The following data were taken from the records of Joey Company for the mon of July : Ассoиnts July 1 July 31 Inventories: P50,000 95,000 78,000 Raw materials P80,000 60,000 Work in process Finished goods Raw materials purchases Factory overhead, 75% of DL costs Operating expenses, 12.5% of sales Net income for July rewollo P46,000 63,000 25,000 sy of budid 25,000 oovo arbnom bstids 4. The raw materials inventory on July 1 is
The following data were taken from the records of Joey Company for the mon of July : Ассoиnts July 1 July 31 Inventories: P50,000 95,000 78,000 Raw materials P80,000 60,000 Work in process Finished goods Raw materials purchases Factory overhead, 75% of DL costs Operating expenses, 12.5% of sales Net income for July rewollo P46,000 63,000 25,000 sy of budid 25,000 oovo arbnom bstids 4. The raw materials inventory on July 1 is
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter2: Basic Managerial Accounting Concepts
Section: Chapter Questions
Problem 53P: Cost of Direct Materials, Cost of Goods Manufactured, Cost of Goods Sold Bisby Company manufactures...
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Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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Transcribed Image Text:The following data were taken from the records of Joey Company for the month
of July :
July 1
July 31
Аcсounts
Inventories:
Raw materials
P50,000
95,000
78,000
?
P80,000
60,000
Work in
process
Finished goods
Raw materials purchases
Factory overhead, 75% of DL costs
Operating expenses, 12.5% of sales
Net income for July
rawollndT
P46,000
63,000
rbnom-d
4. The raw materials inventory on July 1 is
25,000 M
SY of budi 25,000 ovro
shbstids
bonsg
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