Problem#4 During the month of May, 2022, Candid Manufacturing Co. incurred P 30,000, P 40,000, and P 20,000 of direct material, direct labor and factory overhead costs respectively. If the cost of goods manufactured was P 95,000 in total and the ending work in process was P 15,000, the beginning inventory of work in process must have been

Problem#4 During the month of May, 2022, Candid Manufacturing Co. incurred P 30,000, P 40,000, and P 20,000 of direct material, direct labor and factory overhead costs respectively. If the cost of goods manufactured was P 95,000 in total and the ending work in process was P 15,000, the beginning inventory of work in process must have been

Name: Problem#4 During the month of May, 2022, Candid Manufacturing Co. inc
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Description: Problem#4 During the month of May, 2022, Candid Manufacturing Co. incurred P30,000, P 40,000, and P 20,000 of direct material, direct labor and factory overheadcosts respectively. If the cost of goods manufactured was P 95,000 in total and theending

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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During Year 3, Anywhere, Inc. (Al) incurred the following product costs. $ 84,000 107,220 69,000 Raw materials Labor Overhead The Year 2 ending balance in the Work in Process (WIP) account was $37,000. Accordingly, this is the beginning WIP balance for Year 3. There were 185 units of product in beginning WIP inventory. Al started 2,000 units of product during Year 3. Ending WIP inventory consisted of 155 units that were 60 percent complete. Required Prepare a cost of production report by filling in the cells that are left blank. Equivalent Unit Computations % Equivalent Units Units Complete Beginning inventory 185 Units started 2,000 Total units available for completion Units in ending inventory (155) % Units complete 2,030 100 % Total equivalent units 2,123 Cost per Equivalent Unit Cost per Cost Units Unit Beginning inventory $ 37,000 Raw materials Labor Overhead 69,000 Total product cost 2,123 = Allocation of Product Cost Cost transferred to finished goods Cost in ending inventory…
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Gurtner Corporation has provided the following data concerning last month’s operations. Cost of goods manufactured $170,000 Underapplied overhead $ 4,000 Beginning Ending Finished goods inventory $33,000 $40,000 Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. How much is the adjusted cost of goods sold on the Schedule of Cost of Goods Sold? Multiple Choice A. $170,000 B. $167,000 C. $203,000 D. $163,000
The following cost data pertains to DEF Inc. for December 31st, 2022: Ending Raw Materials Inventory: Beginning Work-in-Process: Ending Work-in-Process: Direct Materials Used: Direct Costs Incurred in Production: Indirect costs incurred in Production: Beginning Finished Goods Inventories: Ending Finished Goods Inventories: Sales: Selling and Administrative Expenses: Applied Overhead for the period: $50,000 $30,000 $15,000 $20,000 $40,000 $40,000 $40,000 $20,000 $190,000 $40,000 $40,000 The cost of goods sold for 2022 is $115,000 x. $137,000 $175,000 $135,000
A manufacturing company has the following balances at the end of its first year's operations: Sales OMR350,000; actual manufacturing overhead OMR160,000 manufacturing overhead applied OMR114,000; unadjusted costs of goods sold OMR175,000. The costs of goods sold balance includes overhead applied of OMRS Ending Work in process inventory includes overhead applied of OMR34,700. Ending finished goods inventory includes overhead applied of OMR28,000. These bala are not adjusted for the overapplied or underapplied factory overhead. The company closes year-end manufacturing overhead balances proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. How much is the gross profit for the year after disposing the year-end overhead balances? Select one: O a OMR129.000 Ob. OMR195.700 Oc None of the answers given
XYZ Company had the following information for the year: Direct materials used OMR 110,000 Direct labor incurred (4,000 hours) OMR 150,000 Actual manufacturing overhead incurred OMR 166,000O The Company used a predetermined overhead rate of OMR 35 per direct labor hour for the year. Assume the only inventory balance is an ending Work in Process Irentory balance of OMR 17,000. What was cost of goods manufactured? a. OMR 383,000 O b. OMR 418,000 Ос. OMR 363,000 d. OMR 393,000 е. None of the given answer is correct
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29. Tippy Cup Co. also incurred $10,550 for factory overhead and 250 hours of direct labor at $10.30 per hour. Using the cost of direct materials used calculated in Exercise 28, determine the total manufacturing costs incurred for the year. 30. As of January 1, 2018, Tippy Cup Co.'s work in process inventory had a beginning balance of $98,750. The ending balance of work in process inventory totaled $92,350. Using the information calculated in Exercise 29, calculate the cost of goods manufactured for the year.
N4 Ragtime Company had the following information for the year: Direct materials used $ 112,000 Direct labor incurred (5,200 hours) $ 152,000 Actual manufacturing overhead incurred $ 168,000 Ragtime Company used a predetermined overhead rate of $34 per direct labor hour for the year. Assume the only inventory balance is an ending Work in Process Inventory balance of $17,500. What was cost of goods manufactured? Multiple Choice $437,000 $423,300 $428,000 $262,000
6. Darrow Company uses a predetemined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. Last year, the company worked 10,000 direct labor-hours and incurred S80,000 of actual manufacturing overhead cost. If overhead was underapplied by $2.000, the predetermined overhead rate for the company for the year must have been: $7.80 $8.00 $8.20 $8.40
The following information relates to NBV for the year ended 31 July 20X3. $'000 Direct materials 160 Direct labour 200 Prime cost 360 Carriage outwards 880 Depreciation of delivery vehicles 30 Factory indirect overheads 450 Increase in work-in-progress inventory 75 Decrease in inventory of finished goods 55 What should be the factory cost of goods completed for the year ended 31 July 20X3? ...............................