X Corp. applies factory overhead to production at 75% of labor cost. The following data are drawn from the company's records: May 1, 2021 P 96,200 132,000 156,000 May 31, 2021 P 94,600 148,000 172,000 Inventories Materials Work in process Finished goods Credit sales from January to May 2021 – P500,000 Credit sales from January to April 2021- P400,000 Cash Sales for the month of May 2021- P 200,000 Factory overhead applied – P48,000 Operating expenses – P22,400 Net income - P53,600

X Corp. applies factory overhead to production at 75% of labor cost. The following data are drawn from the company's records: May 1, 2021 P 96,200 132,000 156,000 May 31, 2021 P 94,600 148,000 172,000 Inventories Materials Work in process Finished goods Credit sales from January to May 2021 – P500,000 Credit sales from January to April 2021- P400,000 Cash Sales for the month of May 2021- P 200,000 Factory overhead applied – P48,000 Operating expenses – P22,400 Net income - P53,600

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

1. FAN Company has the following data for the year 2021 (in thousand) January 1, 2021 December 31, 2021 Raw Materials Inventory $16,300 $15,000 Work-in-process Inventory $40,000 $40,110 Finished Goods Inventory $49,600 $44,256 During 2021 the amount of raw material purchased was $21,700 and direct labor costs incurred were $10,100. The finance department also provides the following additional data : Factory Machinery Rent $ 1,840 Indirect Materials $ 3,400 Delivery Expense $ 760 Factory Utilities $ 1,200 Depreciation on Factory Building $ 3,500 Sales Commissions $ 340 Administrative Expense 1,620 Factory Insurance $ 1,266 Sales Revenue $ 98,600 Factory Manager's Salary $ 2,240 Indirect Labor $ 5,670 Instructions: b. Prepare an Income Statement for the year ended 2021! %24
1. FAN Company has the following data for the year 2021 (in thousand) January 1, 2021 December 31, 2021 Raw Materials Inventory $16,300 $15,000 Work-in-process Inventory $40,000 $40,110 Finished Goods Inventory $49,600 $44,256 During 2021 the amount of raw material purchased was $21,700 and direct labor costs incurred were $10,100. The finance department also provides the following additional data : Factory Machinery Rent $ 1,840 Indirect Materials $ 3,400 Delivery Expense $ 760 Factory Utilities $4 1,200 Depreciation on Factory Building $ 3,500 Sales Commissions $ 340 Administrative Expense $ 1,620 Factory Insurance $ 1,266 Sales Revenue $ 98,600 Factory Manager's Salary $ 2,240 Indirect Labor $ 5,670 Instructions: c. Assume that FAN Company's accounting records show the balance of the following current asset accounts on December 31, 2021 (in thousand): Cash $110,250 Accounts Receivable $ 12,440 Prepaid Expenses $9,250 Supplies $ 500 Short-Term Investment $ 550 Prepare the current…
Ibra factory reports the following costs and expenses in June 2019. Indirect materials OMR 5,400 Direct Labor OMR 16,000 Depreciation on factory equipment 11,200 Advertising expense 4,600 Manager factory salary 5,000 Factory equipment repairs 300 Property taxes on office building 870 Office supplies 650 Manager office salary 12,000 Office utilities 990 Indirect labor 2,200 Repairs on office equipment 180 What is the period costs for June 2019: Select one: Oa. 18,300 Ob. 19,110 Oc. 18,420 O d. None of the answers are correct e. 19,290
Here is the following data extracted from the records of a company during the year 2019, as follows: - Direct raw materials purchased during the period (350,000) dinars. - Direct raw materials for the first period (125,000) dinars. - Direct raw materials at the end of the period (150,000) dinars. - Direct wages amounted to (225,000) dinars during the period. Industrial indirect costs were estimated as follows: 25% of the total costs of direct raw materials used in production during the period. 10% of the total direct wage costs spent on production during the period. - The balance of production under operation in the first period amounted to (35,000) dinars. - The balance of production under operation at the end of the period reached (50,000) dinars. The balance of finished production at the beginning of the period was (100,000) dinars. - The balance of finished production at the end of the period reached (75,000) dinars. Required: Find the following: 1. The total initial costs of…
Q3. A summary of Turtle Company's transactions for March 2019 are as followings. 1) Purchases of materials on credit, $89,000 2) Usage of direct materials, $81,000 and indirect materials $4,000. 3) Manufacturing payroll for March direct labor, $39,000 and indirect labor $15,000 paid in cash. 4) Other manufacturing overhead costs incurred during March $75,000 consisting of supervision salary $44,000, plant utilities $13,000 and plant depreciation S18,000. 5) Allocation of factory overhead to jobs $80,000 6) Completion and transfer of individual jobs to finished goods, $188,800. 7) Cost of goods sold, $180,000. 8) Marketing cost $45,000, customer service cost $15,000 paid in cash 9) Sales Revenues, all on credit $270,000. (Instructions) 1. Make journal entries 2. Make Work in Process Account by using T-account form. 3. Make journal entry to dispose of overhead difference.
If the company records revenue over time, how much must be shown as currentasset in the balance sheet of MOC Construction Company as of December 31?A. 5,500,000 C. 250,000B. 500,000 D. 100,000
1. FAN Company has the following data for the year 2021 (in thousand) January 1, 2021 December 31, 2021 Raw Materials Inventory $16,300 $15,000 Work-in-process Inventory $40,000 $40,110 Finished Goods Inventory $49,600 $44,256 During 2021 the amount of raw material purchased was $21,700 and direct labor costs incurred were $10,100. The finance department also provides the following additional data : Factory Machinery Rent 1,840 Indirect Materials $ 3,400 Delivery Expense $ 760 Factory Utilities $ 1,200 Depreciation on Factory Building 3,500 Sales Commissions $ 340 Administrative Expense $ 1,620 Factory Insurance $ 1,266 Sales Revenue $ 98,600 Factory Manager's Salary $ 2,240 Indirect Labor $ 5,670 Instructions: a. Prepare a cost of goods manufactured schedule for FAN Company for 2021! %24
BBA (Pty) Ltd constructed a factory plant during the financial year ended 31 December 2021. The plant was completed on 30 June 2021 and the following costs were incurred during the financial year. Select the costs that would be included in the calculation of the cost of the factory plant that was constructed. Select the amounts you would include in the cost of plant calculation. R Construction costs which includes material and labour costs (included in this amount is material amounting to R15 000, that was destroyed in a hail storm) 770 000 Import duties on certain construction materials - non-refundable 30 000 Import duties on certain construction materials - refundable 10 000 Administration costs 15 000 Engineer fees 40 000 Fuel costs to transport construction materials to the construction site 3 000 Advertising cost of the product produced by the new factory plant 20 000 Initial operating losses due to insufficient…
i)Compute Fielder’s predetermined manufacturing overhead rate for 2020. ii)State the journal entries necessary to record the above transactions in the general journal: a)For direct materials used in February b)For indirect material issued to production in February c)For total manufacturing labour incurred in February d)To assign manufacturing labour to the appropriate accounts e)For other manufacturing overhead incurred f)For manufacturing overhead applied to production for February, given thatFieldermanufacturing company worked 2,750 machine hours. g)To move the completed jobs into finished goods inventory h)To sell the two completed jobs on account
The following information relates to Jarden Industries for fiscal 2020, the company's first year of operation: Units produced Units sold Units in ending inventory Fixed manufacturing overhead Calculate the amount of fixed manufacturing overhead that would be expensed in 2020 using full costing. (Round fixed manufacturing overhead per unit to 2 decimal places, e.g. 15.25 and final answer to O decimal places, e.g. 125.) Fixed manufacturing overhead expensed $ Calculate the amount of fixed manufacturing overhead that would be expensed in 2020 using variable costing. 150,000 120,000 30,000 $900,000 Fixed manufacturing overhead expensed $ Calculate the amount of fixed manufacturing overhead that would be included in ending inventory under full costing and reconcile it to the difference between parts a and b. Fixed manufacturing overhead in ending inventory $ FMOH expensed under variable costing FMOH expensed under full costing Difference 1
4 In accounting for construction contracts using the percentage of completion method, the gross profit recognized during the year would be the estimated gross profit multiplied by the percentage of the costs incurred to date to the : Group of answer choices Total estimated cost Total contract price Total cost incurred to date Unbilled portion of the contract price
ABC Co. is a manufacturing company and its selected financial statements items are given as following. Net Sales 3 - equals to 32000 for the year 2020 and 28000 for the year 2019. COGS equals to 24000 and 21000 respectively for the year 2020 and 2019. Accounts Receivable for the year 2020 equals to 8500 and 7800 for the year 2019. Inventory equals to 7500 and 6800 respectively for the year 2020 and 2019. Accounts Payable for the year 2020 equals to 11000 and 9000 for the year 2019. (All numbers are in dollars) What is days payable outstanding for the year 2020? a) 118 b) 128 o137 138 d) 148 O O O O ()