Company ABC generated €770000 worth of goods or services in one week with 28 employees, each employee produced for the company -------------- per month.
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Q: Finch Company began its operations on March 31 of the current year. Finch has the following…
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A: It is said to be the favourable effect, when the overheads applied exceeds the actual overheads…
Q: The following costs were incurred in January: Direct materials = PhP1,650,000 Direct labor =…
A: Conversion costs only include direct labor cost and manufacturing overhead
Q: Finch Company began its operations on March 31 of the current year. Finch has the following…
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Q: What is the minimum selling price on the special order to produce net income of $5.05 per ball?
A: Selling Price: It refers to the price of the goods and services which is sold by the seller to the…
Q: The cash payments expected for Finch Company in the month of April are a.$122,895 b.$119,475…
A: Usually cash flow analysis is important for survival of any organization. Hence, organization need…
Q: Burnham Industries incurs the following costs for the month: Direct materials $1,900 Direct labor…
A:
Q: Finch Company began its operations on March 31 of the current year. Finch has the following…
A: Calculate manufacturing costs:Manufacturing costs = $159,700*3/4Manufacturing costs =…
Q: Dan Wood Ltd commenced business on 1st January 2020 making one product only, which sells for K160…
A: Under Variable/Marginal costing, only direct variable costs are charged to the cost of a product…
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Q: Dan Wood Ltd commenced business on 1st January 2020 making one product only, which sells for K160…
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Q: During the month of March, direct labor cost totaled PhP850,000 and direct labor cost was 70% of…
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Q: unted to R60 000 per month. Marketing costs included a sales commission of 5% of the sales revenue…
A: In absorption and variable costing, fixed overhead expenses are treated differently. Using…
Q: During the month of February, direct labor cost totaled PhP650,000 and direct labor cost was 40% of…
A: Answer - Calculation of manufacturing overhead - Direct labor cost total = 650,000 Its equal prime…
Q: The following costs were incurred in March: Direct materials = PhP1,050,000 Direct Labor =…
A: The conversion costs include direct labor and manufacturing overhead. Selling and administrative…
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Q: During January 2021, XYZ Corp. produced 100,000 units of Product A with costs as follows: Materials…
A: Under the variable costing method, only variable manufacturing costs are considered as a process…
Q: How much is the net income before tax
A: Net income before tax (EBT) indicating the final amount of the profit before calculating the tax…
Q: Dan Wood Ltd commenced business on 1t January 2020 making one product only, which sells for K160 per…
A: 1. Direct Material Cost per unit = 3kg x K5 = k15 2. Direct Labor Cost per unit =4 hours x K10 =…
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A: Direct labor: It implies the worker who is directly involved in the production activities instead of…
Q: For the week, Joe’s Manufacturing has a beginning cash balance of 70,000. They spend 99,000 on…
A: Total amount spend = direct materials + direct labor + manufacturing overhead + purchased assets +…
Q: During the month of January, direct materials cost totaled PhP850,000 and direct labor cost was 60%…
A: Lets understand the basics. Prime cost is a cost which are directly related to the production of the…
Q: A company absorbs factory overheads at a rate of N$25.00 per direct labour hour. At the beginning of…
A: Factory overhead means the cost which is incurred in factory but not directly linked with…
Q: The following transactions relate to the SHEHNILA CORP. for the month of November 2015:…
A: Conversion cost=Direct labor + manufacturing overhead
Q: . Victory Manufacturing Company produces a variety of products. The firm operates 24 hours per day…
A: Solution Given Total hours worked 16000 hours Regular hours worked (spread equally)…
Q: Finch Company began its operations on March 31 of the current year. Finch has the following…
A: Manufacturing costs paid in April = Manufacturing costs x 3/4 = $158,600 x 3/4 = $118,950
Company ABC generated €770000 worth of goods or services in one week with 28
employees, each employee produced for the company -------------- per month.
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- The Rafan Company manufactures a product which is sold at Rs.16 each. Under present business conditions, the company is operating at 30% normal capacity with production and sales of 8,000 units per month. An analysis of costs for a recent month sows: Direct Materials Rs. 10,000 Direct Labor 12,000 Superintendent’s salary 5,000 Depreciation Building 2,000 Heat and light 500 Indirect labor 6,000 Deprecation of machinery 3,000 Machinery Repair 1,000 Fire Insurance 1,500 Miscellaneous 8,00 Factory Rent 5,000 Property Tax 400 Total Rs. 47,200 The total marketing expenses were Rs. 50,000, which included 3,000 for packing and shipping. The sales on the special order would require a similar unit cost for packing and shipping. The total administrative and general costs were Rs. 7,000. An offer has been received from a large chain store to purchase 96,000 units to be shipped in equal months each month during the coming year. These units would be manufactured with slight immaterial modifications…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.Dan Wood Ltd commenced business on 1st January 2020 making one product only, which sells for K160 per item. The production and sales data for each of the first three months of 2020 was as follows:JanuaryFebruaryMarch Sales in units2,4002,5003,800 Production in units2,7002,4004,000 Actual information for each month was as follows:Direct materials 3 kilograms at K5 per kilogramDirect labour 4 hours at K10 per hourVariable production overheads 150% of direct labourSales commission 10% of sales valueFixed production overheads K10,000Fixed selling overheads K35,000 There was no opening inventory at the start of January. Fixed production overheads are budgeted at K120,000 per annum and are absorbed into products based on a budgeted normal output of 30,000 units per annum Required:Prepare a profit statement for each of the three months using absorption costing principlesDan Wood Ltd commenced business on 1st January 2020 making one product only, which sells for K160 per item. The production…
- Mine Company produced 1,000 units of a product at a selling price of P95.00 each. Direct materials P30, Direct Labor P15, Factory overhead P 20,000.00. Selling and administrative incurred P10,000.00. How much is the net income before taxFinch Company began its operations on March 31 of the current year. Finch has the following projected costs: April May June Manufacturing costs (1) $157,000 $198,000 $204,000 Insurance expense (2) 1,040 1,040 1,040 Depreciation expense 2,130 2,130 2,130 Property tax expense (3) 450 450 450 (1) Of the manufacturing costs, three-fourths are paid for in the month they are incurred; one-fourth is paid in the following month.(2) Insurance expense is $1,040 a month; however, the insurance is paid four times yearly in the first month of the quarter, (i.e., January, April, July, and October).(3) Property tax is paid once a year in November.The cash payments for Finch Company expected in the month of June are a.$49,500 b.$252,000 c.$153,000 d.$202,500The company had 50 workers in its factory payroll. In the month of February 2022, a worker Qais processed 200 units of a product working for 48 hours. The company give remuneration to its employees at an hourly rate of OMR 5.500 per hour worked. The estimated time to process one product is 6 minutes . Calculate the gross earnings of Mr Ahmed under Halsey and Rowan plan.
- Burnham industries incurs the following costs for the month: Direct materials $2,000 Direct labor 3,000 Factory depreciation expense 3,500 Factory utilities expense 750 CEO's salary 4,000 What is the prime cost?Choco's Chocolates incurs these costs for the month: Direct materials $15,000 Direct labor 25,000 Factory depreciation expense 45,000 Factory utilities expense 2,000 Payroll staff's salary 15,000 What is the conversion cost?The balance sheet of Barangay Manufacturing Company showed the following balances on December 31, 2021:Finished goods - P2,100,000Work in process - 1,680,000Raw materials - 2,800,000During the first quarter of 2022, prime costs amounted to P19,152,000 while conversion costs amounted to P11,088,000. The average direct labor rate was P53.90 and overhead was applied at P43.12 per direct labor hour. Purchases of raw materials were P14,000,000 while costs of goods manufactured were P24,360,000. The company continue its policy to maintain a gross profit rate of 30%. At the end of the quarter, costs of sales amounted to P23,520,000.The change in Work in Process inventory for the first quarter is a. Increase of P280,000 b. Decrease of P7,560,000 c. Increase of P7,560,000 d. Decrease of P280,000
- The Dotson Company began business on January 1, 2016. During the year, the company paid $120,000 for materials used in the production process and $300,000 in wages for the production workers. The rent and utilities of the manufacturing plant totaled $80,000. Selling costs amounted to $150,000. The company made 250,000 units and sold 210,000 units for $5 each. What was the company’s production cost per unit?RM1. During the most recent accounting period Lucid paid $5,500 for raw materials, $8,500 for labor, and $10,000 for overhead costs that were incurred to make candy. Lucid started and completed 22,000 units of products of which 13,000 were sold. Based on this information Lucid would recognize which of the following amounts of expense on its income statement?Finch Company began its operations on March 31 of the current year. Finch has the following projected costs: April May June Manufacturing costs* $160,000 $199,000 $206,600 Insurance expense** 1,050 1,050 1,050 Depreciation expense 2,160 2,160 2,160 Property tax expense*** 540 540 540 *Of the manufacturing costs, three-fourths are paid for in the month they are incurred; one-fourth is paid in the following month.**Insurance expense is $1,050 a month; however, the insurance is paid four times yearly in the first month of the quarter, (i.e., January, April, July, and October).***Property tax is paid once a year in November. The cash payments expected for Finch Company in the month of May are a.$189,250 b.$229,250 c.$40,000 d.$149,250