6. Peter Senen Company has the following cost data as of Sept 1, 2020 Materials purchased P170,000 200,000 400,000 210,000 50,000 Materials used Direct labor Factory overhead Office rent What is the total prime costs?
Q: Peter Senen Company has the following cost data as of Sept 1, 2020 Materials purchased P170,000…
A: Prime costs include: Direct material Direct labor
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Q: 5. Peter Senen Company has the following cost data as of Sept 1, 2020 Materials purchased P170,000…
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A: Materials purchases are the total amount of material purchased for a price that will be used in the…
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A: Prime cost refers to the sum of direct material and direct labor of the entity.
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A: Direct material used means the raw material used in producing the finished goods directly. Indirect…
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A: Prime cost means the addition of direct material and direct labor. Conversion cost means the…
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A: Manufacturing overhead: It is the indirect cost incurred as a part of manufacturing the products.…
Q: 7. Peter Senen Company has the following cost data as of Sept 1, 2020 Materials purchased P170,000…
A: Conversion costs are those costs which are incurred for conversion of materials into finished goods.
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A: FACTORY OVERHEADS - Generally, Factory overheads cost is also called manufacturing overhead, which…
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A: Solution: Direct manufacturing labor = Machine operators + Factory foreman
Q: cost of production
A: Cost of production is the expenses incurred to produce the products of an entity.
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A: A cost sheet is a statement that shows accumulated costs associated with a product or production. It…
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A: Cost of goods manufactured = Cost of goods sold + Ending finished goods - beginning finished goods…
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A: Cost of goods sold means the difference between the cost of goods available for sales and closing…
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A: Cost of Goods Manufactured also known as COGM. It is a term utilized in managerial accounting that…
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A: The total direct costs that are incurred by an entity in the production process is known as cost of…
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- Product cost concept of product pricing Based on the data presented in Exercise 12-15, assume that Willis Products Inc. uses the product cost concept of applying the cost-plus approach to product pricing. a.Determine the total manufacturing costs and the cost amount per unit for the production and sale of 200,000 units. b.Determine the product cost markup percentage per unit. Round to two decimal place. c.Determine the selling price per unit. Round to the nearest dollar.The following product costs are available for Kellee Company on the production of eyeglass frames: direct materials, $32,125; direct labor, $23.50; manufacturing overhead, applied at 225% of direct labor cost; selling expenses, $22,225; and administrative expenses, $31,125. The direct labor hours worked for the month are 3,200 hours. A. What are the prime costs? B. What are the conversion costs? C. What is the total product cost? D. What is the total period cost? E. If 6.425 equivalent units are produced, what is the equivalent material cost per unit? F. What is the equivalent conversion cost per unit?To determine the effect of different levels of production on the company’s income, move to cell B7 (Actual production). Change the number in B7 to the different production levels given in the table below. The first level, 100,000, is the current level. What happens to the operating income on both statements as production levels change? Enter the operating incomes in the following table. Does the level of production affect income under either costing method? Explain your findings.
- The following product Costs are available for Haworth Company on the production of chairs: direct materials, $15,500; direct labor, $22.000; manufacturing overhead, $16.500; selling expenses, $6,900; and administrative expenses, $15,200. What are the prime costs? What are the conversion costs? What is the total product cost? What is the total period cost? If 7,750 equivalent units are produced, what is the equivalent material cost per unit? If 22,000 equivalent units are produced, what is the equivalent conversion cost per unit?What are the total costs to account for if a companys beginning inventory had $231,432 in materials, $186,450 in conversion costs, and added direct material costs ($4,231,392), direct labor ($2,313,392), and manufacturing overhead ($1,156,696)?The following information pertains to Vladamir, Inc., for last year: There are no work-in-process inventories. Normal activity is 100,000 units. Expected and actual overhead costs are the same. Costs have not changed from one year to the next. Required: 1. How many units are in ending inventory? 2. Without preparing an income statement, indicate what the difference will be between variable-costing income and absorption-costing income. 3. Assume the selling price per unit is 29. Prepare an income statement using (a) variable costing and (b) absorption costing.
- Shown below are units produced and total manufacturing costs for the pastfour months at Minda Manufacturing Corporation: Units Produced Total CostJul 120 P446,000Aug 150 P508,000Sep 180 P638,000Oct 170 P668,000What is Minda's cost formula for total manufacturing costunder the high-lowmethod?Q3. The information below was derived from the 2018 records of HCS Company: Month Units Produced Total Cost (SAR) May 4,350 44,200 June 4,700 44,700 July 5,000 45,000 August 5,400 45,400 September 5,650 47,500 October 5,900 57,150 November 3,450 40,000 December 4,100 40,600 Using the high-low method of analysis, calculate Variable cost Fixed cost, and Determine a cost function.6. 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 MANUFACTURING (PRODUCT) COSTS?
- Refer to Gjerty Corporation. Under absorption costing, the standardproduction cost per unit for the current year wasa. P11.30.b. P 7.30.c. P11.55.d. P13.05.(ii) Suppose that 80% of the R&D and selling expenses are traceable to Zderm. Prepare life-cycle income statements for each product. What does this indicate about the importance of accurate life-cycle costing?ParticularsAmountDirect materialR12Direct laborR50Variable manufacturing overheadR6.50Unit product cost for the month under marginal costingR68.50 Prepare an income statement for the month using the Marginal costing method.
