1. The following data are given for 20C: Budgeted production volume - 70,000 units, Allowed number of hours per unit - 1/5 hr., Labor rate per hour - P25, No. of regular hours in August per worker - 192 hours. How many workers are required for the August production? 1,823 73 14,000
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
1. The following data are given for 20C: Budgeted production volume - 70,000 units, Allowed number of hours per unit - 1/5 hr., Labor rate per hour - P25, No. of regular hours in August per worker - 192 hours. How many workers are required for the August production?
1,823
73
14,000
2. GondolaB Company's Job No. 205 (for the manufacture of 6,600 coats) was completed August, 20M at the following unit costs: Direct materials - P1,500, Direct labor - 1,000, Factory overhead (including allowance of P50 for spoiled work) - 500. Total = P3,000. Final inspection of Job No. 205 disclosed 600 spoiled costs. These were subsequently sold to a jobber for P600,000. Assuming that spoilage loss is chargeable to the particular job, the unit cost of the good coats produced per Job No. 205 must be:
P3,145
P2,950
P3,000
P3,150
3. The following data are given for 20C: Budgeted production volume - 70,000 units, Allowed number of hours per unit - 1/5 hr., Labor rate per hour - P25>, No. of regular hours in August per worker - 192 hours.
P350,000
P1,825
P250,000
4. Each of the five (5) workers in a factory is being paid P250 per day. For every unit produced in excess of 25 units in one day, a worker is paid P12. Fixed factory overhead per annum is P198,000 and there are approximately 330 working days in one year. Production data for Januar 6 and 7, 20C show the following number of units produced by each worker: January 6 = Abdon - 25, Belleza - 27, Cortes - 24, Drillon - 24, Emilio - 28; January 7 = Abdon - 26, Belleza - 26, Cortes - 28, Drillon - 27, Emilio - 26. How much savings in fixed factory overhead per unit was effected assuming that additional output is due to the incentive given?
P.13
P.22
P.24
5. The following data are given for the period August 12 to 18, 20C: Total Hours: Pete Tuazon - 48, Jose Carlos - 46, Mario Farela - 50, Ben Gomez - 53, Lucio Lim - 53, Gem Tinio - 51; Regular: Tuazon - 48, Carlos - 43, Farela - 48, Gomez - 46, Lim - 45, Tinio - 45; OT: Carlos - 3, Farela - 2, Gomez - 7, Lim - 8, Tinio - 6. Jobs Worked On: 21: Carlos - 12, Farela -15, Gomez - 16, Lim - 17, Tinio - 10; 22: Carlos - 20, Farela -25, Gomez - 30, Lim - 15, Tinio - 18; 23: Carlos - 9, Farela - 9, Gomez - 5, Lim - 20, Tinio - 17. Others: Gomez - Delivery=4, Tinio - Repairs=5. Pete Tuazon is the foreman with hourly rate of P30. All the workers under him receive P25 per hour. Overtime work was rendered on working days on Job 23, based on a rush order. Accordingly, overtime premium is 25%. How much must the total charge to direct labor for the week?
P6,112.50
P5,300
P5,950
6.Arko Manufacturing Co. purchased 10,500 lbs. of materials XY at P2 per lb. and incurred freight cost of P1,050. A cash discount of 2% is granted on payments within ten days. Freight in is treated as additional cost of materials purchased. What unit cost must be entered on the stock card for material XY assuming that the allowance method is used in accounting for discounts?
P2.06
P1.96
P2.00
P2.058
7.The regular working days in a factory are Monday to Friday. Joe and Pat (who are being paid P25 and P27 per hour, respectively) worked on Jobs 31 and 32 for the period August 4 to 10. The weekly time records and summary of the job tickets show the following: Total number of hours time in: Joe = 45, Pat = 43; Overtime: Joe = 6, Pat = 5; Expended on the jobs: No 31: Joe = 26, Pat = 17; No. 32: Joe = 20, Pat = 21. Joe was authorized to work on overtime on job no. 31 because of its rush nature; Pat had to work on overtime on job no. 32 to make up for a machine breakdown during the week. Overtime premium is 25%. Factory overhead is 60% of direct labor cost and materials cost comprises 80% of total production cost. What should be the respective production costs of job nos. 31 and 32?
P7,338 and P6,829
P1,834 and P1,707
P9,172 and P8,536
8.A worker earns P10,000 per month on the average and produces 50 units per day. Accordingly, the employer's monthly contribution for SSS, Medicare, Pag-IBIG and EC premiums are P456, P37.50, P10 and P100, respectively.
P14.91
P13.48
P13.75
Thank you!
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