16. Gross profit per unit is a. P11.00 b. P 15.00 c. P 16.00 d. P 24.00 17. Operating income is a. P 24,000 b. P 110,000 c. P 74,000 d. P110,000
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- Isem Co.’s 2019 manufacturing costs were as follows: Direct materials and directlabor P700,000; Other variable manufacturing costs 100,000; Depreciation offactory building and manufacturing equipment 80,000; Other fixedmanufacturing overhead 18,000. What amount should be considered productcost for external reporting purposes? A. P700,000B. P800,000C. P880,000D. P898,000Dunaway Company reports the following costs for the year: How much are Dunaway’s period Costs? $250,000 $270 000 $345,000 $175,000Capiz Company's 2020 manufacturing costs were as follows: Direct materials P70,000; Direct labor P50,000; Depreciation of manufacturing equipment P85,000; Depreciation of factory building P50,000; Janitor's wages for cleaning factory premises P15,000. How much of these costs should be inventoried using the throughput accounting? a.P 50,000 b.P 70,000 c.P120,000 d.P270,000
- Conversion cost - br700,000 Direct material cost - 240,000 Factory overhead cost - 20% of total manufacturing cost Compute the amount of factory overhead cost, direct labor cost and prime cost14. You are given the following Company Information Company LFrom the point of origin Direct materials 120.000Purchases of direct materials 228000Direct labour costs 610000Direct cost initial cost 780000 The stock cost of direct materials is the amount?The following data relate to a construction job started by Worthington Co. during 2009: Total contract price................................................................ P300,000Actual costs incurred during 2002......................................... 60,000Estimated remaining costs.................................................... 120,000Billed to customer during 2002.............................................. 90,000Received from customer during 2003................................... 30,000 Under the completed-contract method, how much should Worthington recognize as gross profit for 2009?a. 0b. 40,000c. 80,000d. 100,000
- Prime cost is 236000 OMR, and cost of production for the year is 298420 OMR Opening stock of work in progress is 12000, and closing stock of Work in progress is 13500 OMR, Opening stock of finished goods is 20000, and closing stock of finished goods is 14000 OMR, Cost of goods manufactured 958000 OMR Calculate unit production cost if total manufacturing units was 2500 a. 119.368 OMR per unit b. None of These c. 121.368 OMR per unit d. 120.368 OMR per unitBlack Widow Company had the following costs for 2020: Raw materials P700,000 Direct labor P100,000 Miscellaneous FOH P80,000 Depreciation on machines P40,000 Rent for the factory building P50,000 Rent for dales office P30,000 Depreciation on store equipment P20,000 How much of those costs should be inventoried under absorption (A) and variable (V) costing methods? Select one: a. (A) P970,000; (V) P800,000 b. (A) P1,000,000; (V) P880,000 c. (A) P1,020,000; (V) P880,000 d. (A) P930,000; (V) P800,000Agta Enterprises manufactures a product that sells for R180 each. The company presently produces and sells 50 000 units per year. Unit variable manufacturing and selling expenses are R90 and R18 respectively. Annual fixed costs are R2 200 000 for manufacturing overheads and R1 040 000 for selling and administrative activities. Determine the sales quantity required in order to achieve the company’s profit objective of R1 800 000.
- 8. The following cost relate to XYZ Corp for the year:Sales commission expenses P 185,000Direct materials 215,000Conversion cost 435,000Factory overhead 190,000 (40% of which is fixed)What is the TOTAL PERIOD COSTS?ABC Company has the following costs and expenses for the year December 31, 2020. Raw Materials, 1/1/2020 P40,000 Insurance, Factory P14,000 Raw Materials, 12/1/2020 P25,000 Property Taxes, Factory Building P6,000 Raw Materials Purchases P305,000 Sales Revenue P2,000,000 Work-in-Process, 1/1/2020 P60,000 Delivery Expenses P50,000 Work-in-Process, 12/1/2020 P40,000 Sales Commissions P100,000 Finished Goods, 1/1/2020 P120,000 Indirect Labor P55,000 Finished Goods, 12/31/2020 P110,000 Indirect Material P105,000 Direct Labor P400,000 Factory Machinery, Rent P25,000 Factory Manager’s Salary P25,000 Factory Utilities P55,000 Depreciation, Office Equipment P25,000 Administrative Expense P250,000 Requirement: Prepare a cost of goods manufactured schedule for ABC Company for 2020. Prepare cost of goods sold schedule for ABC Company for 2020. Prepare Income Statement for ABC Company.Kau Corp. reported the following information for the most recent years ended:Year 1 Year 2Production units 150,000 125,000Sales price per unit $ 55.00 $ 55.00Units sold 125,000 130,000Direct Materials per unit $ 25.00 $ 25.00Direct Labor per unit $ 12.00 $ 12.00Variable Manufacturing OH per unit $ 5.00 $ 5.00Fixed Manufacturing OH costs $450,000 $450,000Variable selling costs per unit $ 4.00 $ 4.00Fixed selling costs $ 50,000 $ 50,000There was no beginning inventory in Year 1.a. Prepare Income Statements for each year (Year 1 and Year 2) based on Full Costing.