salarıes of P80,000. The total factory utilities expense incurred for the period was P360,000, repair and maintenance of factory equipment, P20,000 and depreciation on factory equipment was reported to be P120,000. The company uses the actual costing method of accumulating costs and it maintains a 35% mark up on costs for establishing its selling price. rofit ctions. olden Compute for: a) The total factory costs for the period. b) The cost of goods sold for the period. c) The net income or (loss) for the period. Problem 1-5. The following costs were actually incurred in the production of 10,000 units of Product A: ai bassouo oRaw materials, of which 10% is indirect Factory labor, of which 20% is indirect labor P1,200,500 1,045,000 900,000 19vsd Factory overhead, other than indirect materials and indirect labor les. ine Factory overhead charged to production is equivalent to 110% of direct labor costs. At the end of the period, inspection revealed that the total costs of goods manufactured is equal to P2,837,500 while costs of unfinished job is 20% of total factory costs. Compute for the work in process at the beginning of the period. Problem 1-6. West Virginia Company reported a net income of P55,500 for the period just ended. The goods available for sale was P259,500 of which P237,000 come from goods produced during the current period.
salarıes of P80,000. The total factory utilities expense incurred for the period was P360,000, repair and maintenance of factory equipment, P20,000 and depreciation on factory equipment was reported to be P120,000. The company uses the actual costing method of accumulating costs and it maintains a 35% mark up on costs for establishing its selling price. rofit ctions. olden Compute for: a) The total factory costs for the period. b) The cost of goods sold for the period. c) The net income or (loss) for the period. Problem 1-5. The following costs were actually incurred in the production of 10,000 units of Product A: ai bassouo oRaw materials, of which 10% is indirect Factory labor, of which 20% is indirect labor P1,200,500 1,045,000 900,000 19vsd Factory overhead, other than indirect materials and indirect labor les. ine Factory overhead charged to production is equivalent to 110% of direct labor costs. At the end of the period, inspection revealed that the total costs of goods manufactured is equal to P2,837,500 while costs of unfinished job is 20% of total factory costs. Compute for the work in process at the beginning of the period. Problem 1-6. West Virginia Company reported a net income of P55,500 for the period just ended. The goods available for sale was P259,500 of which P237,000 come from goods produced during the current period.
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter2: Basic Cost Management Concepts
Section: Chapter Questions
Problem 22E: Ellerson Company provided the following information for the last calendar year: During the year,...
Related questions
Question
Transcribed Image Text:salarıes of P80,000. The total factory utilities expense incurred for the period was
P360,000, repair and maintenance of factory equipment, P20,000 and depreciation
on factory equipment was reported to be P120,000. The company uses the actual
costing method of accumulating costs and it maintains a 35% mark up on costs
for establishing its selling price.
rofit
ctions.
olden
Compute for:
a) The total factory costs for the period.
b) The cost of goods sold for the period.
c) The net income or (loss) for the period.
Problem 1-5. The following costs were actually incurred in the production of
10,000 units of Product A:
ai bassouo
oRaw materials, of which 10% is indirect
Factory labor, of which 20% is indirect labor
P1,200,500
1,045,000
900,000
19vsd Factory overhead, other than indirect materials
and indirect labor
les.
ine
Factory overhead charged to production is equivalent to 110% of direct labor
costs. At the end of the period, inspection revealed that the total costs of goods
manufactured is equal to P2,837,500 while costs of unfinished job is 20% of total
factory costs. Compute for the work in process at the beginning of the period.
Problem 1-6. West Virginia Company reported a net income of P55,500 for the
period just ended. The goods available for sale was P259,500 of which P237,000
come from goods produced during the current period.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning