The accounting records for the current year of Luzon Company showed the following: Decrease in raw materials inventory, P45,000; Decrease in finished goods inventory, P150,000; Raw materials purchased, P1,290,000; Purchase returns, P90,000; Direct labor payroll, P600,000; Factory overhead, P900,000;
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- For each of the following independent situations, calculate the missing values: 1. The Belen plant purchased 78,300 of direct materials during June. Beginning direct materials inventory was 2,500, and direct materials used in production were 73,500. What is ending direct materials inventory? 2. Forster Company produced 14,000 units at an average cost of 5.90 each. The beginning inventory of finished goods was 3,422. (The average unit cost was 5.90.) Forster sold 14,120 units. How many units remain in ending finished goods inventory? 3. Beginning work in process (WIP) was 116,000, and ending WIP was 117,300. If total manufacturing costs were 349,000, what was the cost of goods manufactured? 4. If the conversion cost is 84 per unit, the prime cost is 55, and the manufacturing cost per unit is 105, what is the direct materials cost per unit? 5. Total manufacturing costs for August were 412,000. Prime cost was 64,000, and beginning WIP was 76,000. The cost of goods manufactured was 434,000. Calculate the cost of overhead for August and the cost of ending WIP.Cost of goods sold Pine Creek Company completed 200,000 units during the year at a cost of 3,000,000. The beginning finished goods inventory was 25,000 units at 310,000. Determine the cost of goods sold for 210,000 units, assuming a FIFO cost flow.Production data show 35,920 units were transferred out of a stage of production and 6,150 units remained in ending WIP inventory that was 100% complete to material and 35% complete to conversion. The unit material cost is $5 for material and $8 for conversion. What is the amount of inventory transferred out and remaining in ending work in process inventory?
- Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.Last year, Orsen Company produced 25,000 juicers and sold 26,500 juicers for 60 each. The actual variable unit cost is as follows: Fixed overhead was 320,000. Fixed selling expenses consisted of advertising copayments totaling 110,000. Fixed administrative expenses were 236,000. There were no beginning and ending work-in-process inventories. Beginning finished goods inventory was 148,000 for 4,000 juicers. The value of ending inventory reported on the financial statements was Refer to the information in 2.24. The gross margin percentage for last year was a. 12.57% b. 55.67% c. 28.95% d. 38.33%Using the weighted-average method, compute the equivalent units of production if the beginning inventory consisted of 20,000 units; 55,000 units were started in production; and 57,000 units were completed and transferred to finished goods inventory. For this process, materials are added at the beginning of the process, and the units are 35% complete with respect to conversion.
- Using the weighted-average method, compute the equivalent units of production for a new company that started 85,000 units into production and transferred 67,000 to the second department. Assume that beginning inventory was 0. Conversion is considered to occur evenly throughout the process, while materials are added at the beginning of the process. The ending inventory for Equivalent Units: Conversion is 9,000 units.The following information was taken from A Company’s accounting records for the current year: Decrease in raw materials – P500,000; Increase in goods in process inventory – P800,000; Decrease in finished goods inventory – P1,000,000; Raw materials purchased – P20,000,000; Direct labor payroll – P5,000,000; Factory overhead – P4,000,000; Freight out – P1,500,000; Freight in – P2,300,000 What is the cost of goods sold? [A] 32,000,000 [B] 33,500,000 [C] 30,000,000 [D] 30,600,000The following information are taken from Pineapple Co. accounting records for the current period: • Decrease in raw materials inventory- P500,000 • Direct labor payroll- P5,000,000 • Increase in goods in process inventory- P800,000 • Factory overhead- P4,000,000 • Decrease in finished goods inventory- P1,000,000 • Freight out- P1,500,000 • Raw materials purchased- P20,000,000 • Freight in- P2,300,000 What is the cost of goods sold for the current year? a. P32,000,000 b. P30,600,000 c. P33,500,000 d. P30,000,000
- The following information are taken from Pineapple Co. accounting records for the current period: • Decrease in raw materials inventory- P500,000 • Direct labor payroll- P5,000,000 • Increase in goods in process inventory- P800,000 • Factory overhead- P4,000,000 • Decrease in finished goods inventory- P1,000,000 • Freight out- P1,500,000 • Raw materials purchased- P20,000,000 • Freight in- P2,300,000 What is the cost of goods sold for the current year?The following data are given by Domestic Mfg. Corp: increase in finished goods inventory - P 12,000; decrease in raw materials inventory - P 10,000; increase in work in process inventory - P 5,000; purchase returns and allowances - P 6,000; freight in - P 7,000; labor cost - P 65,000; factory overhead - P 25,000; cost of goods sold - P 153,000. How much must be raw materials purchases?An entity provided the following information for the current year:Increase in raw materials inventory 150,000 Decrease in goods in process inventory 200,000 Decreased in finished goods inventory 350,000 Raw materials purchased 4,300,000 Direct labor payroll 2,000,000 Factory overhead 3,000,000 Freight out 450,000 Freight in…