Hi owns and operates three Compufix shops in Caloocan City area. Compufix repairs and upgrades computers on site. In August, purchases of materials equaled P 9,750, the beginning inventory materials was P 850, and the ending inventory of materials was P 950. Payments for direct labor during the month totaled P 18,570. Overhead incurred was P 15,000. The Caloocan City shops also spent P 5,000 on advertising during the month. Administrative costs (primarily accounting and legal services) amounted to P 3,000 for the month. Revenues for August were P 60,400. What was the total cost of services for August

Q: The following cost data pertain to the operations of Montgomery Department Stores, Inc., for the…

A: The cost of production include variable and fixed cost.

Q: Brown Printing, a small family-owned business, began operations on March 1, manufacturing premium…

A:

Q: The following transactions occured in April at Steve's Cabinets, a custom cabinet firm. 1. Purchased…

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

Q: The owners want to understand these numbers and how they can use the information to run the…

A: Absorption costing is also known as Full costing, absorption costing is a conventional technique of…

Q: Lofton Ltd., a microwave manufacturer, provide the following information for the year ended December…

A: Schedule of cost of goods manufactured shows total costs incurred on production and manufacturing of…

Q: The following cost data pertain to the operations of Quinonez Department Stores, Inc., for the month…

A: Departmental direct cost means the cost that exclusively related with specific department and will…

Q: Amy Company makes calculators. During the most recent accounting period, Amy paid $3,000 for raw…

A: Total cost of production = Raw materials + Labor cost + Overhead costs Cost per unit = Total cost of…

Q: Yolo Windows, a manufacturer of windows for commercial buildings, reports the following account…

A: An income statement shows the net profit earned or net loss incurred by the company. When the sales…

Q: The following events took place for Digital Vibe Manufacturing Company during March, the first month…

A: A.

Q: Angelica Virata owns and operates three Compufix shops in Quezon City area. Compufix repairs and…

A: >Total Cost of service will include all the cost of 'product cost' nature that are directly…

Q: BTS owns and operates three Compufix shops in Quezon City area. Compufix repairs and upgrades…

A: >Total Cost of services include all the direct and indirect cist related to the rendering of the…

Q: Based from the given data, answer the following questions. Show your computations. G Toy Shop…

A: Cost accounting means where every cost of doing business is recorded in necessary account and cost…

Q: The Company provided the following expense information for July: Assembly-line workers' wages…

A: Generally, the total cost is the total costs incurred for manufacturing an item. These costs include…

Q: During May, the following transactions were completed and reported by Jerico Company: Materials…

A: This question is related to cost accounting. Transactions have been given in this question on the…

Q: Travis Inc. employed several maintenance engineers to keep the equipment running in peak condition.…

A: Given the following information: Highest activity cost (HAC) : $15,200 Highest activity units (HAU)…

Q: East Ferry Tool & Die, a manufacturer of parts for agricultural equipment, provides the following…

A: Cost of goods sold statement :— It is the statement that shows cost of goods sold during the period.…

Q: Amy Company makes calculators. During the most recent accounting period, Amy paid $3,000 for raw…

A: Expense recognize on the income statement = Total cost incurred x No. of units sold / Total no. of…

Q: Lofton Ltd., a microwave manufacturer, provide the following information for the year ended December…

A: Unit product cost means cost of manufacturing single unit in the business. This is calculated by…

Q: 1. Determine the cost of batteries that would appear in each of the following accounts on April 30.

A: Name of the Account Cost 1a. Raw Materials $32,000 1b. Work in Process $60,000 1c. Finished…

Q: Lofton Ltd., a microwave manufacturer, provide the following information for the year ended December…

A: Lofton Ltd., a microwave manufacturer, provide the following information for the year ended December…

Q: SAP Company manufactures boats. During October, 2020, the company purchased 200 motors at a cost of…

A: Ending Raw Material Inventory :— It is the cost of unused raw materials inventory at the end of the…

Q: The following cost data pertain to the operations of Montgomery Department Stores, Inc., for the…

A: Direct costs: The costs which are directly attributable to a product or service or a cost object.…

Q: ass Doctor Company manufactures sunglasses. Following is a list of costs the company incurred during…

A: Manufacturing overhead cost is the whole of all the indirect costs which are brought about whereas…

Q: Listed here are the costs associated with the production of 1,000 drum sets manufactured by…

A: Manufacturing cost refers to the sum total of all the costs incurred to manufacture a product. It…

Q: The industrial company KLM SA manufactures fitness equipment for playgrounds upon orders from its…

A: Journal Entry - It is record of every business transaction in day to day life over a particular…

Q: Wolfort Blade Limited, a manufacturing company, produces a single product. The followiing…

A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three…

Q: Product Cost?

A: Direct labor cost refers to the cost of human resources involved in the production process. Overhead…

Q: G Toy Shop manufactures children's plush toys and incurred the following during the process: (The…

A: Hi student Since there are multiple subparts, we will answer only first three subparts.

Q: Based from the given data, answer the following questions. Show your computations. G Toy Shop…

A:

Q: Stefan Ceramics is in the business of selling ceramic vases. It has two departments – molding and…

A: Tungsten carbide cost per unit: = [(720 * 280) / 4,200] = [(2,016,000) / 4,200] = $48 per unit

Q: Moltres Manufacturing Company had the following account balances for the quarter ending March 31:…

A: The question is related to Cost Accounting and is of cost sheet. The details are given regarding the…

Q: Walter Pinkman assembles merchandise and is paid $0.11 for each unit assembled. During the most…

A: Payroll accounting is one of accounting process which are specially records the transactions and…

Q: Shannon Sharpe owns and operates three Frazer Speedo outlets in Columbus, OH. Frazer Speedo is an…

A:

Q: Wedge Company paid $8,000 for materials (all of which was used in production during the year),…

A: Cost of Goods Sold or COGS is the direct cost which is incurred for producing…

Q: The following cost data pertain to the operations of Quinonez Department Stores, Inc., for the month…

A: Option (a) is the correct answer

Q: Brown Printing, a small family-owned business, began operations on March 1, manufacturing premium…

A: Solution:- 1)Definition and explaining the concept absorption and variable costing as follows…

Q: its first month of business, Soles for Souls, Inc., started and completed 5,000 shoes and sold 4,000…

A: Cost of goods manufactured include all manufacturing cost for goods produced during the period.…

Q: Aelan Products Company, a small manufacturer, has submitted the items below concerning last year's…

A: Given : Aelan Products Company, a small manufacturer, has submitted the items below concerning last…

Q: Synder Corp., a lamp manufacturer, provides the following information for the year ended December…

A: Answer a)

Q: Road Warrior Corporation began operations early in the current year, building luxury motor homes.…

A: Gross profit It is the profit a company makes after deducting the costs  which associated with…

Q: Based from the given data, answer the following questions. Show your computations. G Toy Shop…

A: Manufacturing Overhead Costs = threads and accessories + building rental + security guard salary +…

Q: In its first month of business, Soles for Souls, Inc., started and completed 5,000 shoes and sold…

A: The Cost of Goods Manufactured refers to the whole production costs of goods which can be completed…

Q: hillicothe Meat Company produces one of the best sausage products in southern Ohio.  The company's…

A: Production cost is the cost incurred by an enterprise in the process of manufacturing a product or…

Q: Country Furniture Company manufactures furniture at its Akron, Ohio, factory. Some of its costs from…

A: The product cost includes the direct and indirect cost incurred on production of goods.

Q: 1a. Calculate the unit cost of goods sold using absorption costing.   1b Prepare the income…

A: Solution:- 1a)Calculation of the unit cost of goods sold using absorption costing as follows under:-…

Q: Prepare a schedule of the cost of goods manufactured for the year ended December 31, 2008 ii)…

A: Cost of goods manufactured=Direct Material used+ Direct Labor+ Factory overheads Unit Product Cost=…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.