b.P35,000C.P55,000d.P80,000PROBLEMSP4-1 Hansel Corporation provided the following data:600No. of employees at the beginning of the monthNo. of employees at the end of the yearNo. of employees resignedNo. of employees dischargedNo. of employees replaced640401020Required:Calculate the labor turnover by applying three methods:Separation methoda.b.Replacement methodс.Flux methodP4-2 Hakone Company determined P284,200 payroll for the week consisting of P240,000earned by 80 direct laborers and P44,200 earned by 20 indirect laborers. The total factorybonuses to be paid at vear-end is estimated at P980,000. All factory workers receive athree-week paid vacation and 10 paid holidays.Required: Prepare the journal entries to: (a) distribute the weekly payroll and to (b) accruethe bonus, vacation, and holiday pay.CHAPTER 4 Accounting for Labor139Scanned with Camscanner

1) Separation Method - Turnover Rate - ( Number of separation in a period /Average no of workers…

PROBLEMS P4-1 Hansel Corporation provided the following data: No. of employees at the beginning of the month No. of employees at the end of the year No. of employees resigned No. of employees discharged No. of employees replaced Required: Calculate the labor turnover by applying three methods: Separation method Replacement method 600 640 40 10 20 а. b. С. Flux method

PROBLEMS P4-1 Hansel Corporation provided the following data: No. of employees at the beginning of the month No. of employees at the end of the year No. of employees resigned No. of employees discharged No. of employees replaced Required: Calculate the labor turnover by applying three methods: Separation method Replacement method 600 640 40 10 20 а. b. С. Flux method

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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.:3 خاص elearn.squ.edu.om P Flag question A manufacturing company has the following balances at the end of its first year's operations: Sales OMR350,000; actual manufacturing overhead OMR200,000; manufacturing overhead applied OMR114,000; unadjusted costs of goods sold OMR175,000. The costs of goods sold balance includes overhead applied of OMR51,300. Ending Work in process inventory includes overhead applied of OMR34,700. Ending finished goods inventory includes overhead applied of OMR28,000. These balances 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: a. OMR136,300 v h OMu
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D. On 30 June 20X2, the directors of Delta decided to close down a division. This decision was announced to the employees affected on 15 July 20X2 and the actual closure occurred on 31 August 20X2, prior to the 20X2 financial statements being authorised for issue on 15 September. Expenses and other items connected with the closure were as follows: Redundancy costs (estimated) Staff retraining (actual) Operating loss for the 2 months to 31 August 20X2 (estimated at 30 June) Profit on sale of property $m 22 $m 10 $m 12 $m 5 The actual redundancy costs were $20 million and the actual operating loss for the two months to 31 August 20X2, was $15 million. Required A. What is the amount of the restructuring provision to be recognised in the financial statements of Delta plc, for the year ended 31 July 20X2?
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Assume that prior to period-end adjustments, Latonya Company reported Cost of Goods Sold of $15,000, and Sales of $85,000. If Latonya Company had underapplied manufacturing overhead of $5,000, what amount c income statement, after adjustments? O $75,000 O $80,000 O $65,000 O $85,000
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
Determining actual factory overhead:The books of Prestige Products Company revealed that thefollowing general journal entry had been made at the end of the current accounting period:Factory Overhead . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000Under- and Overapplied Factory Overhead ...................... 2,000Closed credit balance in factory overhead control account. The total direct materials cost for the period was $40,000.The total direct labor cost, at an average rate of $10 per hour for direct labor, was one and one-half times the direct materials cost. Factory overhead was applied on the basis of $4 per direct labor hour. What was the total actual factory overhead incurred for the period? (Hint: First solve for direct labor cost and then for direct labor hours.)
Torio.cam/secured#lockdown Manufacturing overhead was estimated to be $489,600 for the year along with 20,400 direct lebor hours. Actual manufacturing overhead was $470,220, and actual labor hours were 21,800. The predetermined manufacturing overhead rate per direct labor hour would be nabled: Exam 1(Ch 1-4)0 Multiple Choice $0.07. $23.05 $24.00. $22.75
A manufacturing company has the following balances at the end of its first year's operations: Sales OMR350,000; actual manufacturing overhead OMR140,000; manufacturing overhead applied OMR114,0003; unadjusted costs of goods sold OMR175,000. The costs of goods sold balance includes overhead applied of OMR51,300. Ending Work in process inventory includes overhead applied of OMR34,700. Ending finished goods inventory includes overhead applied of OMR28,000. These balances 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. OMR186,700 O b. OMR158,800 c. None of the answers given O d. OMR149,000 O e. OMR163,300
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