Chapter 4: A Closer lock on AccountingAccounting for Labor34. The following are examples of the employer s contributions excema. SSS contributionb. Philhealth contributionc. Withholding taxesd. Pag-ibig contributionWEmployee NameIreneAileenJuliusHaroldUnits Produced35. The following are example of labor time losses except:a. Idle timeb. Overtimec. Machine set-up timed. Labor cost of reworking effective units0608process account?a. P61,000b. P60,00036. The following are workers payroll deductions, except:c. P64,000d. P63,000SSS contributionb. Withholding taxesPag-ibig contributiond. None of the choicesfactory overhead control account?a. P3,000b. P1,000The total payroll for the week would be:a. P61,000b. P60,00037. The following are the data for the month of September of Garden Grovec. P4,000000'09d PEmployeeNamec. P64,000d. P63,000HourlyHours WorkedSun Mon Tues Wed ThursRateSat Total39.Iram Corp. pays time and half for hours in excess of 40 per week. If Chic-Chic, a worker is paid P50 per hour and works 45 hours a week, the total0010010076.52weekly gross earnings of Chic-Chic is:6.9.0952a. P2,250b. P2,375c. P2,125d. P2,000Garden Grove pays its employee one and one-half times the regular rate forhours worked over 40 and the rate for hours worked on Sunday is twice theregular rate. The following are deductions from gross earnings: SSS 8%;The amount charged to work in process if the overtime premium is chargedto specific job.a. P2,250b. P2,000Philhealth 2%; Pag-ibig 2% and Income tax 25%.c. P2,375d. P125How much of the total payroll cost will be charged to the factory overheadcontrol account?a. P42,100b. P3,838The amount charged to work in process if the overtime premium is chargedto factory overhead controla. P2,250b. P2,000c. P2,375d. P125c. P1,425d. P5,263The total amount charged to work in Process account is:a. P42,100b. P45,93840. The following are the data of ONGSKI Corporation.c. P43,525d. P47,36338. Irish Corp provides for an incentive scheme for its factory workers whichfeatures a combined minimum guaranteed wage and a piece rate. Eachworker is paid P200 per piece with a minimum guaranteed wage of P15,000The total earnings of the following employees per day:Employee NameYollyChrisRianJohnsonJenyClassificationOffice SecretaryFactory SupervisorLaborerLaborerSales SupervisorRate Per Day000'00s'per week. Production report for the week show:0061,200224225 Materials Procurement, Use and Control47. ABC has developed the following data from its Material XSafety stockAverage (normal) daily useMaximum daily useMinimum daily useEOQCost of placing one orderWorking days per yearLead time280200240Jead time is 3 business days,1801,000P20250 days6 daysWhat is the order point for Material Y?a. 5,500b. 5,000c. 3,000d. 14,500The te P 25, what is the total annual carrying cost for Material vaWhat is the reorder point?a. 1,480b. 1,720a. 1,562.50b. 937.50c. 2,500d. 1,875с. 1,360d. 2,200FO Isay's order quantity for tocino is 5,000 kilos. The Isay maintains a safetystock of T at 500 kilos, and its order point is 1,500 kilos.What is the absolute maximum inventory?a. 1,040 unitsb. 1,400 unitsc. 1,280 unitsd. 800 unitsWhat is the lead time, assuming daily usage is 50 kilos?a. 20 daysb. 30 daysc. 15 daysd. 10 daysWhat is the normal maximum inventory?a. 1,040 unitsb. 1,400 units51. What would be the total annual carrying costs, assuming the carrying costper unit is PO.80?a. 4,000b. 2,400c. 1,280 unitsd. 800 unitsc. 4,400d. 400What is the cost of carrying an inventory per unit per year?a. P1.00b. PO,50c. P2.00d. P1.50What is the average inventory?a. 740c. 500d. 780b. 1,02048. The following are data of materials inventory for the year 2020 of MaraCorp:Number of pounds required annuallyCost of placing an orderAnnual carrying cost per pound of materials144,000P 180P36What is the EOQ?a. 600 lbs.b. 2,400 lbs.c. 1,200 lbs.d. 12,000 lbs.Chapter 3: A look on Cost Accounting

Since we answer one question, we will answer question number 35. Please resubmit the questions…

Answered: ution d. Pag-ib: 5. The following are…

ution d. Pag-ib: 5. The following are example of labor time losses a. Idle time b. Overtime c. Machine set-up time d. Labor cost of reworking effective units

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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