E 2-2 - Items included in inventories Erving Corp. included the following items under inventories: P1,200,000 470,000 350,000 200,000 900,000 3,000,000 Materials on hand Materials in transit shipped FOB shipping point Materials in transit shipped FOB destination Advances for materials ordered Goods in process Finished goods in factory Finished goods in entity-owned retail stores, including 50% profit on cost Finished goods in hands of consignees including 40% profit on sales Goods held on consignment, at sales price, cost P150,000 Finished goods in transit to customers, shipped FOB seller, at cost Finished goods in transit to customers, shipped FOB buyer, at cost Unsalable finished goods, at cost Office supplies Advertising catalogs and shipping boxes 750,000 400,000 300,000 250,000 150,000 30,000 40,000 150,000 Required: Compute the amount to be presented as 'Inventories' under current assets.

E 2-2 - Items included in inventories Erving Corp. included the following items under inventories: P1,200,000 470,000 350,000 200,000 900,000 3,000,000 Materials on hand Materials in transit shipped FOB shipping point Materials in transit shipped FOB destination Advances for materials ordered Goods in process Finished goods in factory Finished goods in entity-owned retail stores, including 50% profit on cost Finished goods in hands of consignees including 40% profit on sales Goods held on consignment, at sales price, cost P150,000 Finished goods in transit to customers, shipped FOB seller, at cost Finished goods in transit to customers, shipped FOB buyer, at cost Unsalable finished goods, at cost Office supplies Advertising catalogs and shipping boxes 750,000 400,000 300,000 250,000 150,000 30,000 40,000 150,000 Required: Compute the amount to be presented as 'Inventories' under current assets.

Name: The topic is Inventories. Chapter 2 - Inventories | 2-27E 2-2 - Items
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Description: The topic is Inventories. Chapter 2 - Inventories | 2-27E 2-2 - Items included in inventoriesErving Corp. included the following items under inventories:P1,200,000470,000350,000200,000900,0003,000,000Materials on handMaterials in transit shipped FOB

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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1. Supply the missing data in the following cases, each case is independent of the others. Schedule of Cost of Goods ManufacturedDirect materials . . . . . . . . . . . . . . . . . . . . . .P 4,500Direct labor . . . . . . . . . . . . . . . . . . . . . . . . . . ?Manufacturing overhead . . . . . . . . . . . . . . . 5,000Total manufacturing costs . . . . . . . . . . . . . . 18,500Beginning work in process inventory . . . . . 2,500Ending work in process inventory . . . . . . . . ?Cost of goods manufactured . . . . . . . . . . . 18,000 Income StatementSales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . P 30,000Beginning finished goods inventory . . . . . 1,000Cost of goods manufactured . . . . . . . . . . . 18,000Goods available for sale . . . . . . . . . . . . . . . ?Ending finished goods inventory . . . . . . . . ?Cost of goods sold . . . . . . . . . . . . . . . . . . . . 17,000Gross margin . . . . . . . . . . . . . . . . . . . . . . . . 13,000Selling and administrative…
Exercise 2: Flow of Cost - Cost System You are required to compute for the unknowns in the following accounts: Materials Inventory 7,950 Purchase Returns 750 Purchases 27,500 Direct Materials ? Indirect Materials (e) Inventory, end 5,100 Work in Process Inventory 13,650 Cost of Goods Sold Completed (c) Direct Materials Cost 23,500 Direct Labor Cost (a) Factory Overhead Applied (100% of direct labor cost) (b) Inventory 11,750 62,150 Finished Goods Inventory 12,500 Cost of Goods Sold (d) Cost of Goods Sold Completed ? Inventory, end 11,250
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Q 2From the following particulars of a manufacturing firm, prepare a statement showing: Materials used in manufacturing     OMR 60000 Materials used in primary packing OMR 10000 Materials used in selling the product OMR 1500 Materials used in the factory  OMR 750 Administrative expenses OMR 1250 Depreciation on office building OMR 750 Depreciation on factory building  OMR1750 Materials used in the office  OMR 1250 Wages - production  OMR 10000 Wages - factory supervision  OMR 2000 Indirect expenses - factory  OMR 1000 Selling expenses  OMR 3500 Audit charges OMR 250 Bank service charges OMR 100 Freight on materials purchased  OMR 5000 Advertising Expenses  OMR 1250 Profit OMR  25% on cost of production Calculate : (a) Prime Cost (b) Works Cost (c) Cost of Production (d) Cost of Sales and (e) Profit PLEASE ANSWER FIRST A,B AND C SUBPART
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Requirement 3. Classify each of the cost items (A-I) as an inventoriable cost or a period cost. Explain your answers. a. Lumber at Home Depot is a(n) ▼ inventoriable cost period cost since the lumber is ▼ an asset (inventory) held to sale to customers. presumed not to benefit future periods. The cost of lumber becomes part of ▼ cost of goods sold manufacturing overhead operating expenses when it is sold to customers. b. Electricity in an Apple manufacturing plant is a(n) ▼ inventoriable cost period cost . It is ▼ a direct cost an indirect cost of the product being produced. c. Depreciation on the shelving at Home Depot is a(n) ▼ inventoriable cost period cost . It is ▼ a cost of selling their products a cost of the products , not ▼ a cost of selling their products a cost of the products . d. Mileage for Rent a Nanny is a(n) ▼ inventoriable cost period cost since ▼ it has no inventory. it is a…
Question 1. Case 2. Book problem. Incomplete manufacturing costs, expenses and selling data for two different cases are shown below: Required: 1. Indicate the missing amount for each letter 2. Prepare a schedule of cost of goods manufactured 3. Prepare a schedule of cost of goods sold 4. Prepare an income statement (Optional) Case 1 Case 2 Raw materials used 9,600 g) Direct labor cost 5,000 8,000 Total Factory overhead 8,000 4,000 Total Manufacturing costs a) 16,000 Beginning work in process inventory 1,000 h) Ending work in process inventory b) 3,000 Sales revenue 24,500 i)…
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Q no 01: (10) Following data have been taken from the records of ABC ltd Jan 01 Dec, 31 Finished goods inventory 19,431 ? Work in process 32,600 16,800 Raw material 13,600 19,700 Other Information Depreciation on factory equipment 8500 Raw material purchased 145000 Direct labor 65300 Indirect labor 33400 Freight In 3400 Factory Overhead 19100 Purchase discount 2400 Finished goods inventory on 1st Jan 480 units and on 31st Dec 320 Units. Sales during the year 2660 units @ 220 per unit. Required: Unit cost of finished goods inventory Total cost of finished goods inventory Cost of goods sold
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