Gross Sales – Php 50M Cost of goods/sales: Direct materials – Php 10M Direct labor – Php 10M Manufacturing overhead – Php 5M Operating expenses:
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53.
The information provided by ABC Manufacturing Corp. disclosed the following:
INCOME STATEMENT
Gross Sales – Php 50M
Cost of goods/sales:
Direct materials – Php 10M
Direct labor – Php 10M
Manufacturing
Operating expenses:
Salaries and wages – Php 1M
Professional fees – Php 1M
Supplies – Php 1M
Training expenses* – Php 1M
BALANCE SHEET
Assets – Php 20M
Liability – Php 5M
SHE – Php 15M
*Requirements for additional deduction on training expenses are complied with.
Compute the income tax.
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Solved in 3 steps
- Equivalent units of production based on weighted-average are: 100,000 units material, 90,000 units conversion. Beginning inventory costs are: material, Php5,000; labor, Php4,000; and overhead of Php8,000. Current costs are: material, Php45,000; labor, Php77,000; and overhead of Php118,000. The unit cost of labor: A. Php 0.50 B. Php 2.30 C. is not determinable from the data provided D. Php 0.90 E. Php 1.40Vista Manufacturing Sdn Bhd incurred direct material cost of RM20,000, direct labour cost of RM10,000, product delivery fees of RM5,000 and production overhead cost of RM35,000. Calculate the inventoriable cost. Select one: a. RM70,000 b. RM65,000 c. RM30,000 d. RM35,00014. Micky2, Inc. sells two products X and Y. Data concerning the company for July follow: Product X: sales - P200,000; variable expense - P50,000; and traceable fixed expenses - P80,000. For Product Y: sales - P300,000, variable expenses - P100,000 and traceable fixed expenses - P150,000. In addition there were common fixed expenses of P70,000 in July. What was the entire company's net income ? P50,000 P70,000 P150,000 P120,000
- Choose the correct letter of answer In 20x2 the Cranky Processing Company had the following data coming from its income statement (in Pesos): Sales, P1,200,000; Variable costs: (a) Goods sold, P400,000 and (b) S&A Expenses, P100,000; Fixed costs: (a) Factory overhead, P110,000, and S&A Expenses, P80,000. Income tax rate is 15%. Determine the required peso sales to provide an after-tax net income of P150,000. a. P261,765b. P176,471c. P366,471d. P628,235Arthur's Plumbing reported the following:Revenues $4,500Variable manufacturing costs $ 900Variable nonmanufacturing costs $ 810Fixed manufacturing costs $ 630Fixed nonmanufacturing costs $ 545 d. Compute gross margin percentage. e. Compute operating income.The related data of Rolene Company: Net income P358,750 Operating expenses 250,000 Sales 1,875,200 Finished goods, ending 200,500 Finished goods, beginning 178,900 How much is the cost of goods manufactured?
- Cost of Goods Manufactured; Income Statement The following data pertain to BaborCompany for the fiscal year ended December 31:[LO 3-4]Prior December 31 Current December 31Purchases of materials $165,000Direct labor 114,000Indirect labor 45,000Factory insurance 8,000Depreciation—factory 33,000Repairs and maintenance—factory 11,000Marketing expenses 144,000General and administrative expenses 86,000Materials Inventory $23,000 55,000Work-in-Process Inventory 13,000 16,000Finished Goods Inventory 17,000 24,000Sales in the current year were $625,000.Required Prepare a schedule of cost of goods manufactured and an income statement for the current yearfor Babor Company similar to those in Exhibit 3.15A.Consider a firm with a 2010 revenue of S60 million and cost of goods sold of $25 million lf the balance shert amount show $4million of inventory and $1.5 million ofproperty, plant & equipment how many weeks of suppiy does the fim bolat(2 weeksinoneyear)(use 2 decimals)Select oneO a.8.33O b.6.25Oc 13.75O d. 400Oe 12.50Assume that a company provided an income statement as follows: Sales $ 524,000 Cost of goods sold 250,000 Gross margin 274,000 Selling and administrative expenses: Selling expenses $ 140,000 Administrative expense 63,000 203,000 Net operating income $ 71,000 If the income statement above has been adjusted to reflect overapplied overhead of $10,000 and the company’s beginning and ending finished goods inventories were $8,000 and $3,000, respectively, then what is its cost of goods manufactured?
- Arthur's Plumbing reported the following:Revenues $4,500Variable manufacturing costs $ 900Variable nonmanufacturing costs $ 810Fixed manufacturing costs $ 630Fixed nonmanufacturing costs $ 545Required:a. Compute contribution margin. b. Compute contribution margin percentage. c. Compute gross margin. d. Compute gross margin percentage. e. Compute operating income.6. The following cost relate to XYZ Corp for the year:Sales commission expenses P 185,000Direct materials 215,000Conversion cost 435,000Factory overhead 190,000 (40% of which is fixed)What is the TOTAL MANUFACTURING (PRODUCT) COSTS?Arthur's Plumbing reported the following:Revenues $4,500Variable manufacturing costs $ 900Variable nonmanufacturing costs $ 810Fixed manufacturing costs $ 630Fixed nonmanufacturing costs $ 545Required:a. Compute contribution margin. b. Compute contribution margin percentage. c. Compute gross margin.