If the beginning balance for June of the materials inventory account of AAA Enterprise was P250,000, the materials purchased for the month is P1,200,000 and the ending balance for the month was P300.000, how much was the materials used for the month? 1. P 1,150,000 2. P 1.250,000 3. P 1,500,000 4. P 1,750,000
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- Direct material costs $3 per unit, direct labor costs $5 per unit, and overhead is applied at the rate of 100% of the direct labor cost. What is the value of the Inventory transferred to the next department if beginning inventory was 2,000 units; 9,000 units were started; and 1.000 units were in ending inventory? A. $1,000 B. $13,000 C. $130.000 D. $20.0004. Selected account balances for the year ended December 31 are provided below for MelodyCompany:Selling and Administrative salaries . . . . . . . . . . . . . . . . . . . . P110,000Purchases of raw materials . . . . . . . . . . . . . . . . . . . . . . . . . . P290,000Direct Labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ?Advertising expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . P80,000Manufacturing overhead . . . . . . . . . . . . . . . . . . .. . . . . . . . . . P270,000Sales commissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . P50,000 Inventory balances at the beginning and end of the year were as follow:Beginning of the year End of the yearRaw materials . . . . . . . . . . . . . . P40,000 P10,000Work in process . .. . . . . . . .. . . ? P35,000Finished goods . . . . . . . . . . . . . P50,000 ? The total manufacturing costs for the were P683,000; the goods available for sale totaledP740,000; and the…15. V-Taxi company is reviewing its material stock. If Vaxi's direct materials inventory increased during the month by $4,000 and direct materials placed in production were $155,000, how much direct materials were purchased during the month? a. $159,000. b. $151,000. c. $155,000. d. cannot be determined with the information given.
- D3 Company marks up all merchandise at 25% of gross purchase. All purchases are made on accountwith terms of 1/10, net/60. Purchase discounts which are recorded as miscellaneous income are alwaystaken. Normally, 60% of each month’s purchases are paid for in the month of purchase, while the other40% are paid during the first 10 days of the first month after purchase. Inventories of merchandise atthe end of each month are kept at 30% of the next month’s projected cost of goods sold.Terms for sales on account are 2/10, net/30. Cash sales are not subject to discount. Fifty percent ofeach month;s sales on account are collected during the month of sale, 45% are collected in thesucceeding month and the remainder are usually uncollectible. Seventy percent of the collections in themonth of sale are subject to discount while 10% of the collections in the succeeding month are subjectto discount.Projected sales data for selected month follow:Sales on Account Gross Cash salesDecember P1,900,000…1. 9.The following information appears on the stock card for material DEF for April, 20C: Beginning balance: 700 units @ P5; Purchases: April 10 - 2,500 units @ P6.00; April 18 - 2,000 units @ P5.50; April 27 - 3,000 units @ P5.80. Issuances: April 11 - 2,000 units for Job No. 76; April 15 - 700 units for Job No. 79; April 20 - 1,500 units for Job No. 75; April 25 - 600 units for Job No. 79; April 30 - 1,500 units for Job No. 76. On April 19, 200 units of the April 18 delivery were returned to the supplier for being defective. Accordingly, a credit memorandum was received from the latter. On April 29, 100 units were returned to the storeroom by the department that made the requisition on April 20. Using the FIFO costing method, how much materials cost must be charged to the jobs for April? Job 75 = P8,500; Job 76 = P19,910; Job 79 = P7,500 Job 75 = P9,000; Job 76 = P18,250; Job 79 = P7,500 Job 75 = P7,950; Job 76 = P19,910; Job 79 = P7,500 2.The inventory account of Vanda…Beginning raw materials inventory was P32,000. During the month, P276,000 of raw material was purchased. A count at the end of the month revealed that P28,000 of raw material was still present. What is the cost of direct material used?A. P276,000B. P272,000C. P280,000D. P 2,000
- CURRENT COST ACCOUNTINGProblem 38. WWW had the following transactions for the current year with respect to its inventory: On January 1, the entity purchased 50,000 units at P100 per unit. During the year, the entity sold 40,000 units at P180 per unit. The entity paid P700,000 for operating expenses. The current replacement cost of the inventory on December 31 is P150 per unit.Required: Based on the result of your audit, determine the following:1. What is the realized holding gain on inventory for 2010?2. What is the unrealized holding gain on inventory for 2010?3. What is the cost of sales to be reported under current cost accounting?.31.The following data were available for Product Z at Mar 31, 20X1:Beg inventory 50 units @ 12Purchases:Mar 2 60 units @ 11Mar 17 60 units @ 10Sales: Mar 5 80 unitsMar 20 50 unitsThe entry to record sales under Average costing perpetual would include: (Round to 4 decimal) Dr Cost of sales 1,441 Dr Inventory 400 Cr Inventory 419 Dr Cost of sales 1,42235.The following data were available for ABC Corp at Dec 31, 20X2:Net purchases P345,000Inventory, Dec 31 P11,000Gross Sales, 446,250Sales returns, P10,000Gross profit is 25% of costHow much was the beginning inventory during the year? 23,000 15,000 7,000 1,000
- 16. Macdo had 150,000 units of product A on hand at January 1, 2020, costing P21 each. Purchases of Product A during the month were as follows: January 5 January 18 January 30 Units 200.000 250,000 100.000 Unit Cost P22 23 24 A physical count on January 31, 2020 shows 250,000 units of Product A on hand What is the cost of the inventory at January 31, 2020 under LIFO method?11. The following information is available for Bandera Manufacturing Company for the month ending January 31: Cost of goods manufactured $229,440 Selling expenses 76,640 Administrative expenses 40,520 Sales 488,160 Finished goods inventory, January 1 55,160 Finished goods inventory, January 31 50,280 For the month ended January 31, determine Bandera's (a) cost of goods sold, (b) gross profit, and (c) net income.EA6. LO 10.2 Akira Company had the following transactions for the month. Number of Units cost per unit Beginning inventory 150 $1,500 Purchased Mar. 31 160 1,920 Purchased Oct. 15 130 1,950 Total goods available for sale 440 5,370 Ending inventory 50 ? Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $25 each. Provide your calculations. A first-in, first-out (FIFO). B. last-in, first-out (LIFO) C. weighted average (AVG)