1. Indirect labor and indirect materials are classified as O manufacturing overhead and product Costs.

Q: On April 1, 2021, A1, A2, A3 formed a partnership by combining their separate business proprietorshi...

A: The assets contributed by partners are recorded at the fair market value of particular assets. Any l...

Q: Why are tax havens controversial?

A: Tax haven are part of a country where foreign investors have to pay a very low tax rate for certain ...

Q: Sunspot Beverages, Ltd. of Fiji makes blended tropical fruit drinks in two stages. Fruit juices are ...

A: Equivalent Units: Equivalent units are determined by increasing the quantity of physical (or real) u...

Q: The following standard data are available for ABC Corp to produce one unit of product X: · ...

A: Material cost per unit = 3 Yards*5 = 15 Direct labor cost per unit = 2 Hours*10 = 20 Overhead cost p...

Q: Marc Company sold merchandise to Jacobs Company on July 7, 2020 at a list price of P150,000, trade d...

A: Note: 2/EOM, n/60: Here, 2 represents the discount rate if payment is made within two days after the...

Q: expenditures in connection with the purchase of the land and building: Title insurance Legal fees fo...

A: In this question, we have to find the cost of land, Cost of building, and Cost of land improvements ...

Q: PRINCESS Trading Company presents the following data as of December 31, 2018. Percent to sales Amoun...

A: Additional Fund Needed: Greater funds necessary (AFN) refers to the amount of money a corporation ne...

Q: On January 1, 2020, Ocean Company's Allowance for Bad debts had a credit balance of P 120,000. Durin...

A: Adjusted balance of Allowance for Bad Debts = Beginning Allowance for Bad debts balance - Accounts w...

Q: The accountant at Fidel Trading has received the November 2010 bank statement. She immediately inves...

A:

Q: How would you record this transaction into a journal (On the day of the transaction) and a closing e...

A: Journal means the book of prime entry where all entries are recorded in different pages. Ledger mean...

Q: Santa Rosa recently purchased a new boat to help ship product overseas. The followinginformation is ...

A: Acquisition cost - Acquisition cost is cost of an assets purchased. It includes all the purchase cos...

Q: A Corp uses predetermined Overhead application rate is based on direct labor hours. During the year,...

A: Predetermined overhead rate = Applied OH / Actual labor hours = P363,000 / P1,210,000 = 30%

Q: Buzz Company uses 40,000 gallons of materials for which they paid P7.00 a gallon. The materials pric...

A: Used material (AQ) = 40,000 gallons Actual rate (AR) = P 7.00 Material price variance = P80,000 Stan...

Q: The accounting records of ABC Corp shows the following: Increase of RM if 45,000; decrease din FG In...

A: Solution: Cost of raw materials used during the period = Purchases of raw materials + Transportation...

Q: A printing company manufactures notebooks of various sizes. The company manufactures 3,000 notebooks...

A: “Since you have asked multiple question, we will solve the first question for you. If you want any s...

Q: Consider the following events: • 25,000 shares of preferred stock, cumulative, 5%, $40 par was issue...

A: Proceeds from issue of Preferred stock = 25,000 shares x $60 per share = $1,500,000 Dividend paid to...

Q: What are the benefits of Activity-based costing: a.All of the answers are correct b.It assists in ...

A: Activity-based costing is a cost accounting method which groups each operation into an activity and ...

Q: Estate Taxes – Computation of Estate Tax Payable (Answer All questions) (a) In 2017 Warren made $600...

A: Taxable Estate = $11,580,000 Adjustable taxable gifts = $825,000 Unified credit = $4,577,800 prevail...

Q: Test III. Cost to purchased raw materials JENNY Processing Company expects in 2019 to increase by 10...

A: Sales in 2018 = 40,000 Sales in 2019 is to increase by 10% Therefore, sales in 2019 = 10% * 40,000 +...

Q: The following income statement was drawn from the records of Munoz, a merchandising firm: MUNOZ COMP...

A: Contribution Margin = Sales - Variable Costs Net Income = Contribution margin - Fixed costs Operatin...

Q: Units started 100,000 Work in process, beginning (35% complete) Work in process, end (70% complete) ...

A: Process costing is a method of cost accounting, which is used where there is continuous production a...

Q: X Corp, a personal holding company, is owned by two individuals and has gross income as follows: $30...

A: Gross profit from sales $30000 Tax free interest $3000 Dividend $5000 Taxable interest $40000 ...

Q: You are an accountant working for a company that has recently decided to incorporate. The company ha...

A: Journal Entry For Cost incurred with respect to Incorporation Expenses Date Particulars Debit Amo...

Q: Percent Completed Materials 70% Units 85,000 400,000 385,000 100,000 Conversion 30% Work in process,...

A:  STATEMENT OF EQUIVALENT PRODUCTION               MATERIAL   Conversion Cost   PARTICULARS   U...

Q: 30. X Corp uses predetermined Overhead application rate is based on direct labor hours. During the y...

A: Actual overhead = 345,000 Planned overhead = 360,000 Actual labor hours = 1,210,000 Applied overhead...

Q: Victor Inc. has just received its sales and expense report for December, which follows. Item Amount ...

A: A pro forma statement shows the possible sources of revenue and expenses and tries to derive the ant...

Q: Stockholders’ equity consists of which of the following?A. bonds payableB. retained earnings and acc...

A: Balance sheet is one of the important financial statement of the business. Three main elements of ba...

Q: Identify each of the preceding costs as either a product or a period cost. If the cost is a product ...

A: The question is based on the concept of Cost Accounting.

Q: Mango LLC sells its product for $60 and has variable cost of $30 per unit. The total fixed costs are...

A: answers Current break even point = Fixed cost / Contribution margin per unit

Q: Heiman, a VAT registered taxpayer, had the following data in 2022: Deferred input taxes, December 2...

A:

Q: company, had the following receipts in January 2022: Receipts from passengers, P2,700,000 Receipts ...

A: Calculation of Total Input VAT Available Particulars Amount   Input VAT on gasoline P50,000   ...

Q: Instre Accounting Equation Accounting Journal Accounting Ledger Accounting Equation f. -On August 1,...

A:

Q: Zea Company’s Job 888 manufactured 13,750 units that were completed in February at unit costs presen...

A: Unit cost of good units = (Total cost incurred - Realizable value of spoiled units) / No. of good un...

Q: After illustrating how to account for investments if the investor has significant influence over the...

A: An investment is an item or object purchased with the purpose of generating income or appreciation. ...

Q: Direct Materials Variances The following data relate to the direct materials cost for the productio...

A: Direct material cost variance means variance between standard cost and actual cost of materials whic...

Q: Breeze Corp. is planning to change its credit terms from 4/10, n/30 to 5/15, n/35. Currently, 50% of...

A: Days sales outstanding refer to average number of days that an organisation or a company takes to co...

Q: Marigold Corporation sells 530 shares of common stock being held as a short-term investment. The sha...

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....

Q: New Partner A and New Partner B are both proprietor who decided to form a partnership on July 22, 20...

A: The capital of new firm will be equal to aggregate fair value of Assets Contributed by both partners...

Q: Q: What would be the direct labor ? (I got 109,000 , but it was wrong) Q: Assume that the company m...

A: Cost of goods manufactured refers to those total cost of goods or inventory which is used by the com...

Q: From a business's perspective, what is a warranty payment? Is it the same as a warrant payment or wa...

A: A warrant is a written order by one person instructing or authorising another person to pay a certai...

Q: The accounting records of X Corp shows the following: Increase of RM if 45,000; decrease din FG Inve...

A: Solution: Total cost of raw materials used = Purchase of raw materials + Transportation In - Increas...

Q: d B from a joint process that also yields a by-product, X. Alphabet accounts for the revenues from i...

A: Joint costs are those costs which are incurred on two or more than two products simultaneoulsy and w...

Q: Integrity Reconstructive is a private, not-for-profit hospital.  The following information is availa...

A: Revenue- The amount of money received by a corporation within a given period, which is derived from ...

Q: X Corp, a personal holding company, is owned by two individuals and has gross income as follows: $50...

A: Solution:- Given, X Corp. a personal holding company is owned by two individuals gross profits from ...

Q: The following information pertains to Ft. Collins Company's direct labor for March 2019: Standard di...

A: Formula: Actual labor cost = Actual Hours x Actual rate

Q: 57. Bryan Company employs process costing system. A unit of product passes through two departments...

A:

Q: PROBLEM 2. Outlast Company's projected profit for the coming year follows: Per Unit Total P200,000 (...

A: cost volume profit analysis statement is prepared in order to find the impact that whenever there is...

Q: 4/3 Paid the Gazette $200 to place an employment advertisement for an accounting clerk. how to solve...

A: The whole cost of hiring a new employee, from job posting to the first day on the job, is referred t...

Q: edits? I understand what the definition of a credit is, but what does it mean to apply credits in ac...

A: A credit application is a request for credit presented to a credit provider by a potential borrower....

Q: Moustapha transfers a capital asset with a $20,000 adjusted basis to X Corp in a Section 351 transac...

A: Basis = value of capital asset x fair market value of share in B stock/ total fair market value of s...

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.