Please show your solution ASAP. thanks (b.) P1,600 checd quegeComplete the following process account of Lei Manufacturing Company by supplyingthe peso amounts of (A) and (B) on the credit side of the account.Process YМаy 16,000 units1/3 completedМay 1-31Mat. 12,000 @ PO.50LaborOverheadMay 1-3116,000 units completed (A)P4,800Мау 312,000 units- ½ completed6,0003,600.5,40027. The peso amount of the 16,000 units completed (A) isа. Р17,800(6) Р18,200с. Р17,600d. P16,400chechedgooy28. The peso amount of the 2,000 units ½ completed (B) isа. Р2,200č. P2,000d. P1,400

The equivalent units are calculated on the basis of percentage of the work completed during the…

Complete the following process account of Lei Manufacturing Company by supply the peso amounts of (A) and (B) on the credit side of the account. Process Y May 1 6,000 units 1/3 completed May 1-31 Mat. 12,000 @ PO.50 Labor Overhead May 1-31 16,000 units completed (A P4,800 May 31 2,000 units- ½ complete 6,000 3,600. 5,400 27. The peso amount of the 16,000 units completed (A) is P17,800 b) P18,200 c. P17,600 d. P16,400 28. The peso amount of the 2,000 units ½ completed (B) is а. chehed googe а. Р2,200 6.) P1,600 cheuhud qogr P2,000 P1 400 d.

Complete the following process account of Lei Manufacturing Company by supply the peso amounts of (A) and (B) on the credit side of the account. Process Y May 1 6,000 units 1/3 completed May 1-31 Mat. 12,000 @ PO.50 Labor Overhead May 1-31 16,000 units completed (A P4,800 May 31 2,000 units- ½ complete 6,000 3,600. 5,400 27. The peso amount of the 16,000 units completed (A) is P17,800 b) P18,200 c. P17,600 d. P16,400 28. The peso amount of the 2,000 units ½ completed (B) is а. chehed googe а. Р2,200 6.) P1,600 cheuhud qogr P2,000 P1 400 d.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Doenjang Jjigae Manufacturing Company has the following account balances at year end: Office Supplies- P4,000; Raw materials- P27,000; Work in process- P59,000; Finished goods- P72,000; Prepaid insurance- P6,000. What amount should Doenjang Jjigae report as inventories in its balance sheet? a. P158,000 b. P162,000 c. P76,000 d. P72,000
1)Learned Corporation has provided the following information:Cost perUnitCost per PeriodDirect materials $ 5.00Direct labor $ 4.25Variable manufacturing overhead $ 1.85Fixed manufacturing overhead $ 35,000Sales commissions $ 0.70Variable administrative expense $ 0.60Fixed selling and administrative expense $ 9100Required:a. For financial reporting purposes, what is the total amount of product costsincurred to make 7000 units?b. For financial reporting purposes, what is the total amount of period costsincurred to sell 7000 units?c. If the selling price is $23.80 per unit, what is the contribution margin per unitsold? (Round your answer to 2 decimal places.)d. If 8000 units are produced, what is the total amount of direct manufacturingcost incurred?e. If 8000 units are produced, what is the total amount of indirect manufacturingcosts incurred?a. Total product (manufacturing) costb. Total period (manufacturing) costc. Contribution margin per unitd. Total direct manufacturing coste. Total…
The following information is given for the activity of the accounts of the company "PLIADES" during the cost period from 1/1 – 30/6. Initial stock (r.a.) of direct materials = 5100, n.a. of semi-finished products = 6200, n.a. of finished products = 7700. During the period, purchases of materials worth 29,000 were made in cash. The cost of direct labor was 58000. The charging rate of the CBS was 25% of the cost of direct labour. Sales totaled 198,000, before returns were 1.5% of sales. Sales were made as follows: 1/3 with promissory notes, 1/3 cash and 1/3 with credit. The promissory notes incurred interest worth 1400 euros. The final stocks were: direct materials = 4500, semi-finished products = 3900 and finished products = 6800. The company's expenses during the above period were: depreciation = 1500, exhibition expenses = 800, factory insurance premiums = 650, administrative employees' fees=22000, depreciation of factory machinery = 1400, rent=6500, salesmen's travel expenses =…
The following information is given for the activity of the accounts of the company "PLIADES" during the cost period from 1/1 – 30/6. Initial stock (r.a.) of direct materials = 5100, n.a. of semi-finished products = 6200, n.a. of finished products = 7700. During the period, purchases of materials worth 29,000 were made in cash. The cost of direct labor was 58000. The charging rate of the CBS was 25% of the cost of direct labour. Sales totaled 198,000, before returns were 1.5% of sales. Sales were made as follows: 1/3 with promissory notes, 1/3 cash and 1/3 with credit. The promissory notes incurred interest worth 1400 euros. The final stocks were: direct materials = 4500, semi-finished products = 3900 and finished products = 6800. The company's expenses during the above period were: depreciation = 1500, exhibition expenses = 800, factory insurance premiums = 650, administrative employees' fees=22000, depreciation of factory machinery = 1400, rent=6500, salesmen's travel expenses =…
3. Peter Senen operates in a JIT manufacturing system. For August, Peter Senen purchased 10,000 units of raw materials at P1.00 per unit on account. The journal entry to record the transaction using the three triggers points is: c. No Entry b. Debit COGS 10,000 Credit Accounts Payable 10,000 a. Debit RIP Inventory P10,000 Credit Accounts Payable P10,000 d. Debit Raw Material Inventory 10,000 Credit Accounts Payable 10,000 The journal entry to record the transaction using the traditional costing is: d. Debit Raw Materials Inventory 10,000 Credit Accounts Payable 10,000 b. Debit COGS 10,000 Credit Accounts Payable 10,000 c. No Entry a. Debit RIP Inventory P10,000 Credit Accounts Payable P10,000
Peter Senen operates in a JIT manufacturing system. For August, Peter Senen purchased 10,000 units of raw materials at P1.00 per unit on account. The journal entry to record the transaction using the three triggers points is: b. Dr. COGS 10,000 Cr. Accounts Payable 10,000 d. Dr. Raw Material Inventory 10,000 Cr. Accounts Payable 10,000 a. Dr. RIP Inventory P10,000 Cr. Accounts Payable P10,000 c. No Entry
The following informationn was taken from the records of Afternoon Co. Jan 1,20x1 Jun 30, 20x1 Accounts payable 29,000 45,000 Raw materials 5,000 6,000 Work in process 20,000 27,000 Finished goods 23,000 ? Additional information: Afternoon Co. paid $20,000 for accounts payable, after deduction pf $2,500 for purchase return and $5,000 for purchase discounts. Afternoon Co. paid total freight of $1,000 on the purchases. The cost of direct labor and factory overhead during the period were $16,000 and $6,000 respectively. Sals from Jan. 1 to June 30 were A475,000, sales return were $15,000, and sales discounts were $5,000. the gross profit rate…
1. What is the Journal Entry for:August 4,20X5 purchased fabric and aluminum to be used in the manufacturing process. The purchase price was $4000 on account. A. Raw Materials Inventory 4,000 Cash 4000 B. Accounts Payable 4000 Raw Materials Inventory 4000 C. Raw Materials Inventory 4000 Accounts Payable. 4000 D. Cash 4000 Raw Materials Inventory 4000 2. How much do you need to DEBIT the work-in-Process account for the following transaction?Aug 8,20X5 - Transferred 60% of the raw materials purchased on August 4 into production:
*CAN YOU ANSWER PARTS 4-8* Selected T-accounts of Moore Company are given below for the just completed year: Raw Materials Bal. 1/1 29,000 Credits ? Debits 148,000 Bal. 12/31 39,000 Manufacturing Overhead Debits 196,800 Credits ? Work in Process Bal. 1/1 34,000 Credits 512,000 Direct materials 104,000 Direct labor 192,000 Overhead 220,800 Bal. 12/31 ? Factory Wages Payable Debits 213,000 Bal. 1/1 16,000 Credits 208,000 Bal. 12/31 11,000 Finished Goods Bal. 1/1 54,000 Credits ? Debits ? Bal. 12/31 81,000 Cost of Goods Sold Debits ? Required: 1. What was the cost of raw materials used in production during the year? 2. How much of the materials in (1) above consisted of indirect materials? 3. How much of the factory labor cost for the year consisted of indirect labor? 4. What was the cost of goods manufactured for the year? 5. What was the…
Latta Company provided the following T-accounts for this year. Manufacturing OverheadDebit Credit(a) 488,448 (b) 407,040Balance 81,408 Work in ProcessDebit CreditBalance 9,960 (c) 758,000302,000 91,000 (b) 407,040 Balance 52,000 Finished GoodsDebit CreditBalance 38,000 (d) 664,000(c) 758,000 Balance 132,000 Cost of Goods SoldDebit Credit(d) 664,000 The overhead applied to production is distributed among Work in Process, Finished Goods, and Cost of Goods Sold at the end of the year as follows: Work in Process, ending $ 24,960Finished Goods, ending 63,360Cost of Goods Sold 318,720Overhead applied $ 407,040For example, of the $52,000 ending balance in work in process, $24,960 was applied overhead. Required:Identify reasons for entries (a) through (d).Assume underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare the necessary journal entry.Assume underapplied or overapplied overhead is closed proportionally to Work in…
X Ltd. manufactures product A which yields two by-products B and C. In a period the amount spent up to the point of separation was OMR 20,600. Subsequent expenses were: Materials (in OMR) A: 300 B: 200 C: 150 Direct Wages (in OMR) A: 400 B: 300 C: 200 Overhead (in OMR) A: 300 B: 270 C: 280 Gross sales value of product A, B and C was RO 15,000, RO 10,000 and RO 5,000 respectively. It was estimated that the net profit as a percentage of sales in B and C would be 25% and 20% respectively. Ascertain the profit earned on A.
T2-6 Sury Company reported the following information for the month of April: Units Work in Process Beginning inventory, April 1 8,000 Added to production 45,000 Completed and transferred out ? Ending inventory, April 30 5,000 Sury also reported the following cost information in April: Costs Materials Conversion Work in Process Beginning inventory, April 1 $11,000 $ 17,160 Added to production 66,380 104,000 Questions I have: How do I find a.What was the cost per equivalent unit for materials? b.What was the cost per equivalent unit for conversion? c.What cost would be assigned to the units transferred out of Work in Process Inventory? d.What cost would be assigned to the ending Work in Process Inventory?