Summit Company provide the cost data for the month of January Inventories: January 1 January 31 Direct materials P80, 000 P40, 000 WIP P65, 000 P100, 000 Finished Goods P65, 000 P50, 000 Factory overhead applied P180, 000 Cost of goods manufactured P655, O00 Direct materials used P190, 000 Actual FOH P168, 000 1. How much is the adjusted WIP after absorbing share of allocation from overhead variance (alloca appropriate inventories) Round of the computed share on allocation to whole number 2. How much is the share allocated to Finished goods inventory in absorbing the overhead variance (allocated to appropriate inventories) Round of the computed share on allocation to whole number 3. Adjusted COGS if under or -applied overhead were allocated to inventories and COGS. Round of computed share on allocation to whole number 4. Adjusted COGS if under or over-applied overhead were closed to COGS SHOW SOLUTION PLEASE

Summit Company provide the cost data for the month of January Inventories: January 1 January 31 Direct materials P80, 000 P40, 000 WIP P65, 000 P100, 000 Finished Goods P65, 000 P50, 000 Factory overhead applied P180, 000 Cost of goods manufactured P655, O00 Direct materials used P190, 000 Actual FOH P168, 000 1. How much is the adjusted WIP after absorbing share of allocation from overhead variance (alloca appropriate inventories) Round of the computed share on allocation to whole number 2. How much is the share allocated to Finished goods inventory in absorbing the overhead variance (allocated to appropriate inventories) Round of the computed share on allocation to whole number 3. Adjusted COGS if under or -applied overhead were allocated to inventories and COGS. Round of computed share on allocation to whole number 4. Adjusted COGS if under or over-applied overhead were closed to COGS SHOW SOLUTION PLEASE

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter5: Process Cost Accounting—general Procedures

Section: Chapter Questions

Problem 10P: Aero Aluminum Inc. uses a process cost system. The records for May show the following information:...

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Aero Aluminum Inc. uses a process cost system. The records for May show the following information: Using the data in P5-9, draft the journal entries to record: 1. The cost of goods received from Rolling during the month. 2. The production costs incurred in Converting during the month. 3. The cost of goods completed and transferred to finished goods during the month.
Coops Stoops estimated its annual overhead to be $85,000 and based its predetermined overhead rate on 24,286 direct labor hours. At the end of the year, actual overhead was $90,000 and the total direct labor hours were 24,100. What is the entry to dispose of the over applied or under applied overhead?
Little Company uses a standard costing system. The following monthly cost functions apply to its manufacturing overhead items: Cost Function PO.80 per DLH P1.00 per DLH P0.40 per DLH P8,000 P32,000 Overhead Item Indirect materials Indirect labor Utilities Insurance Depreciation Information for the month of October is as follows: Actual overhead costs incurred: Indirect materials P20,800 24,000 9,600 8,800 32,000 P95,200 Indirect labor Utilities Insurance Depreciation Total Actual direct labor hours worked 24,000 Standard direct labor hours allowed for production achieved 27,000 Little uses expected capacity to calculate standard overhead rates. The monthly expected capacity is 25,000 hours. Required: а. Calculate the following standard overhead rates based upon expected capacity:
services XYZ industries applies overhead based on direct labor cost. The following information was available for the last year: Actual manufacturing overhead OMR50,000; Underapplied manufacturing overhead OMR10,400; Actual Prime cost OMR52,000; Actual Direct material cost OMR19,000; Estimated direct labor cost OMR41,000 overhead for the year? What was the estimated man turi Select one: O a. OMR49,200 O b.OMR39,600 O c. None of the answers given O d. OMR46,800 e OMRS1,600 ge Next page
Urmilaben
Cost data for Disksan Manufacturing Company for the month ended January 31 are as follows: Please see the attachments: a. Prepare a cost of goods manufactured statement for January.b. Determine the cost of goods sold for January.
For February, prime cost incurred was?
Problem 1.b.: Computation of Costs of Goods Manufactured (COGM).Akari Inc. provided the following information for its work-in-process inventory account at the end of the current month.Work-in-process Inventory (WIP)Accounts $ Accounts $Beginning balance $19,500 COGM ?Direct materials (DM) $76,200Direct labor (DL) $120,000MOH allocated $72,000Ending Balance $24,300Required: Compute the Costs of Goods Manufactured (COGM) at the end of the current month.Solution: Formula:Beginning WIP+ TMC (total manufacturing costs) for the periodDM usedDL incurredMOH allocatedTMC in WIP- Ending WIP= COGM
For October, prime cost incurred was
Ryan company recorded the following data pertaining to raw material Y during the current year. units Date Received cost Issued On hand Jan. 1 Inventory 200 16,000 Jan. 8 Issue 8,000 8,000 Jan. 20 Purchase 24,000 240 32,000 What is the moving average unit cost on January. 31?
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ate dir and th ble for ory, Au ate fix verhea ate dir to ca August 2022 data Work-in-process inventory, August 1, 2022 Direct materials inventory, August 1, 2022 Direct materials purchased Direct materials used Variable manufacturing overhead Total manufacturing overhead Total manufacturing costs incurred during August 2022 Cost of goods manufactured Cost of goods sold Finished goods inventory, August 1, 2022 Print Done 215 75 335 385 265 485 1,610 1,690 1,700 220 X ean thes ust.