RedRock Manufacturing purchased raw materials worth $180,000, with freight-in $8,000 and trade discount 10%. Calculate the total materials cost. A) $170,000 B) $189,200 C) $112,000 D) $288,000
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- sIN SEQUENCIAL PRODUCTION PROCESS A, B AND C, • MATERIAL ABSORBED FOR PROCESS A IS $50.000; CONVERSION COST IS $30,000; • MATERIALS ABSORBED FOR B PROCESS ARE $64,000 FROM A WIPS WITH CONVERSION COST$32.000 • MATERIALS ABSORBED FOR C PROCESS ARE $40,000 FROM B WIPS WITH CONVERSION COST $10,000,- • BEGINNING INVENTORY OF FINISHED GOODS $7.000; AND ENDING INVENTORY OF FINISHED GOOD IS $10.000. • CALCULATE CHANGING INVENTORY OF A AND B AND COGS.Tumeng Co. acquired a piece of equipment for 1,000,000 and incurred the following additional costs: Brokers Commission 50,000 Freight cost 35,000 Freight Insurance 5,000 Installation costs 250,000 Calibration and testing costs 20,000 Training cost of the machine operators 15,000 General and administrative costs 6,000 The samples generated from testing the equipment were sold for 2,000. Requirements: Compute for the initial cost of the equipment
- Gammil company has beginning and ending raw materials inventories of $96,000 and $120,000, respectively. If direct materials used were $390,000, what was the cost of raw materials purchased? Question 7 options: $366,000 S414,000 $390,000 $420,000Materials used, P326,000. Total manufacturing costs charged to production during the year (including direct materials, direct labor, and factory overhead applied at the rate of 60% of direct labor cost), P686,000. Cost of goods available for sale, P826,000. Selling and general expenses, P25,000. 1.What is the amount of direct materials purchased during the year? 2.What is the total conversion cost? 3.What is the direct labor costs charged to production during the year? 4.How much is the total prime cost? 5.The following selected information pertains to Top Gun Manufacturing Inc.: Direct materials of P625,000, indirect materials of P125,000, direct labor of P750,000, indirect labor of P112,500, and factory overhead (not including indirect materials and indirect labor) of P375,000. How much is the conversion cost.Direct material used $20,000 Depreciation- plant building $8,000 Indirect material (supplies) $2,500 Depreciation - sales building $6,000 Direct manufactured labor $7,000 Depreciation - plant tools $2.300 Indirect manufactured labor (annually salaries) $3,500 Production 40,000 units The total of "ixed costs" is: Question 3/20o 1.22300, 2 17300. 3.16300. 4.10,300. 5. None of the above
- The following entry would be used to record the transfer of $40,000 of direct material and $10,000 of indirect material from the storeroom to production: Direct Materials Indirect Materials Raw Materials O True False 40,000 10,000 50,000Statment of the cost of goods manufactured?Solve with explanation
- Larned Corporation recorded the following transactions for the just completed month. a. Purchased $74,000 of raw materials on account. b. $72,000 in raw materials were used in production. Of this amount, $65,000 was direct materials and the remainder was indirect materials. c. Paid employees $120,500 cash. Of this amount, $101,100 was direct labor and the remainder was indirect labor. d. Depreciation of $198,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 1 2 3 4 $74,000 in raw materials were purchased on account. Note: Enter debits before credits. Transaction a. General Journal Debit Credit 7The following cost incurred by Lucky corporation for October 2019 were as follows: Direct Materials used, P20,000 Indirect materials used, P1,000 Direct labor, P9,000 Indirect labor, P5,000 Other factory cost, P5,000 Selling expenses,P10,000 Administrative expenses, P12,000 Question: How much is the total product cost? a. P62,000 b. P50,000 c. P29,000 d. P40,000 Plz answer fast without plagiarism and don't copy answer plzHardev
