62. The Giant Construction Company started work in three job sites during the current year, An costs incurred are expected to be recoverable. Data relating to the three jobs are diven below: Estimated costs Billings on contract P500,000 100,000 Collections Contract Price Costs Incurred to complete P375,000 100,000 100,000 on controct P500.000 100.000 Project 6 Project 7 Project.8 What would be the amount of Construction-in-Progress account to be reported on the yea end balance sheet if the (1)overtime/percentage-of-completion method, and (2) porte time/cost recovery method of construction acCounting were used? P500,000 700,000 P400,000 100,000 250,000 150,000 100.000 a. (1) P765,000; (2) P700,000 С. (1) P265,000; (2) P265,000 b. (1) P765,000; (2) P765,000 d. (1) P265,000; (2) P200,000

62. The Giant Construction Company started work in three job sites during the current year, An costs incurred are expected to be recoverable. Data relating to the three jobs are diven below: Estimated costs Billings on contract P500,000 100,000 Collections Contract Price Costs Incurred to complete P375,000 100,000 100,000 on controct P500.000 100.000 Project 6 Project 7 Project.8 What would be the amount of Construction-in-Progress account to be reported on the yea end balance sheet if the (1)overtime/percentage-of-completion method, and (2) porte time/cost recovery method of construction acCounting were used? P500,000 700,000 P400,000 100,000 250,000 150,000 100.000 a. (1) P765,000; (2) P700,000 С. (1) P265,000; (2) P265,000 b. (1) P765,000; (2) P765,000 d. (1) P265,000; (2) P200,000

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter10: Accounting Systems For Manufacturing Operations

Section: Chapter Questions

Problem 10.3E: Classifying costs as factory overhead Which of the following items are properly classified as part...

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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. P898,000
____ 52. In a job order cost accounting system, the entry to record the flow of direct materials into production is: a. debit Work in Process, credit Materials b. debit Materials, credit Work in Process c. debit Factory Overhead, credit Materials d. debit Work in Process, credit Supplies ____ 53. The expected average rate of return for a proposed investment of $4,800,000 in a fixed asset, using straight line depreciation, with a useful life of 20 years, no residual value, and an expected total net income of $12,000,000 is: a. 25% b. 18% c. 40% d. 12.5% ____ 54. Madison Corporation is analyzing a capital expenditure that will involve a cash outlay of $146,040. Estimated cash flows are expected to be $30,000 annually for seven years. The present value factors for an annuity of $1 for 7 years at interest of 6%, 8%, 10%, and 12% are 5.582, 5.206, 4.868, and 4.564, respectively. The internal rate of return for this…
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