Survivor Company incurred the following cost for the year-ended December 31, 2021: Depreciation of delivery equipment Depreciation of administrative equipment Depreciation of production equipment Direct materials Direct labor Indirect labor Utilities, admin department Utilities, sales department Rent, finished goods warehouse Rent, raw materials warehouse Determine the total period cost. P24,426 P49,343 P13,994 P10,555 P39,043 P38,237 P56,799 P57,027 P22,200 P20,483

Survivor Company incurred the following cost for the year-ended December 31, 2021: Depreciation of delivery equipment Depreciation of administrative equipment Depreciation of production equipment Direct materials Direct labor Indirect labor Utilities, admin department Utilities, sales department Rent, finished goods warehouse Rent, raw materials warehouse Determine the total period cost. P24,426 P49,343 P13,994 P10,555 P39,043 P38,237 P56,799 P57,027 P22,200 P20,483

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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MOC Construction Company started work on three job sites during the current year. Any costs incurred are expected to be recoverable. Data relating to the three jobs are given below (image): If the company records revenue at a point in time, how much must be shown as current asset in the balance sheet of MOC Construction Company as of December 31? A. 5,100,000 B. 500,000 C. 250,000 D. 100,00
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Zelbra Company adopts absorption costing and has the following balances (before year-end adjustments) as at the year ended December 31, 2021.Direct Raw Materials $120,000 DrWIP Inventory 250,000 DrFinished Goods Inventory 176,000 DrCost of Goods Sold 245,000 DrAdditional information is as follows:Cost of direct raw materials purchased during 2021 $198,000Cost of direct raw materials requisitionedduring 2021 176,000Cost of goods manufactured during 2021 372,000For the year 2021, Zelbra Company budgets manufacturing overhead costs to be $251,000 and direct labour hours to be 15,000: these estimates are based on the Company operating at normal capacity. In 2021 actual manufacuring overhead costs $298,500 and the actual direct labour hours were 16,500. Direct labour hours are charged at the rate of $10 per hour. Direct labour hours is used for allocating manufacuting overhead costs. Assume there are no price or efficiency variables for direct labour and direct materials. All…
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