Gil Co. purchased four items of inventory at a bulk price of P9,000,000. The fair value of each item of inventory purchased are as follows: A-P4,000,000, B-P3,000,000, C-P2,000,000, D – P1,000,000. How much is the cost to be allocated to Inventory C?

Q: How do I identify and explain the classic budgeting error that Harlow apparently incorporated into h...

A: Total Cost=Direct material+Direct labor+Variable Overhead+Fixed Overhead

Q: The Casings Plant of Wyoming Machines makes plastics shells for the company's calculators. (Each cal...

A: Lets start with the basics. For calculating production required, we need to use below formula. Produ...

Q: bike engines rbike engine torbike engin

A: Journal Entry The purpose of preparing the journal entry to enter the required transaction into debi...

Q: Instructions: Whittier Company plans to sell 1,000 mowers at $400 each in the coming year. Total var...

A: Solution..     Sales price per unit = $400  Variable cost per unit = $325  Fixed cost = $45,000  Con...

Q: Is a Microsoft subscription considered as a prepaid expense? Also, if it's considered or recorded (f...

A: Prepaid expenses are those expenses which are paid in advance for future period of time. This is a f...

Q: The ledger of Bramble Corp. on March 31, 2020, includes the following selected accounts before adjus...

A: Answer) Journal Date Account Titles and Explanation  Debit  Credit Mar'31 Insuranc...

Q: A group of thirty 2-year old cattle was held at January 1, 2021. On this same date, additional five ...

A: January 1, 2021 Fair value of 2 years old cattle = 35 x 12,500 = 437,500 Fair value of newborn calve...

Q: Adjusted Entries: Accrued sales revenue: 29500 Rent Revenue Earned: 14,000 rent was initially prep...

A: Adjustments are increased or decreased the net income of the entity. Revenue adjustments have increa...

Q: Bally Manufacturing sent Intel Corporation an invoice for machinery with a $14,400 list price. Bally...

A: Trade discount = List price x  Trade discount  rate Cash discount = (List price - Trade discount ) x...

Q: 1.Sugary Company has the policy of valuing inventory at the lower of cost and net realizable value u...

A: Inventory is one of the important current asset of the business. Mostly businesses uses and prefer l...

Q: Use

A:

Q: At the beginning of 2020 Max company issued 10% bonds with a face value of 900,000. These bonds matu...

A: Coupon rate = 10%/2 = 5% Market rate = 12%/2 = 6% Number of periods = 5*2 =10 Interest paid = Face v...

Q: Unit Selling Price Ave. Unit (Updated) P 400 1,300 1,700 1,250 600 No. Brand Туре Size Units Unit Co...

A: Inventory is written in the balance sheet under current assets. It should be recorded at lower of co...

Q: The Cash account balance of Kingbird, Inc. at July 1 is $570. The total of the debit entries to the ...

A: Debit to cash account means an increase in cash balance whereas credit to cash account decrease in c...

Q: Required information [The following information applies to the questions displayed below.] Jeremy ea...

A: Taxable Income is the net amount of income on which tax is imposed or determined using appropriate t...

Q: The following is a December 31, 2021, post-closing trial balance for the Jackson Corporation. Accoun...

A: Balance sheet: It is a financial statement that reflects all the liabilities, equity, and assets of ...

Q: How do you view goodwill on the balance sheet - specifically, if certain levels of it would cause co...

A: 1.) I see the goodwill on the balance sheet as synergies , which was estimated at the time of the aq...

Q: O R-P3 D00 C- D0 D - 00 How mu

A:

Q: In small business some activities are outsourced and some resources are acquired externally, that is...

A: THERE ARE EFFORTS OF VARIOUS PEOPLE IN ORDER TO RUN A SUCCESSFUL BUSINESS MANY PEOPLE ASSOCIATED ORG...

Q: Apricot Company sells a variety of items to its customers. At December 31, the balance of Apricot’s ...

A: Adjustment of Inventory at NRV: If we are talking about inventory, net realisable value (NRV) is the...

Q: Use the information below to answer the following two questions: Herbal Company provides the followi...

A: Total manufacturing cost is a sum of direct material, direct labor, and manufacturing overhead costs...

Q: On September 14, the petty cash fund needed replenishment and the following are the receipts: Auto E...

A: Journal entries are used to maintain track of financial transactions. To create a journal entry, you...

Q: Angela Corporation (a private company) acquired all of the outstanding voting stock of Eddy Tech, In...

A: A consolidated financial financial statement that includes all of the divisions or subsidiaries of a...

Q: Sandy Company owns 15,000 of the 100,000 ordinary shares of X Corporation. The investment is account...

A: Answer: If she opted to receive cash instead of share dividend, then she will receive deividend @ P2...

Q: . Diorio Corporation keeps careful track of the time required to fill orders. The times recorded for...

A: Manufacturing Cycle Efficiency: The percentage of production time spent on value-added activities is...

Q: The Cherry Company’s physical inventory on December 31, 2021 showed that merchandise with a cost of ...

A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to...

Q: Silver Lining Inc. uses the perpetual inventory method to account its silver purchases. They use ave...

A: Simple Average Price Method: Under this method, materials issued are  valued at average price, which...

Q: What are the non-mandarory benefits of employees in the philippines ? and decribe each.

A: The non- monetary benefits refers to any benefits that does not directly put money into the bank acc...

Q: 10. What value of A makes the two annual cash flows equivalent at 15% interest compounded annually? ...

A: Solution Concept Time value of money We can use the time value of money to equate the cash flows of ...

Q: ACAR Photography Adjusted TRIAL BALANCE Dec., 31, 2018 Debit Accounts |Cash Accounts receivable Supp...

A: Formula: Net income = Total Revenues - Total Expenses

Q: Alomar Co., a consolidated enterprise, conducted an impairment review for each of its reporting unit...

A: An impairment loss is recognized when the carrying value or the book value of the asset is more than...

Q: What is the carrying amount of the note as of December 31, 2022? On January 1, 2022. TGIG sold equip...

A: Carrying amount of the Note = Present value of the annual instalments where, Present value of the an...

Q: CASE 2-32 Break-Even Analysis for Individual Products in a Multiproduct Company L02-5, LO2-9 Cheryl ...

A:  Product   Selling price per unit   Variable expense per unit   Contribution Margin per unit   Vel...

Q: Costs per equivalent unit: Costs Total costs for May in Roasting Department Total equivalent units C...

A:  It is a process wherein the cost incurred in the service departments is allocated to other service ...

Q: Salaries and wages payable $1,700 Notes payable (long-term) $1,700 Salaries and wages expense 51,800...

A: Formula Used for calculating Income statement: Net income = Total Revenues - Total Expenses

Q: Christine receives 1 000 shares of stock in ABC

A:                             Working note:-                               Christine  received 1000 sh...

Q: 3. Pear Company recorded the following data pertaining to one of its inventory items during January ...

A: Average-cost cost flow assumption - Under the Weighted Average Method, the cost is considered to be ...

Q: Sugary Company has the policy of valuing inventory at the lower of cost and net realizable value usi...

A: Inventory is one of the important current asset for the business. Mostly business prefer for valuati...

Q: aughn Company completed its first year of operations on December 31, 2022. Its initial income statem...

A: Cash outflow and cash inflows gives the net cash provided by the operating activities.

Q: Requirements:   1 Aug           Started business with $150, 000 in the bank   3 Aug           Bo...

A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...

Q: (a) Incomplete manufacturing costs, expenses, and selling data for two different cases are as follow...

A:   cost sheet of case 1 Direct materials used 8300 Direct labour 3000 Manufacturing overhead  ...

Q: Is activity-based costing always beneficial to an organization? in what situations would itb benefic...

A: Activity based costing is a system of costing in which  allocated on the basis of activity done .it ...

Q: The controller of Cullumber Industries has collected the following monthily expense data for analyzi...

A: Regression analysis would seem to be a set of statistical processes for evaluating relationships bet...

Q: Nayvicky Company is making plans for the introduction of a new product, which has a target selling p...

A: Given: Fixed overhead cost P200,000 Variable overhead cost per unit = P10   Labour hours calculation...

Q: Moody Corporation uses a job-order costing system with a plantwide predetermined overhead rate bas b...

A: Solution Formula used Plant wide predetermined overhead rate            =estimated overhead cost /es...

Q: Pear Company recorded the following data pertaining to one of its inventory items during January 202...

A: Cost of goods available of sales / no.of units available for sales.

Q: The journal entry needed to record P5,000 of advertising for Westwood Manufacturing would include: O...

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...

Q: Activity-Based Costing, Traditional Costing 1. The controller for Mitchell Supply Company has establ...

A: Activity based costing is one of the type of costing system, which shows that all indirect costs and...

Q: Which of the following is deductible as interest on Schedule A? a.Subscriptions to professional pub...

A: Answer Schedule A is for itemized deductions.it contains medical and rental expense, contribution an...

Q: BBM Company lost most of its inventory in a fire in December, 2021, just before the year-end physica...

A: Gross profit ratio = Gross profit / Sales where, Gross profit = Sales - Cost of goods sold