The following selected information pertains to Text Company, Direct materials, P62,500, indirect materials, P12,500; factory payroll, P75,000 of direct labor and P11,250 of infirect labor, and other factory overhead incurred P37,500. The total conversion cost was

The following selected information pertains to Text Company, Direct materials, P62,500, indirect materials, P12,500; factory payroll, P75,000 of direct labor and P11,250 of infirect labor, and other factory overhead incurred P37,500. The total conversion cost was

Name: The following selected information pertains to Text Company, Direct ma
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Description: The following selected information pertains to Text Company, Direct materials, P62,500, indirect materials, P12,500; factory payroll, P75,000 of direct labor and P11,250 of infirect labor, and other factory overhead incurred P37,500. The total conver

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 12EA: What are the total costs to account for if a companys beginning inventory had $231,432 in materials,...

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During the year, a company purchased raw materials of $77,321, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
The costs per equivalent unit of direct materials and conversion in the Rolling Department of Kraus Steel Company are 750 and 120, respectively. The equivalent units to be assigned costs are as follows: The beginning work in process inventory on October 1 had a cost of 163,800. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department.
Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 2.70 is direct materials and 5.30 is overhead. What is the prime cost per unit? Conversion cost per unit?
What are the total costs to account for if a companys beginning inventory had $231,432 in materials, $186,450 in conversion costs, and added direct material costs ($4,231,392), direct labor ($2,313,392), and manufacturing overhead ($1,156,696)?
The following product costs are available for Kellee Company on the production of eyeglass frames: direct materials, $32,125; direct labor, $23.50; manufacturing overhead, applied at 225% of direct labor cost; selling expenses, $22,225; and administrative expenses, $31,125. The direct labor hours worked for the month are 3,200 hours. A. What are the prime costs? B. What are the conversion costs? C. What is the total product cost? D. What is the total period cost? E. If 6.425 equivalent units are produced, what is the equivalent material cost per unit? F. What is the equivalent conversion cost per unit?
The following selected information pertains to ABC Processing Company; Direct materials, P62,500; indirect materials, P14,500; factory payroll, P75,000 of direct labor payroll and P11,250 of indirect labor; and other factory overhead incurred, P37,500. What is the total conversion cost?
The following selected information pertains to Ajax Processing Co.: direct materials P62,500; indirect materials P12,500; factory payroll P75,000 of direct labor and P11,250 of indirect labor; and other factory overhead incurred, P37,500. The total conversion cost was:
Compute conversion costs given the following data: direct materials, $393,800; direct labor, $198,500; factory overhead, $200,400 and selling expenses, $36,900. Oa, 5594,200 Ob. $163,500 Oc. S398,900 Od. $792,700
Compute conversion costs given the following data: direct materials, $354,200; direct labor, $207,800; factory overhead, $193,000 expenses, $45,200. Oa. $755,000 Ob. $147,800 Oc. $400,800 Od. $547,200
In the manufacture of 9,800 units of a product, direct materials cost incurred was $174,800, direct labor cost incurred was $105,300, and applied factory overhead was $44,100. What is the total conversion cost? Oa. $174,800 Ob. $324,200 Oc. $44,100 Od. $149,400
The records of ABC Corporation revealed the following data for the current year. Work_in_Process_P73,150 Finished_Goods_P115,000 Cost_of_Goods_Sold_P133,650 Direct_Labor_P111,600 Direct_Material_P84,200. Assume that ABC has underapplied overhead of P37,200 and that this amount is material. How much is the denominator use to allocate the underapplied overhead?
Compute conversion costs given the following data: direct materials, $363,200; direct labor, $204,600; factory overhead, $192,100 and selling expenses, $39,100. a. $555,300 b. $759,900 O c. $153,000 od. $396,700