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Problem 3 Kyrie Company produces different sizes of basketballs. The following costs were incurred during the year.   Materials                                             Php 65,000.00 (Php 15,000.00 is indirect) Labor                                                   Php 70,000.00 (Php 18,000.00 is indirect) Factory overhead                                Php 95,000.00 (including indirect materials and indirect labor) Unit Produced                                    1,000 Sold                                                     800                  General and administrative expense   Php 2,600.00 Office Salaries                                    Php 18,600.00   4. Compute total period cost 5. If the selling price is Php 50.00 compute net income Please answer question 4 and 5

Problem 3 Kyrie Company produces different sizes of basketballs. The following costs were incurred during the year.   Materials                                             Php 65,000.00 (Php 15,000.00 is indirect) Labor                                                   Php 70,000.00 (Php 18,000.00 is indirect) Factory overhead                                Php 95,000.00 (including indirect materials and indirect labor) Unit Produced                                    1,000 Sold                                                     800                  General and administrative expense   Php 2,600.00 Office Salaries                                    Php 18,600.00   4. Compute total period cost 5. If the selling price is Php 50.00 compute net income Please answer question 4 and 5

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Problem 3

Kyrie Company produces different sizes of basketballs. The following costs were incurred during the year.

 

Materials                                             Php 65,000.00 (Php 15,000.00 is indirect)

Labor                                                   Php 70,000.00 (Php 18,000.00 is indirect)

Factory overhead                                Php 95,000.00 (including indirect materials and indirect labor)

Unit Produced                                    1,000

Sold                                                     800                 

General and administrative expense   Php 2,600.00

Office Salaries                                    Php 18,600.00

 

4. Compute total period cost

5. If the selling price is Php 50.00 compute net income

Please answer question 4 and 5

 

Problem 3 Kyrie Company produces different sizes of basketballs. The following costs were incurred during the year. Php 65,000.00 (Php 15,000.00 is indirect) Php 70,000.00 (Phg 18,000.00 is indirect) Php 95,000.00 (including indirect materials and indirect Materials Labor Factory overhead labor) Unit Produced 1,000 Sold 800 General and administrative expense Php 2,600.00 Office Salaries Php 18,600.00 Required: 2 points each 1. Compute prime cost 2. Compute conversion cost 3. Compute total production cost 4. Compute total period cost 5. If the selling price is Php 50.00 compute income
Transcribed Image Text:Problem 3 Kyrie Company produces different sizes of basketballs. The following costs were incurred during the year. Php 65,000.00 (Php 15,000.00 is indirect) Php 70,000.00 (Phg 18,000.00 is indirect) Php 95,000.00 (including indirect materials and indirect Materials Labor Factory overhead labor) Unit Produced 1,000 Sold 800 General and administrative expense Php 2,600.00 Office Salaries Php 18,600.00 Required: 2 points each 1. Compute prime cost 2. Compute conversion cost 3. Compute total production cost 4. Compute total period cost 5. If the selling price is Php 50.00 compute income
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