Direct Materials Beginning balance S5,000 Ending balance 16,000 Purchases 55,000 Direct materials used ?
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Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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- 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 ManufacturedQuestion Content Area Jensen Company reports the following: Line Item Description Amount Direct materials used $345,000 Direct labor incurred 250,000 Factory overhead incurred 400,000 Operating expenses 175,000 Jensen Company’s product costs are a. $995,000 b. $770,000 c. $825,000 d. $920,000Cost incurred: Direct labor cost Rs. 70,000 Purchases of raw materials 165,000 Manufacturing overhead 85,000 Selling & administrative expenses 142,000 Sales 450,000 Beginning of End of the Year the year Inventories: Raw materials Rs. 8,000 13,000 Work in process 16,000 21,000 Finished goods 40,000 60,000 Prepare a schedule of cost of goods manufactured. Prepare the cost of goods sold section and Income statement of Fast company for the year 2019.
- Determine the missing amounts. TotalManufacturingCosts Workin Process(January 1) Workin Process(December 31) Cost ofGoodsManufactured (1) $ 151,000 $120,000 $82,000 $ X (2) $296,000 $ X $98,000 $331,000 (3) $310,000 $463,000 $ X $715,000Raw materials purchased = 197,000 Issued Direct Material = 187,000Indirect Material = 19,000 Direct Labor = 121,000Indirect Labor = 29,000 OH Rate = 150% Actual OH = 183,000 What was the amount of applied overhead (Over or Under)Direct materials issued to production $170,000Indirect materials issued to production $45,000Other manufacturing overhead $255,000Overhead allocated $240,000Direct labour costs $80,000 Is the manufacturing overhead under- or over-applied? By how much?
- Eddie Company had the following data available:Direct materials purchased on account P74,000Direct materials requisitioned P41,000Direct-labor cost incurred P65,000Factory overhead incurred P77,000Factory overhead applied P85,000Work in process is increased by _____. a) P334,250 b) P191,000 c) P179,000 d) P139,000Work in process, beginning.............Php 40,000 Costs added to production.........Php280,000 Costs transferred to next department....Php450,000 Work in process, ending..............Php 30,000 What were the transferred-in costs? A. Php160,000 B. Answer not given C. Php320,000 D. Php130,000 E. Php200,000question 6. ordered but have not yet recieved, materials costing 70,000. Encumbrances..................................................................................... Encumbrances Outstanding............................................... To record order of materials. (Budgetary entry)
- QuestionQ# 1: Accounting for Manufacturing Concern The following data from the just completed year are taken from the accounting records of KentonCompany:Sales $ 975,000Direct labor cost $ 165,000Raw material purchases $ 229,000Selling expense $ 48,750Administrative expenses $ 146,250Manufacturing overhead applied to work in process $ 180,000Actual manufacturing overhead costs $ 175,050Inventories: Beginning EndingRaw materials $ 18,000 $ 17,500Work in process $ 20,000 $ 14,750Finished goods $ 9,000 $ 11,000Required:1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in productionwere direct materials.2. Prepare a schedule of cost of goods sold. Assume that the company’s underapplied or overappliedoverhead is closed to Cost of Goods Sold.3. Prepare an income statementHow much should be the accumulated cost of work in process as of May 31? a. P90,000 b. P100,000 c. P190,000 d. P220,000Choose the correct letter of answer materials used, P500,000; labor cost, 60% of raw materials used; overhead, 30% of raw materials used; administrative and selling expenses, 40% of labor cost. The total period cost is equivalent to: a. P 120,000b. P890,000c. P800,000d. P590,000