Zozibini Company completed 5,000 units of customized souvenir items. The product cost per unit: Direct materials P75 Direct labor 60 Factory overhead 45 P180 However, upon quality inspection, 60 units were found to be spoiled. The spoiled/damaged goods are sold for P7,200. The spoilage is due to the employee's fault. Finished goods - beginning balance is P257,300 The cost of goods sold is 903,800 How much is the ending balance of finished goods inventory?

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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Guess 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:
Ram furnitures produces chairs and tables in accordance with job orders from customers. Given below are the details of a recent order. Number of chairs in the job order 70 Unit cost per chair (Breakup given below) $95.00 DM cost $40.00 DL cost $35.00 Manufacturing overhead cost $20.00 The manufacturing overhead cost per chair (given above) includes a provision for normal spoilage. 6. chairs were found to be below acceptable quality and sold to a scrap dealer for $12 per chair Prepare the appropriate journal entries for spoilage for the three independent cases given below. Also calculate the average cost of one good unit of chair in the job order for each of the three cases. a) The rejection due to unacceptable quality is considered as abnormal spoilage b) The rejection is considered normal and the rejection is attributable to the exacting specifications of this job c) The rejection is considered normal and the rejection is not attributable to this job and is a characteristic of the…
Dentex Plastics Corporation produces no breakable containers for cosmetics, using three departments: Mixing, Modling and Finishing. On January 01, 2009 molding department received 8000 units from mixing department @ Rs.10 per unit. 7000 units were transferred to finishing department. 500 units are still in process. Cost added by the molding department: Direct Material Rs.40,000Direct Labour Rs.35,000F.O.H Rs.10,000 Degree of Completion for in process inventory is as under: 50% complete as to direct material25% complete as to direct Labour10% complete as to FOH Degree of Completion for units lost is as under: 30% complete as to direct material50% complete as to direct Labour10% complete as to FOH Required:- Prepare cost of production report for the molding department.
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
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?
Legacy Company completed 200 units of customized jewelry. The product cost per unit: Direct materials P7,500 Direct labor 2,500 Factory overhead 2,500 P12,500 However, upon quality inspection: 10 units were sub-standard due to external failure and are to be rework. The rework cost per unit: Direct materials P1,500 Direct labor 500 Factory overhead 500…
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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
The manager at Rainbow International prepares a Cost of Quality report to report the folowing expenses: Inspection of raw material costs Warranty costs warranty claims Cost to dispose of rojocted products Train hourly manufacturing personnel Rework of batch #2894 Production losses due to machine malfunctions Cost of defective products found at inspection audit Inspecting products when halway through the production process $28,000 $8,000 $220,000 $12,000 $60,000 S160,000 $23.000 s82.000 Which of the following total cost is the total cost of quality in the internal tailure cost calegory? O A. $277,000 OB. $36,000 OC. S60.000 O D. $593,000 OE $220,000
Illustrative Problem: SPOILED GOODS The GRAND CABINET COMPANY manufactures custom cabinets for homebuilders. During the current period, an order for 3,500 was begun as Job No. 2-54. Unit cost is as follows: Direct materials Direct labor Factory overhead (includes P1.00 allowance for spoiled units) Total P 19.60 17.20 2) If loss is special (specific order). 14.80 P 51.60 When the job was completed, 200 units were rejected and sold for P15.60 each. A separate work in process account is used for each cost element. Required: Journal entries under each of the following: T 1) If loss is due to internal failure (total production).
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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