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The management of XYZ Corporation has asked you in the preparation of some key reports for the month of September. The beg. balance in the raw materials inventory account was Php40,000.00. During the month the company purchased Php 89,000.00 of raw materials and used Php77,000 raw materials to production. Direct Labor cost was Php4,000.00 and Manufacturing Overhead was Php91,000.00. The beg. Balance in the Work-in-Process Inventory account was PHp44,000.00 and the ending balance is Php39,000.00. The beg. Balance in the Finished Goods Inventory Account was Php73,000.00 and the ending balance is Php78,000.00. Salary of Salespersons was Php40,000.00 and Administrative Expense was Php55,000.00. 1. Calculate the Prime Cost 2. Calculate the Conversion Cost 3. Calculate the Total Manufacturing Cost

The management of XYZ Corporation has asked you in the preparation of some key reports for the month of September. The beg. balance in the raw materials inventory account was Php40,000.00. During the month the company purchased Php 89,000.00 of raw materials and used Php77,000 raw materials to production. Direct Labor cost was Php4,000.00 and Manufacturing Overhead was Php91,000.00. The beg. Balance in the Work-in-Process Inventory account was PHp44,000.00 and the ending balance is Php39,000.00. The beg. Balance in the Finished Goods Inventory Account was Php73,000.00 and the ending balance is Php78,000.00. Salary of Salespersons was Php40,000.00 and Administrative Expense was Php55,000.00. 1. Calculate the Prime Cost 2. Calculate the Conversion Cost 3. Calculate the Total Manufacturing Cost

Managerial Accounting
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter1: Introduction To Managerial Accounting
Section: Chapter Questions
Problem 9E: Financial statements of a manufacturing firm The following events took place for Sorensen...
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Problem No. 7 The management of XYZ Corporation has asked you in the preparation of some key reports for the month of September. The beg. balance in the raw materials inventory account was Php40,000.00. During the month the company purchased Php 89,000.00 of raw materials and used Php77,000 raw materials to production. Direct Labor cost was Php4,000.00 and Manufacturing Overhead was Php91,000.00. The beg. Balance in the Work-in-Process Inventory account was PHp44,000.00 and the ending balance is Php39,000.00. The beg. Balance in the Finished Goods Inventory Account was Php73,000.00 and the ending balance is Php78,000.00. Salary of Salespersons was Php40,000.00 and Administrative Expense was Php55,000.00. 1. Calculate the Prime Cost 2. Calculate the Conversion Cost 3. Calculate the Total Manufacturing Cost 4. How much is the total cost of Inventory to be presented in the Financial Position of XYZ?
Transcribed Image Text:Problem No. 7 The management of XYZ Corporation has asked you in the preparation of some key reports for the month of September. The beg. balance in the raw materials inventory account was Php40,000.00. During the month the company purchased Php 89,000.00 of raw materials and used Php77,000 raw materials to production. Direct Labor cost was Php4,000.00 and Manufacturing Overhead was Php91,000.00. The beg. Balance in the Work-in-Process Inventory account was PHp44,000.00 and the ending balance is Php39,000.00. The beg. Balance in the Finished Goods Inventory Account was Php73,000.00 and the ending balance is Php78,000.00. Salary of Salespersons was Php40,000.00 and Administrative Expense was Php55,000.00. 1. Calculate the Prime Cost 2. Calculate the Conversion Cost 3. Calculate the Total Manufacturing Cost 4. How much is the total cost of Inventory to be presented in the Financial Position of XYZ?
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