Refer to the following data to answer the question: Direct material used Selling costs Indirect labour Administrative costs Depreciation on factory equipment Direct labour Overtime premiums paid Indirect materials $ 150 000 $ 5.000 $7.000 $ 10.000 70 000 40 000 $20 000 $ 45 000 +A $ $

Refer to the following data to answer the question: Direct material used Selling costs Indirect labour Administrative costs Depreciation on factory equipment Direct labour Overtime premiums paid Indirect materials $ 150 000 $ 5.000 $7.000 $ 10.000 70 000 40 000 $20 000 $ 45 000 +A $ $

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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Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.

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The TOYO Manufacturing Company has the following financial information:· Manufacturing overhead P300,800· Direct materials increased by 130, 000· Work in process increased by 90, 000· Finished goods decreased by 320, 400Manufacturing overhead amounts to 50% of direct labor, and the direct labor and manufacturing overhead combined equal 50% of the total cost of manufacturing.How much is the cost of goods sold?
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Which accounts are affected when $133,000 of indirect goods are used in production?
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I b) Refer to the following data: Direct material used $180 000 Advertising costs $ 5 000 Indirect labour $ 8 000 Rent on corporate office $ 20 000 Depreciation on factory equipment $ 60 000 Direct labour $ 30 000 Factory cleaners wages $ 20 000 Indirect materials $ 35 000 Required (show your workings for each question): Determine each of the following costs: (list the costs under each cost category when calculating the answer). Period costs
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