V Company completed 375 units of customized jewelry. The product cost per unit: Direct materials P8,750 Direct labor 600 Factory overhead 1,200 10,550 However, upon quality inspection, 10 units were found to be spoiled. The spoiled goods are sold for P76,300. The spoilage is due to customer's preferences. All good items and spoiled items are sold. The mark-up for good items is 50% based on cost. How much is the sales revenue?

V Company completed 375 units of customized jewelry. The product cost per unit: Direct materials P8,750 Direct labor 600 Factory overhead 1,200 10,550 However, upon quality inspection, 10 units were found to be spoiled. The spoiled goods are sold for P76,300. The spoilage is due to customer's preferences. All good items and spoiled items are sold. The mark-up for good items is 50% based on cost. How much is the sales revenue?

V Company completed 375 units of customized jewelry. The product cost per unit: Direct materials P8,750 Direct labor 600 Factory overhead 1,200 10,550 However, upon quality inspection, 10 units were found to be spoiled. The spoiled goods are sold for P76,300. The spoilage is due to customer's preferences. All good items and spoiled items are sold. The mark-up for good items is 50% based on cost. How much is the sales revenue?

FINANCIAL ACCOUNTING

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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V Company completed 375 units of customized jewelry.

The product cost per unit:

Direct materials P8,750

Direct labor 600

Factory overhead 1,200

10,550

However, upon quality inspection, 10 units were found to be spoiled.

The spoiled goods are sold for P76,300.

The spoilage is due to customer's preferences.

All good items and spoiled items are sold.

The mark-up for good items is 50% based on cost.

How much is the sales revenue?

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Rev ABC Company uses a standard costing system in connection with the manufacture of their product "X". Each unit of finished product contains 2 yards of a direct material. However, a 20% direct material spoilage calculated on input quantities occurs during the manufacturing process. The standard cost of the direct material is P3 per yard. For the month, the company purchased 100,000 yards of the direct material for P350,000 and used 90,000 yards to produce 40,000 units of Material X. 15 Compute for the Efficiency Variance Topic: Standard Costing and Variance Analysis
Please show the computation. Thank you!
Catriona Company completed 300 units of customized jewelry. The product cost per unit: Direct materials P8,400 Direct labor 500 Factory overhead 750 P9,650 However, upon quality inspection, 20 units were found to be spoiled. The spoiled goods are sold for P138,400. The spoilage is due to customer's preferences. All good items and spoiled items are sold. How much is the product cost per unit?
Martin Company received an order for 25 automatic mixing machines. Because of the order's exacting specifications, it is anticipated that defective and spoiled work will exceed the normal rate. The materials cost per unit is P80; labor cost, P194; and manufacturing overhead for this order is to be applied at 100% of the labor cost. During production, 5 units were found to be defective and required the following total additional costs: materials, P97, labor, P125, and manufacturing overhead at the 100% rate. On final inspection, 2 units were classified as seconds and sold for P400 each, the proceeds being credited to the order. The purchaser has agreed to accept the 23 machines, although the acceptable units are fewer than the number ordered. What is the unit cost of the completed units? (Round-off to the nearest peso) IN A GOOD ACCOUNTING FORM WILL BE GREAT ALSO!
Please show the computation. Thank you!
Please show the computation. Thank you!
Pharoah Corp. received an order for 25 automatic mixing machines. Because of the order's exacting specifications, it is anticipated that defective and spoiled work will exceed the normal rate. The materials cost per unit is P80; labor cost, P194; and manufacturing overhead for this order is to be applied at 100% of the labor cost. During production, 5 units were found to be defective and required the following total additional costs: materials, P97, labor, P125, and manufacturing overhead at the 100% rate. On final inspection, 2 units were classified as seconds and sold for P400 each, the proceeds being credited to the order. The purchaser has agreed to accept the 23 machines, although the acceptable units are fewer than the number ordered. What is the unit cost of the completed units?
44. SHINING Apparel completed 3, 600 expensive bags during the 1st quarter of the current year. The following costs per unit are presented below: Direct materials P200Direct Labor 180Factory overhead, included P10 allowance for spoilage 180Final inspection revealed that 600 bags were spoiled which were sold as export overrun at 40% of production costs. The good units were delivered and billed the customer at 120% above cost.If the spoilage is common to all jobs, the amount billed to the customer is: a. • P1,680,000 b. • P2,100,000 c. • P2,016,000 d. • P3,696,000
4Can you please help me? Thanks in advance!
MARICOL Company uses a standard costing system in connection with the manufacture of their product "X". Each unit of finished product contains 2 yards of a direct material. However, a 20% direct material spoilage calculated on input quantities occurs during the manufacturing process. The standard cost of the direct material is P3 per yard. For the month, the company purchased 100,000 yards of the direct material for P350,000 and used 90,000 yards to produce 40,000 units of Material X. Compute price variance, efficiency variance and materials variance
None
Jungkook Company completed 500 of customized apparel. The product cost per unit: Direct materials P200 Direct labor 300 Factory overhead 150 P650 However, upon quality inspection, 30 units were sub-standard due to external failure and are to be rework. The rework cost per unit of the prime costs are: Direct materials P50 Direct labor 60 How…

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