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Octie Company reports the following costs and expenses in January 2020.
Required:
From the information given, determine the total amount of
- Manufacturing overhead
- Product costs
- Period costs
Step by step
Solved in 2 steps with 3 images
- A. Purchased P250,000 of materials. B. Used P180,000 of materials in production. C. Incurred P450,000 of direct labor wages. D. Incurred P190,000 of factory overhead. E. Transferred P760,000 of work in process to finished goods. F. Sold good P1,200,000. G. Sold goods with a cost of P675,000. H. Incurred P215,000 of selling expenses. I. Incurrent P125,000 of administrative expenses. Requirements: 1. Prepare income statement. 2. Prepare the inventory portion of the balance sheet.Raw material purchased OMR150000, opening stock raw material OMR 53000, Paid freight charges OMR 7000, wages paid to labor OMR 40000, closing stock finished goods OMR 15000 and factory overhead is OMR 58000. The cost of goods Manufacturing is:Question 2: ABC Company has the following information for the period ended 31 December 2020. Direct material purchased OMR 360000 Direct labor OMR 200000 Factory maintenance OMR 29000 Power and heat—factory OMR 18500 Direct Expenses 15 % of the direct labor cost Indirect factory labor OMR 21000 Freight In OMR 7000 Depreciation - Factory OMR 22300 Advertisement expenses OMR 8500 Inventories, 1 January 2020: Direct Material OMR 41700 Work-in-process…
- Eddie Company had the following data available:Direct materials purchased on account P74,000Direct materials requisitioned P41,000Direct-labor cost incurred P65,000Factory overhead incurred P77,000Factory overhead applied P85,000Work in process is increased by _____. a) P334,250 b) P191,000 c) P179,000 d) P139,000Manufacturing, Nonmanufacturing; Prime Costs, Conversion Costs The following is a list of manufacturing costs incurred by Eros Manufacturing Co. during April:Direct materials used ......................................P154,800Indirect materials used ...................................... 63,000Direct labor employed ........................................ 392,500Indirect labor employed ...................................... 175,300Utilities expense - factory .................................. 91,200Rent expense - factory ...................................... 140,800Depreciation expense - factory equipment ....... 82,000 1. Calculate the factory overhead cost incurred. 2. Calculate the direct manufacturing costs for the month of April. 3. How much is the conversion cost?The related data of Megan Company: Ending Beginning Raw materials P78,500 P69,200 Work in process 500,200 355,500 Finished goods 285,700 312,700 The Cost of goods manufactured is P1,317,200. The entity purchased P500,000 raw materials during the year, of which 20% is an indirect material. How much are the direct materials used?
- Unit costs associated with the sale of a product AA101: Direct Materials, P230 Direct labor, P120 Manufacturing support costs, P460 Sales staff salaries, P190Indirect costs per unit of AA101 area. P1000b. P650c. P540d. P580a. Purchased $137,200 of materials. b. Used $94,320 of direct materials in production. c. Incurred $180,640 of direct labor wages. d. Incurred $212,320 of factory overhead. e. Transferred $427,800 of work in process to finished goods. f. Sold goods for $655,000. g. Sold goods with a cost of $360,250. h. Incurred $86,160 of selling expense. i. Incurred $70,250 of administrative expense. . Using the information given, determine the Materials Inventory, Work in Process Inventory, and Finished Goods Inventory balances at the end of the first month of operations. Materials inventory Work in process inventory Finished goods inventorySubject: Cost Management & Accounting QUESTION – 5From the following data, Prepare Cost of Good Sold StatementMaterial consumed = Rs. 150,000 [ 20 % Indirect]Labour incurred = 200,000 [ 75 % Direct ]Rent = 35,000 [ 20 % Office ]Fuel & Power = 45,000 [ 100% Factory ]Utilities Expense = 10,000 [ 35 % Factory ]Supervisor Salaries = 30,000 [ 60 % Factory ]Depreciation = 45,000[ 10 % Furniture, 15% Office Building, 25% Factory Building & Remaining for Factory Machines]Inventories Opening ClosingRaw material Rs. 45,000 80% of OpeningW-I-Process 75% of Closing 80,000Finished Goods 90,000 20% of Cost of Goods Manufactured
- Required information [The following information applies to the questions displayed below.] The following data refer to Twisto Pretzel Company for the year 20x1. Work-in-process inventory, 12/31/x0 $ 8,000 Selling and administrative salaries 13,700 Insurance on factory and equipment 3,600 Work-in-process inventory, 12/31/x1 8,200 Finished-goods inventory, 12/31/x0 14,000 Cash balance, 12/31/x1 7,000 Indirect material used 4,600 Depreciation on factory equipment 2,100 Raw-material inventory, 12/31/x0 10,100 Property taxes on factory 2,400 Finished-goods inventory, 12/31/x1 15,400 Purchases of raw material in 20x1 39,000 Utilities for factory 6,000 Utilities for sales and administrative offices 2,300 Other selling and administrative expenses 3,800 Indirect-labor cost incurred 29,000 Depreciation on factory building 3,600 Depreciation on cars used by sales personnel 1,200…Activity Cost Pools Total Cost Customer Orders Product Development Customer Relations Other Total Production Department: Indirect factory wages $400,000 50% 30% 15% 5% 100% Factory equipment depreciation 150,000 55% 30% 0% 15% 100% Factory utilities 120,000 59% 34% 0% 7% 100% Factory property taxes and insurance 75,000 57% 33% 0% 10% 100% General Administrative Department: Administrative wages and salaries 275,000 20% 10% 40% 30% 100% Office equipment depreciation 40,000 32% 16% 15% 37% 100% Adminstrative property taxes and insurance 60,000 0% 0% 0% 100% 100% Marketing Department: Marketing wages and salaries 150,000 20% 10% 40% 30% 100% Selling expenses 100,000 32% 16% 15% 37% 100% Required: Use the data to complete a First-Stage Allocation to Activity Cost Pools.Hw.75. Arturo Manufacturing Company provided the following information for the year 2012: Beginning balance—work in process inventory $12,000 Ending balance—work in process inventory $28,000 Beginning balance—direct materials inventory $42,000 Ending balance—direct materials inventory $30,000 Purchases—direct materials $180,000 Direct labor $235,000 Indirect materials $23,500 Indirect labor $9,500 Depreciation on factory plant & equipment $12,000 Plant utilities & insurance $135,000 Requirements: a) What was the amount of direct materials used in production? b) What was the amount of manufacturing overhead costs? c) What was the amount of manufacturing costs incurred during the year? d) What was the amount of the cost of goods manufactured for the year?