Problem 10: Spoiled GoodsPon Inc. has completed the Job 101, containing 2,200 shoes, during 2016 atthe following unit costs:2,0001,0001,300Final inspection of Job 101 disclosed 200 spoiled shoes which were sold to aDirect materialsDirect laborRactory overhead (including an allowance of P300 for spoiled work)department for P400,000.Required:1. What is the unit cost of shoes produced on Job 101 if spoilage loss iscommon to all jobs?2. What is the unit cost of shoes produced on Job 101 if spoilage loss ischarged to specific Job 101?

Introduction In job costing if there is an spoilage which is normal then such spoilage is commonly…

Answered: ProInc, has completed the Job 101,…

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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Quality Motor Company is an auto repair shop that uses standards to control its labor time and labor cost. The standard labor cost for a motor tune-up is given below: Standard Hours Standard Rate Standard Cost Motor tune-up 2.50 $ 38.00 $ 95.00 The record showing the time spent in the shop last week on motor tune - ups has been misplaced. However, the shop supervisor recalls that 58 tune-ups were completed during the week, and the controller recalls the following variance data relating to tune-ups: Labor rate variance $ 450 F Labor spending variance $ 500 U Required: Determine the number of actual labor - hours spent on tune-ups during the week. Determine the actual hourly pay rate for tune -ups last week. Note: Round your answer to 2 decimal places.
1. A check involves three parties. The person directed to receive the money is called the a.endorser. b.payee. c.drawer. d.drawee. 2. The time an asset is expected to last is called its a.fiscal period. b.depreciation. c.useful life. d.net loss value. 3. In reconciling a bank statement, the bank statement balance is $1,000 and the balance per books is $1,205. A bank service charge is $5; a deposit in transit totals $500; and outstanding checks total $300. The journal entry for a bank service charge would include a.debiting Cash and crediting Miscellaneous Expense. b.debiting Miscellaneous Expense and crediting Cash. c.debiting Cash and crediting Owner's Capital. d.debiting Accounts Payable and crediting Cash. 4. The journal entry to close revenue accounts includes a.debiting the revenue accounts and crediting the drawing account. b.debiting the revenue accounts and crediting Cash. c.debiting the revenue accounts and crediting Income Summary. d.debiting Income Summary…
Quality Motor Company is an auto repair shop that uses standards to control its labor time and labor cost. The standard labor cost for a motor tune-up is given below: Standard Hours Standard Rate Standard Cost Motor tune-up 2.50 $ 33.00 $ 82.50 The record showing the time spent in the shop last week on motor tune-ups has been misplaced. However, the shop supervisor recalls that 58 tune-ups were completed during the week, and the controller recalls the following variance data relating to tune-ups: Labor rate variance $ 80 F Labor spending variance $ 118 U Required: Determine the number of actual labor-hours spent on tune-ups during the week. Determine the actual hourly pay rate for tune-ups last week

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