Dinner ingredients Preparation labor Sales and marketing costs Plant production overhead Normal food spoilage Abnormal food spoilage General and administrative expenses $3,550,000 900,000 125,000 50,000 60,000 40,000 75,000 Based on the above, what is the total amount of period expenses reflected in the company's income state- ment for the quarter ended September 30? a. $200,000 c. $290,000 b. $240,000 d. $300,000

Dinner ingredients Preparation labor Sales and marketing costs Plant production overhead Normal food spoilage Abnormal food spoilage General and administrative expenses $3,550,000 900,000 125,000 50,000 60,000 40,000 75,000 Based on the above, what is the total amount of period expenses reflected in the company's income state- ment for the quarter ended September 30? a. $200,000 c. $290,000 b. $240,000 d. $300,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Data concerning the compound for October abo Cost of material purchased in October Material purchased in October Material used in production in October Actual output in October $ 30.10 per ounce 2,650 ounces 2,190 ounces 670 units The material was purchased on account and Calvin Corporation uses a standard costing system. The debit to the Materials Inventory account for October would total: Multiple Cholce $65,700. $79,500. $217.080. $79.765.
beginning Ending Raw materials inventory $12,000 $ 8,000 Work-in-process inventory 45,000 55,000 Finished goods inventory 9,000 11,000 Raw materials purchased $45,000 Direct labor costs 80,000 Overhead costs 30,000 Selling and administrative costs 20,000 McClintock Manufacturing Inc. has the above information available for the month of July: Question: How much is the Cost of Goods Manufactured for July?[19:18, 30/03/2023] Ornella Oc: 25[19:19, 30/03/2023] Ornella Oc: Angelo's is a locally run and operated pizza parlor. Last month, the restaurant broke-even when 400 pizzas were served. The average variable costs per pizza are $2.50 and fixed costs for the month totaled $6,000. What is the average selling price of a pizza? a.$6.00 b.$12.50 c.$17.50 d.$15.00
Sydney's Barbecue reported the following information: Sydney's Barbecue Period Ending December 31, 20XX Manufacturing costs 4,200,000 Units manufactured 60,000 Beginning inventory 0 Note: 45,100 units sold during year at $270 per unit What is the amount of ending finished goods inventory for the period ending December 31, 20XX? Question 29 options: $1,053,000 $1,023,000 $1,063,000 $1,033,000 $1,043,000
Work in process inventory on December 31 of the current year is $44,000. Work in process inventory increased by 60% during the year. Cost of goods manufactured amounts to $275,000. What are the total manufacturing costs incurred in the current year? a.$233,750 b.$291,500 c.$275,750 d.$302,000 Period costs include a.operating costs that are shown on the income statement when products are sold b.operating costs that are shown on the income statement in the period in which they are incurred c.current liabilities on the balance sheet d.current assets on the balance sheet On the statement of cash flows prepared by the indirect method, the cash flows from operating activities section would include A.amortization of premium on bonds payable. B.receipts from the sale of investments. C.receipts from the issuance of common stock. D.payments for cash dividends.
4. Selected account balances for the year ended December 31 are provided below for MelodyCompany:Selling and Administrative salaries . . . . . . . . . . . . . . . . . . . . P110,000Purchases of raw materials . . . . . . . . . . . . . . . . . . . . . . . . . . P290,000Direct Labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ?Advertising expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . P80,000Manufacturing overhead . . . . . . . . . . . . . . . . . . .. . . . . . . . . . P270,000Sales commissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . P50,000 Inventory balances at the beginning and end of the year were as follow:Beginning of the year End of the yearRaw materials . . . . . . . . . . . . . . P40,000 P10,000Work in process . .. . . . . . . .. . . ? P35,000Finished goods . . . . . . . . . . . . . P50,000 ? The total manufacturing costs for the were P683,000; the goods available for sale totaledP740,000; and the…
QUESTION A company manufactures a food product data for which for one week has been analyzed as follows:Standard cost data: KDirect materials: 10 units at K1.50 15Direct wages: 5 hours at K4.00 20Production overhead: 5 hours at K5.00 2560Other overhead may be ignored.Profit margin is 20% of sales Price.Budgeted sales are K30,000 per week.Actual data:Sales K29,880Direct materials K6,435Direct wages K8,162Analysis of variances;Adverse FavourableDirect materials price 585Usage 375Direct labour: rate 318Efficiency 180Production overhead: expenditure 200Volume 375BBAC 212 ASSIGNMENT ONE SEMISTER 2 2021It can be assumed that the production and sales achieved resulted in no changes of stock.REQUIRED;From the data given, to calculate: (i) the actual output; (ii) the actual profit; (iii) the actualn price per unit of material (iv) actual labour rate per hour; (v) the amount of production overhead incurred; (vi) the amount of overhead absorbed; (vii) the amount of production efficiency variance;…
The questions to be answered are:Week 1The following data refer to Nani’s Fashions for the current year:Sales Revenues $475,000Work in process inventory, 31 December 15,000Work in process inventory, 1 January 20,000Selling and administrative expenses 75,000Income tax expense 45,000Purchase of raw materials 90,000Raw materials inventory, 31 December 12,500Raw material inventory. 1 January 20,000Direct labour 100,000Electricity: plant 20,000Depreciation plant and equipment 30,000Finished goods inventory, 31 December 25,000Finished goods inventory, 1 January 10,000Indirect material 5,000Indirect labour 7,500Other manufacturing overhead 40,000Required:a) Prepare the schedule of cost of goods manufactured for Nani’s fashion. (3 marks)b) Prepare the schedule of cost of goods sold for Nani’s Fashions and explain the informationprovided by the schedule of cost of goods sold. (4 marks)c) Prepare an income statement for the current year.
Question 1: At the end of its fiscal year December 31, Year 2, the following information appears in the financial statements of Quality Manufacturers: Cost of goods manufactured $400, 000 FOH (120 % of Direct Labor $ 92, 000 Cost of R. Material Used (all Direct) 150, 000 Work in process Inventory (ending) 48, 000 Required: By using data given above, determine the “Manufacturing cost”and “work in process inventory” on January 1.
Problem 12 Compute the Cost of Goods Sold for 2020 of Pillows Company considering the followinginformation:  Raw materials purchased was P2,500,000 with freight-in of P120,000 Purchase returns was P50,000 and purchase discount is 60% of purchase returns Raw materials beginning was P460,000 Raw materials end was P40,000 more than the beginning inventory Direct labor is P1,000,000 Factory overhead is 50% of direct labor Total goods placed in process is 150% of manufacturing cost WIP, end is 75% of WIP, beg Finished goods beginning balance is lesser by P100,000 than the ending balance whichwas P600,000
Inventories: March 1 March 31Raw material P18,000 P15,000Work in process 9,000 6,000Finished goods 27,000 36,000Additional information for March:Raw material purchased P42,000Direct labor payroll 30,000Direct labor rate per hour 7.50Overhead rate per direct labor hour 10.00 Required a. prime cost incurred b.conversion cost incurred c. Cost of Goods Manufactured
4.The following were taken from accounting records of Bella Company in December 2020.Prime cost, P301,000Gross profit rate on sales, 20%Cost of goods available for sale, P460,000Direct materials purchased, P170,000Work in process, December 1, 2020, P34,000Direct Materials, December 1, 2020, P16,000Finished goods, December 1, 2020, P30,000Factory overhead, 40% of conversion cost.Sales, P500,000Direct labor, P180,000Compute for December 31, 2020: (1) Direct materials inventory; (2) Work in process inventory; (3) Finished goodsinventory: A.(1) P6,000 ; (2) P25,400 ; (3) P30,000B. (1) P49,000 ; (2) P25,000 ; (3) P30,000C. (1) P65,000 ; (2) P25,400 ; (3) P60,000D. (1) P65,000 ; (2) P25,000 ; (3) P60,000
Additional information: 1. Inventory on 31 March 2021: Raw materials RM 19,400 Work in progress RM 16,400 Finished goods RM 31,400 2. Utilities and insurance expense are to be apportioned between factory and office in the ratio 2:1. 3. Only 40% of the rent expense and 50% of the general expense apply to factory operations, the remaining amounts should be charged to administrative activities. 4. Accrued payments: Factory direct wages RM 2,500 Utilities RM 1,800 5. Depreciation for the year is to be charged as follows:. Plant and machinery 10% on cost Office equipment 5% on reducing balance method Required : a) Prepare statement of cost of goods manufactured for the year ended 31 March 2021. b) Prepare statement of profit or loss for the year ended 31 March 2021. c) Prepare statement of financial position as at 31 March 2021.