The following data are avilable from the records of Sunflower ManufacturingThe following information are taken from the records of Nesabel Company for the000.quarter ending September 30:000,00rInventoriesJuly 1P90,0006,000 unitsP24.00/unitbad bas rmateya deoo 19 8.00/unit480 hoursSept 30P45,0005,000 unitsP20.00/unit29, 10.00/unitibelM400 hours dsinvsMaterialsnolln eiWork inprocessDirect materialsab Direct laborMachine timeFinished Goods1,000 unitsP32.00/unit10.20/unit85 hoursDirect materialsDirect laborMachine timebeordisvo yzolasaboog lo seoTotal manufacturing cost for the quarter was P1,500,000 of which, P497,000 wasdirect labor cost. Twenty thousand units were placed into process during thequarter. A total of 3,920 machine time were used during the quarter. SugarCompany uses a predetermined overhead rate of P100 per machine time.Materials purchased during the quarter were P601,000 and freight in for thesepurchases total P15,000.0. The amount of raw materials used for the quarter amounted to

Raw material available for use=Material, july 1 + Purchase=P 90,000+P 601,000=P 691,000

The following information are taken from the records of Nesabel Company for the quarter ending September 30: 00 0,00 COA Inventories July 1 bolln er idgien l P90,000 Sept 30 P45,000 5,000 units P20.00/unit 10.00/unit 400 hours Materials Work in process Direct materials 6,000 units P24.00/unit bas rasteya deoo 19 8.00/unit Direct labor noaibalM Idsiisvs a92u Machine time 480 hours Finished Goods In1,000 units P32.00/unit 10.20/unit 85 hours Direct materials Direct labor alshat Machine time aboog lo teo Total manufacturing cost for the quarter was P1,500,000 of which, P497,000 was direct labor cost. Twenty thousand units were placed into process during the quarter. A total of 3,920 machine time were used during the quarter. Sugar Company uses a predetermined overhead rate of P100 per machine time. Materials purchased during the quarter were P601,000 and freight in for these purchases total P15,000. 0. The amount of raw materials used for the quarter amounted to

The following information are taken from the records of Nesabel Company for the quarter ending September 30: 00 0,00 COA Inventories July 1 bolln er idgien l P90,000 Sept 30 P45,000 5,000 units P20.00/unit 10.00/unit 400 hours Materials Work in process Direct materials 6,000 units P24.00/unit bas rasteya deoo 19 8.00/unit Direct labor noaibalM Idsiisvs a92u Machine time 480 hours Finished Goods In1,000 units P32.00/unit 10.20/unit 85 hours Direct materials Direct labor alshat Machine time aboog lo teo Total manufacturing cost for the quarter was P1,500,000 of which, P497,000 was direct labor cost. Twenty thousand units were placed into process during the quarter. A total of 3,920 machine time were used during the quarter. Sugar Company uses a predetermined overhead rate of P100 per machine time. Materials purchased during the quarter were P601,000 and freight in for these purchases total P15,000. 0. The amount of raw materials used for the quarter amounted to

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter2: Basic Cost Management Concepts

Section: Chapter Questions

Problem 27E: Selected information concerning the operations of a company for the year ended December 31 is as...

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The T-accounts below provide selected data about Company J’s financial results for the year: Raw Materials Inventory Jan 1 bal. P22,500 ? Credits Debits P75,000 Dec. 31 bal P18,000 Finished Goods Jan 1 bal. P90,000 ? Credits Debits ? Dec. 31 bal P72,000 Factory Overhead Debits P111,000 ? Credits Work In Process Jan 1 bal. P52,500 P282,000 Credits Direct Materials P72,000 Direct Labor P90,000 Factory Overhead P112,500 Dec 31 Bal. ? Manufacturing Wages Payable Debits P111,000 P66,000 Jan 1 Bal P99,000 Credits Cost of Goods Sold Debits ? The amount of indirect materials in the factory overhead account is a.P7,500    b.P12,000    c.P18,000 d.P4,500
The T-accounts below provide selected data about Company J’s financial results for the year: Raw Materials Inventory Jan 1 bal. P22,500 ? Credits Debits P75,000 Dec. 31 bal P18,000 Finished Goods Jan 1 bal. P90,000 ? Credits Debits ? Dec. 31 bal P72,000 Factory Overhead Debits P111,000 ? Credits Work In Process Jan 1 bal. P52,500 P282,000 Credits Direct Materials P72,000 Direct Labor P90,000 Factory Overhead P112,500 Dec 31 Bal. ? Manufacturing Wages Payable Debits P111,000 P66,000 Jan 1 Bal P99,000 Credits Cost of Goods Sold Debits ? The Cost of Goods Sold is a.P282,000    b.P372,000 c.P300,000 d.P274,500
The T-accounts below provide selected data about Company J’s financial results for the year: Raw Materials Inventory Jan 1 bal. P22,500 ? Credits Debits P75,000 Dec. 31 bal P18,000 Finished Goods Jan 1 bal. P90,000 ? Credits Debits ? Dec. 31 bal P72,000 Factory Overhead Debits P111,000 ? Credits Work In Process Jan 1 bal. P52,500 P282,000 Credits Direct Materials P72,000 Direct Labor P90,000 Factory Overhead P112,500 Dec 31 Bal. ? Manufacturing Wages Payable Debits P111,000 P66,000 Jan 1 Bal P99,000 Credits Cost of Goods Sold Debits ? The amount of over- (under-) applied overhead is a.(P1,500)    b.P10,500 c. P1,500 d.(P10,500)
Bubba Manufacturing Company provided the following information for the fiscal year toJune 30, 2020:Inventories 01/07/2019 30/06/2020Direct MaterialsWork-in-ProcessFinished Goods$72,000107,000149,500$65,000128,000141,700Other information:Office cleaner’s wages 4,500Sales Revenue 1,031,000Raw materials purchased 235,000Factory wages 239,700Indirect materials 23,500Delivery truck driver’s wages 15,400Indirect labor 9,500Depreciation on factory plant & equipment 32,000Insurance 1 60,000Depreciation on delivery truck 7,250Utilities 2 118,750Administrative salaries 41,250Special Design Costs 5,000Selling expenses 9,000Sales Commission 2% of gross profit1 Of the total insurance, 66⅔% relates to the factory facilities & 33⅓% relates to general& administrative costs.2 Of the total utilities, 80% relates to the manufacturing facilities & 20% relates to theoffice area.Requirements:a) What was the amount of direct materials used in production?b) What was the amount of manufacturing…
The following data refer to Quest Ltd for the current year:Sales Revenues $575 000Work in process inventory, 31December20 000Work in process inventory, 1 January 25 000Product promotion cost 30 000Rental of office space for salespersonnel20 000Cost of idle time: sales employees 20 000Income tax expense 60 000Purchase of raw materials 95 000Raw materials inventory, 31 December 17 500Raw material inventory. 1 January 25 000Direct labour 105 000Electricity: plant 25 000Depreciation plant and equipment 35 000Finished goods inventory, 31December30 000Finished goods inventory, 1 January 15 000Indirect material 5 000Indirect labour 7 500Production supervisor’s salary 40 000Required:a) Prepare the schedule of cost of goods manufactured for Quest Ltd.b) Prepare the schedule of cost of goods sold for Quest Ltd.c) Prepare an income statement for Quest Ltd for the current year.
4. 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…
The following data were taken from the records of Jun Company for the year ended Dec. 31, 2021: Sales P5,590,000Sales returns 55,000Inventories, January 1:Raw materials 131,000Work in process 238,350Finished goods 442,000Inventories, December 31:Raw materials 145,500Work in process 175,720Finished goods 412,000Direct labor 1,050,300Purchases 2,051,500Purchase returns 17,150Purchase discounts 12,550Freight in…
The following information was extracted from the accounting records of Hilton Manufacturers for the year ended September 2024: UNITS Inventory at the beginning of the year Nil Production for the year 28 500 Sales for the year 24 000 Selling price per unit R82 R Direct Materials cost per unit 22 Direct Labour cost per unit 11 Variable Manufacturing overheads per unit 7 Variable selling and administrative cost per unit 5 Fixed manufacturing overhead cost 274 000 Fixed selling and administrative cost 95 000 The company utilises the first-in-first-out method of inventory valuation. (Round of to two decimal places) 2.1 Prepare the Income Statementusing the Marginal Costing method. 2.2 Prepare the Income Statementusing the Absorption Costing method Please answer do not image.
The following data were taken from the records of a company. peroiod 1 period 2 period 3 production units 30000 38000 27000 sales 30000 27000 38000 Opening stock 11,000Closing stock ------ 11,000 ------- Per unit cost are as follows:Direct material $ 1.5Direct labor 1.0Production overhead 3.0Selling price per unit $ 9Administrative overheads are fixed at $25000 and one third of the production overheads are fixed. RequiredPrepare separate income statements for all three years.
Peter Senen operates in a JIT manufacturing system. For August, Peter Senen purchased 10,000 units of raw materials at P1.00 per unit on account. The journal entry to record the transaction using the three triggers points is: b. Dr. COGS 10,000 Cr. Accounts Payable 10,000 d. Dr. Raw Material Inventory 10,000 Cr. Accounts Payable 10,000 a. Dr. RIP Inventory P10,000 Cr. Accounts Payable P10,000 c. No Entry
Porter Company is engaged solely in manufacturing operations. The following data (consistent withprior-years data) pertain to the segments in which operations were conducted for the year endedDecember 31, 2019.Segment TotalRevenueSegmentProfitAssets at31/12/19A $10,000,000 $1,750,000 $20,000,000B 8,000,000 1,400,000 17,500,000C 6,000,000 1,200,000 12,500,000D 3,000,000 550,000 7,500,000E 4,250,000 675,000 7,000,000F 1,500,000 225,000 3,000,000Totals $32,750,000 5,800,000 67,500,000In its segment information for 2019, how many reportable segments does Porter have?A. 3B. 4C. 5D. 6
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 Group of answer choices 1 2 3 4