The Matis Manufacturing Company manufactures a single product in two producing departments. For the month of April, the cost and production data were as follows: Mixing Finishing Quantity Data: WIP, beg Stage of Completion Materials Conversion Cost Started in Process 5,000 6,000 -0- 100% 50% 60% 10,000 10,000 5,000 Transferred to the next Dep't. WIP, end Stage of Completion Materials 11,000 5,000 80% -0- Conversion Cost Cost data: 40% 50% Cost in WIP, beg Costs from preceding Dep't Materials P63,000 P42,000 35,000 20,500 Direct labor 62,500 45,000 Factory Overhead Costs added this month Materials Direct labor 90,000 52,000 37,500 140,000 90,000 Factory Overhead

Q: Which of the following cost is included in cost of goods sold? customer service cost manufacturing…

A: In layman's language, the Cost of goods sold is nothing but the total cost incurred to produce a…

Q: Distinguish between the following set of terms: Direct product costs and indirect product…

A: Product Cost - Product Cost is the cost incurred by the organization for the product of the entity.…

Q: How does a product cost differ from a general, selling, and administrative cost? Give examples of…

A: Product Cost: Product costs are the expenses directly associated with making a particular product.…

Q: How do you calculate Cost of goods purchased

A: Cost of goods purchased (COGP) refers to the total cost incurred by a company to purchase inventory…

Q: How is the cost of goods manufactured calculated?

A: Cost of Goods Manufactured, also known to as COGM, is a term used in managerial accounting that…

Q: Explain in detail how a manufacturing company calculates Cost of Goods Manufactured and Cost of…

A: Manufacturing companies are those companies which are engaged in conversion of raw material into…

Q: How does the unit cost of producing an item depend on the total quantity of items that have been…

A: Unit cost is the cost of producing per unit. Unit cost includes both variable and fixed cost that…

Q: Define Finished goods.

A: Finished goods inventory is completely ready for sale after completing the production process.…

Q: Is (freight-in, materials) included in the cost of goods manufactured statement

A: The cost of having goods or materials delivered to a business for manufacture or resale is known as…

Q: Where can yo find information about the cost of goods sold

A: Financial statements are defined as the records that are prepared by the business entities as per…

Q: As a cost accounting manager, how can I ascertain the cost of production of product?

A: 1. Understand the production process: The first step to accurately ascertaining the cost of…

Q: How to calculate manufacturing costs

A: How to calculate manufacturing costs.

Q: How do you compute the cost of goods manufactured?

A: Cost of goods manufactured is the total amount of expense incurred in order to convert work in…

Q: What costs are incurred when making a product? How are they recorded when incurred?

A: Cost to create a product is know as product cost. These cost include all direct cost like direct…

Q: Explain the difference between a product cost and a period cost.

A: Product costs: Product costs are the costs which are incurred in the production of the goods. These…

Q: Briefly explain how product costs are viewed on a flow-of-activity basis.

A: Product costs on a flow-of-activity basis involve looking at the costs associated with the…

Q: Which factors contribute to the cost of direct labor?

A: Direct labour refers to the labour which is directly related to the production of products of any…

Q: How are costs assumed to flow through the manufacturing process?

A: The costs incurred during manufacturing process are said to be manufacturing cost.

Q: Provide the meaning of material cost and the procedure for estimation of material cost

A: Material costs are those costs incurred to produce a product or provide a service. Any product has a…

Q: Define Accounts payable and what are its representative cost driver?

A: Accounts payable: Accounts payable is the obligation of the company to make payment (within period…

Q: Explain the purpose of product costing.

A: Product costing: The process of assigning the production costs to all output of the organization is…

Q: How do you calculate costs of goods sold?

A: