost per unit R60 Direct labour cost per unit R36 Variable manufacturing overheads cost per unit R24 Variable selling and administrative costs per unit sold R12 Fixed manufacturing overhead cost R696 000 Fixed selling and administrative cost R303 200 Additional information The total manufacturing costs per unit for the year ended 31 March 2020 amounted to R130, comprising R110 for variable manufacturing costs and R20 for fixed manufacturing costs. The total selling and administrative costs per unit for the same period amounted to R10, The firs-in-first out method of inventory…
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View Policies Current Attempt in Progress The following T-accounts record the operations of Bonita Co.: Beginning Balance Ending Balance Beginning Balance Direct Material Direct Labor Overhead Ending Balance Beginning Balance COGM Ending Balance Direct Materials 29,000 17,000 ? Work in Process 37,000 165,000 28,000 44,000 ? Finished Goods 15,000 Direct materials purchased ? ? Costs of goods manufactured 244,000 (a) Calculate the amount of direct materials purchased during the period. 644,000 COGS $ ? (b) Calculate the cost of goods manufactured during the period. LA $
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