The following data are used for questions 7 to 11 The AAA Company build wooden bookshelf wall units. The company's standard costs are: Wood Trim Direct labor 25 pounds at P6.40 per pound 8 pounds at P10.00 per pound 5 hours at P12.00 per hour P30.00 per unit P130,000 per period, applied at the rate of P20.00 per unit Variable overhead Fixed overhead A recent month's transactions were: 160,000 pounds of wood were purchased at P6.50 per pound; 50,000 pounds of trim were purchased at P9.60 per pound. 155,000 pounds of wood were issued to production; 48,500 pounds of trim were issued to production. Direct labor incurred was 31,000 hours at an average cost of P11.50 per hour. Overhead costs were P302,000, of which P181,000 were variable. Six thousand units were produced during the month. 7. What was the total actual cost of wood purchased? b. P1,024,000 c. P1,040,000 a. P1,007,500 d. 480,000

The following data are used for questions 7 to 11 The AAA Company build wooden bookshelf wall units. The company's standard costs are: Wood Trim Direct labor 25 pounds at P6.40 per pound 8 pounds at P10.00 per pound 5 hours at P12.00 per hour P30.00 per unit P130,000 per period, applied at the rate of P20.00 per unit Variable overhead Fixed overhead A recent month's transactions were: 160,000 pounds of wood were purchased at P6.50 per pound; 50,000 pounds of trim were purchased at P9.60 per pound. 155,000 pounds of wood were issued to production; 48,500 pounds of trim were issued to production. Direct labor incurred was 31,000 hours at an average cost of P11.50 per hour. Overhead costs were P302,000, of which P181,000 were variable. Six thousand units were produced during the month. 7. What was the total actual cost of wood purchased? b. P1,024,000 c. P1,040,000 a. P1,007,500 d. 480,000

Name: The following data are used for questions 7 to 11The AAA Company buil
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Description: The following data are used for questions 7 to 11The AAA Company build wooden bookshelf wall units. The company's standard costs are:Wood25 pounds at P6.40 per pound8 pounds at P10.00 per pound5 hours at P12.00 per hourP30.00 per unitP130,000 per pe

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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Subject - Acounting