14. What is the fixed portion of Miramax's electricity expense rounded to the nearest peso? Miramax Corp. wishes to determine the fixed portion of its electricity expense (a semi- variable expense), as measured against direct labor hours, for the first three months of 2021. Information for the first three months of 2021 is as follows: Direct labor hours Electricity expense January 2021 34,000 P610 February 2021 31,000 585 March 2021 34,000 610 OA. P283 OB. P327 OC. P372 OD. P408
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- 3. Suppose the estimated costs to complete at the end of 2019 are $80 million instead of $60 million. Determinethe amount of revenue and gross profit or loss to be recognized in 2019 assuming Sanderson recognizes revenue over time according to percentage of completion.56 On February 20, 2022, ABC Construction Company entered into a fixed-price contract to construct a commercial building for P9,000,000. ABC determined that the performance obligation is satisfied over time. Information relating to the contract is as follows: 2022 2023 Percentage of completion 25% 75% Estimated costs at completion P6,750,000 P7,200,000 How much is the contract costs charged to profit or loss in 2022? On February 20, 2022, ABC Construction Company entered into a fixed-price contract to construct a commercial building for P9,000,000. ABC determined that the performance obligation is satisfied over time. Information relating to the contract is as follows: 2022 2023 Percentage of completion 25% 75% Estimated costs at completion P6,750,000 P7,200,000 How much is the contract costs charged to profit or loss in 2022?Bebe Co. purchased equipment costing P560,000 on March 5, 2021. How much would be the claimable input VAT on the second quarter of 2021?
- Doc Corp. reporting year ends on December 31, and it is currently preparing interim financial statements for the six months ending June 30, 2018. The price of its product tens to vary. At June 30, 2018, it has inventories of 10,000 units, at a cost per unit of P12. The net realizable at June 30, 2018 is P10 per unit. Then expected net realizable value of these inventories at December 31, 2018 is P13.75. In the interim statement of financial position at June 30, 2018, these inventories should be presented at what amount?Duke Ltd has a contract with a customer ongoing at the end of the financial year, 31 December 2020. Details of this contract are as follows:Total contract price £50,000Cost incurred to date £12,000Anticipated future costs £28,000Progress billing - Agreed price for the component completed £14,000Progress is measured using the output method under IFRS 15 Revenue from Contracts with Customers.What amount of revenue is able to be recognised for the year ended 31December 2020?a) £15,000b) £50,000c) £21,000d) £14,000In April of 2021, Best Speaker Company expects to sell 470 bluetooth speaker units. Expenses are as follows: Cost of goods sold is P178 per unit Shipping costs are P31 per unit Miscellaneous costs are P10 per unit Salaries are P80,000 per month Rent is P20,000 per month Utilities are P10,000 per month Calculate the following for April 2021: A. Variable Operating Expense B. Fixed Operating Expense C. Total Operating Expense
- 43. On February 20, 2022, ABC Construction Company entered into a fixed-price contract to construct a commercial building for P9,000,000. ABC determined that the performance obligation is satisfied over time. Information relating to the contract is as follows: 2022 2023 Percentage of completion 25% 75% Estimated costs at completion P6,750,000 P7,200,000 How much is the contract costs charged to profit or loss in 2022?37 Shipping expense is P9,000 for 8,000 pounds shipped and P11,250 for 11,000 pounds shipped. Assuming that this activity is within the relevant range, if the company ships 9,000 pounds, its expected shipping expense is closest to (nearest peso):Wildhorse Company sells on credits goods that cost $302,500 to Ricard Company for $415,500 on January 2, 2020. The sales price includes an installation fee, which has a standalone selling price of $43,000. The standalone selling price of the goods is $372,500. The installation is considered a separate performance obligation and is expected to take 6 months to complete.
- Burnham Industries incurs these costs for the month: A. What Is the prime cost? B. What is the conversion cost?Burnham Industries incurs these costs for the month: What is the prime cost?Leo Corporation has the following data for 2021: Per unit variable: Direct material P50 Direct labor P30 Variable Overhead P20 Fixed: Fixed manufacturing P 250,000 Fixed Selling P1,000,000 Fixed General and Administrative: P 700,000 Assuming production for the year is 25000 units and there is no beginning inventory, what is the 2021 before tax net income using absorption costing if 80% of the units produced were sold for a total consideration of P5,000,000 in 2021?