The following information appears on the stock card for material DEF for April, 20C: Beginning balance: 700 units @ P5; Purchases: April 10 - 2,500 units @ P6.00; April 18 - 2,000 units @ P5.50; April 27 - 3,000 units @ P5.80. Issuances: April 11 - 2,000 units for Job No. 76; April 15 - 700 units for Job No. 79; April 20 - 1,500 units for Job No. 75; April 25 - 600 units for Job No. 79; April 30 - 1,500 units for Job No. 76. On April 19, 200 units of the April 18 delivery were returned to the supplier for being defective. Accordingly, a credit memorandum was received from the latter. On April 29, 100 units were returned to the storeroom by the department that made the requisition on April 20. Using the FIFO costing method, how much materials cost must be charged to the jobs for April? Job 75 = P8,500; Job 76 = P19,910; Job 79 = P7,500 Job 75 = P9,000; Job 76 = P18,250; Job 79 = P7,500 Job 75 = P7,950; Job 76 = P19,910; Job 79 = P7,500
1.
9.The following information appears on the stock card for material DEF for April, 20C: Beginning balance: 700 units @ P5; Purchases: April 10 - 2,500 units @ P6.00; April 18 - 2,000 units @ P5.50; April 27 - 3,000 units @ P5.80. Issuances: April 11 - 2,000 units for Job No. 76; April 15 - 700 units for Job No. 79; April 20 - 1,500 units for Job No. 75; April 25 - 600 units for Job No. 79; April 30 - 1,500 units for Job No. 76. On April 19, 200 units of the April 18 delivery were returned to the supplier for being defective. Accordingly, a credit memorandum was received from the latter. On April 29, 100 units were returned to the storeroom by the department that made the requisition on April 20. Using the FIFO costing method, how much materials cost must be charged to the jobs for April?
Job 75 = P8,500; Job 76 = P19,910; Job 79 = P7,500
Job 75 = P9,000; Job 76 = P18,250; Job 79 = P7,500
Job 75 = P7,950; Job 76 = P19,910; Job 79 = P7,500
2.The inventory account of Vanda Manufacturing Co. includes raw materials and work in process and is on a perpetual inventory basis using the FIFO costing method. There is no finished goods inventory. The opening inventory of P30,500 includes obsolete materials recorded at P250. The following are debits to certain accounts in March, 20C: Purchases - P49,400, Direct labor - P24,100, Factory overhead control - P50,400, Cost of goods sold - P137,200. Factory overhead rate is 200% of direct labor cost. The given cost of goods sold includes direct labor cost of P13,800. The obsolete materials (in the beginning inventory) of P250 was charged to cost of goods sold upon removal thereof from the inventory account. Factory overhead has been charged for an excessive scrap loss of P1,600 identified with a special order (that was started on and completed during the month). Normal scrap loss on regular product lines is considered negligible. Based on the information given, how much must be the overabsorbed (underabsorbed) factory overhead as of March 31? *
P600
P (600)
P(2,200)
3.Gondola Company's Job No. 205 (for the manufacture of 6,600 coats) was completed August, 20M at the following unit costs: Direct materials - P1,500, Direct labor - 1,000, Factory overhead (including allowance of P50 for spoiled work) - 500. Total = P3,000. Final inspection of Job No. 205 disclosed 600 spoiled costs. These were subsequently sold to a jobber for P600,000. Assuming that spoilage loss is charged to all production, what would be the unit cost of the good coats produced per Job No. 205? *
P2,900
P2,950
P3,000
P3,150
4. The following information appears on the stock card for material DEF for April, 20C: Beginning balance: 700 units @ P5; Purchases: April 10 - 2,500 units @ P6.00; April 18 - 2,000 units @ P5.50; April 27 - 3,000 units @ P5.80. Issuances: April 11 - 2,000 units for Job No. 76; April 15 - 700 units for Job No. 79; April 20 - 1,500 units for Job No. 75; April 25 - 600 units for Job No. 79; April 30 - 1,500 units for Job No. 76. On April 19, 200 units of the April 18 delivery were returned to the supplier for being defective. Accordingly, a credit memorandum was received from the latter. On April 29, 100 units were returned to the storeroom by the department that made the requisition on April 20. If the average costing method was used in the question above, how much must be the debit (credit) to inventory adjustment based on the returns to suppliers on April 19?
P(13)
P13
P11
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