Use the cost information below for Sundar Company to determine the total manufacturing costs added during the current year: Direct materials used Direct labor used Factory overhead. Work in process inventory, beginning Work in process inventory, ending Multiple Choice $98,600. $43,500. $98,000. $47 ann $ 19,000 24,500 55,100 10,700 11,300

Use the cost information below for Sundar Company to determine the total manufacturing costs added during the current year: Direct materials used Direct labor used Factory overhead. Work in process inventory, beginning Work in process inventory, ending Multiple Choice $98,600. $43,500. $98,000. $47 ann $ 19,000 24,500 55,100 10,700 11,300

Name: 242:37awVUse the cost information below for Sundar Company to determi
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Description: 242:37awVUse the cost information below for Sundar Company to determine the total manufacturing costs added during the current year:$ 19,00024,500Direct materials usedDirect labor usedFactory overheadWork in process inventory, beginningWork in proce

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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39. The TOYO Manufacturing Company has the following financial information:· Manufacturing overhead 300,800· Increase in direct materials 130, 000· Increase in work in process 90, 000· Decrease in finished goods 320, 400Manufacturing overhead amounts to 50% of direct labor, and the direct labor and manufacturing overhead combined equal 50% of the total cost of manufacturing.How much is the costs of direct materials purchased?
A schedule of cost of goods manufactured shows:a. Materials used, P600,000b. Direct labor, 1,600,000c. Overhead costs, P 1,280,000d. Work in process, ending inventory, P280,000Compute for (1) the rate of factory overhead to direct labor cost, and (2) the direct materialsincluded in the work in process inventory, assuming that the direct labor in the work in processis P100,000. a. (1) 80% ; (2) P80,000b. (1) 125% ; (2) P60,000c. (1) 80% ; (2) P100,000d. (1) 125% ; (2) P100,000
6. The following cost relate to XYZ Corp for the year:Sales commission expenses P 185,000Direct materials 215,000Conversion cost 435,000Factory overhead 190,000 (40% of which is fixed)What is the TOTAL MANUFACTURING (PRODUCT) COSTS?
36. Belo Products provided the following information: · Raw materials on hand- P85,000· Raw materials used (including indirect materials of P35,000)- P258,000· Labor (including indirect labor of P22,000; selling of P45,000; and administrative of P60,000)- P275,00 · Manufacturing overhead costs (including indirect materials and indirect labor)- P135,000 · Abnormal wasted materials and labor - P25,000· Finished goods on hand- P160,000 How much inventory should be reported in the statement of financial position?
1. Supply the missing data in the following cases, each case is independent of the others. Schedule of Cost of Goods ManufacturedDirect materials . . . . . . . . . . . . . . . . . . . . . .P 4,500Direct labor . . . . . . . . . . . . . . . . . . . . . . . . . . ?Manufacturing overhead . . . . . . . . . . . . . . . 5,000Total manufacturing costs . . . . . . . . . . . . . . 18,500Beginning work in process inventory . . . . . 2,500Ending work in process inventory . . . . . . . . ?Cost of goods manufactured . . . . . . . . . . . 18,000 Income StatementSales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . P 30,000Beginning finished goods inventory . . . . . 1,000Cost of goods manufactured . . . . . . . . . . . 18,000Goods available for sale . . . . . . . . . . . . . . . ?Ending finished goods inventory . . . . . . . . ?Cost of goods sold . . . . . . . . . . . . . . . . . . . . 17,000Gross margin . . . . . . . . . . . . . . . . . . . . . . . . 13,000Selling and administrative…
T2-7 Assign costs to completed units and ending Work in Process Inventory (LO 4) Monk, Inc. reported the following results for the month of November. Units Materials Conversion Work in Process Beginning inventory ? $ 5,900 $15,000 Added to production ? 47,300 65,000 Completed and transferred out ? ? ? Ending inventory 40,000 60% complete 40% complete Cost per equivalent unit $0.40 $0.64 Questions a.How many units were completed and transferred out of Work in Process Inventory? b.What cost should be assigned to the units transferred out of Work in Process Inventory? c.What cost should be assigned to the ending Work in Process Inventory?
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2. The selected amounts that follow were taken from Sharon Corporation's accounting records: Raw material used P 27,000Direct labor 35,000Total manufacturing costs 104,000Work-in-process inventory, 1/1 19,000Cost of goods manufactured 100,000Cost of goods available for sale 175,000Finished-goods inventory, 12/31 60,000Sales revenue 300,000Selling and administrative expenses 125,000Income tax expense 18,000 Required:Compute the following:A. Manufacturing overhead.B. Work-in-process inventory, 12/31.C. Finished-goods inventory, 1/1.D. Cost of goods sold. E. Gross margin.F. Net income.
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48.The following quarterly cost data have been accumulated for Jeokha Mfg. Inc. Raw materials – beginning inventory (Jan. 1, 2020) 10,000 units @P6.00 Purchases 8,500 units @P7.00 11,000 units @P7.50 Transferred 21,500 units of raw materials to work in process: Work in process – beginning inventory (Jan. 1, 2020) 5,600 units @P13.50 Direct labor P250,000 Manufacturing over head P325,000 Work in process – ending inventory (Mar. 31, 2020) 4,200 units @P13.75 If Jeokha uses the FIFO method for valuing raw materials inventories, compute for the cost of goods manufactured for the quarter ended Mar. 31 2020
Question 3A product is manufactured by passing materials through two processes. Production costs for2021 January are as follows:Process A Process BDirect materials 4 000 kg @ $3.00 per kg 1 500 kg @ $2.50 per kgDirect labour $2 000 $1 500Overheads 100% of direct labour cost 125% of direct labour costThere is no beginning or ending work in progress inventory.Normal losses:Process A 10%Process B 5%Scrapped values:Process A $1.75 per kgProcess B $2.50 per kgOutput for 2021 January was:Process A 3 500 kgProcess B 5 050 kgA. Prepare Process A and Process B accounts. B. Prepare abnormal loss/gain accounts. C. Explain the term, equivalent units.
Q8 Read the following Case and write appropriate answer with calculation related to case A product is manufactured as a result of two processes, A and B. details of process B for the month of august were as follow: Particulars Rs Materials transferred from process A 10,000 kg valued at Rs.40,500 Labor Costs 1,000 hours valued Rs.5.616 Overheads 50% of labor cost Output transferred to finished goods 8000 kg Closing work in progress 900 kg Normal loss is 10% of input and losses do not have scrap value. Closing work in progress is 100% complete for material, and 75% complete for both labor and overheads. i)What is the value of the abnormal loss in Rs? Nil 489 544 546 12. ii) What is the value of the output (finished units) nearest to Rs? Rs.43,977 Rs.39,139 Rs.43,488 Rs.43,680 iiI) What are the equivalent units of production as to material and labor & overheads in August? Material…