18. Finished Goods inventory, March 311. 20 Summarized data for jobs worked on duringО а. Р7000COSTS INCURREDO b. P7,500JOBSJanuaryFebruaryMarchОс. Р5,500AP5,000O d. P3,000B3,0002,50019. Cost of Goods Sold for JanuaryD1,5004,000E3,500O a. P7,000F5,8006.500O ь. Р7,500G9,6003,800O. P20,000Ос.H4,5004,200O d. P10,5003,0007,00020. Cost of Goods Sold for FebruaryJobs Completed Jobs SoldО а. Рб,500JanuaryAB CA. CO b. P7,500FebruaryDEВ ЕBEO. P20.000MarchGH JGHO d. P7,000

Cost of goods sold means actual cost of goods that are being sold to the customers in a particular…

18. Finished Goods inventory, March 31 1. 20 Summarized data for jobs worked on during O a. P7,000 COSTS INCURRED O b. P7,500 JOBS January February March О с. Р5,500 Р5,000 3,000 A O d. P3,000 2,500 19. Cost of Goods Sold for January 1,500 4,000 D 3,500 O a. P7,000 5,800 6,500 O b. P7,500 F 9,600 3,800 О с. Р20,000 4,500 4,200 O d. P10,500 3,000 7,000 20. Cost of Goods Sold for February Jobs Completed Jobs Sold О а. Рб,500 January А В A C O b. P7,500 February DE В Е O. P20,000 March GHJ GH O d. P7,000 B.

18. Finished Goods inventory, March 31 1. 20 Summarized data for jobs worked on during O a. P7,000 COSTS INCURRED O b. P7,500 JOBS January February March О с. Р5,500 Р5,000 3,000 A O d. P3,000 2,500 19. Cost of Goods Sold for January 1,500 4,000 D 3,500 O a. P7,000 5,800 6,500 O b. P7,500 F 9,600 3,800 О с. Р20,000 4,500 4,200 O d. P10,500 3,000 7,000 20. Cost of Goods Sold for February Jobs Completed Jobs Sold О а. Рб,500 January А В A C O b. P7,500 February DE В Е O. P20,000 March GHJ GH O d. P7,000 B.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 10EA: Calculate the cost of goods sold dollar value for A67 Company for the month, considering the...

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16. Work in Process inventory, Feb. 28 1. 20 Summarized data for jobs worked on during 20. Cost of Goods Sold for February O a. P1.500 О а. Рб,500 COSTS INCURRED O b. P19,900 O b. P7,500 JOBS January February March O. P7,500 O. P20,000 A P5,000 O d. P15,300 O d. P7.000 В 3,000 2,500 17. Finished Goods inventory, Feb. 28 D 1,500 4,000 3,500 O a. P7,500 F 5,800 6,500 о b. Р3,000 G 9,600 3,800 O. P7,000 4,500 4,200 O d. P5,500 3,000 7,000 18. Finished Goods inventory, March 31 O a. P7,000 Jobs Completed Jobs Sold January А В A, C O b. P7,500 February DE B О с. Р5,500 March GH J GH O d. P3,000 Work in Process inventory, Jan. 31 19. Cost of Goods Sold for January O a. P15,300 O a. P7.000 O b. P7,500 O b. P7,500 O. P1,500 O. P20,000 O d. P19,900 O d. P10,500
If the beginning finished goods -9 inventory 90 00O ID, ending finished goods inventory 65 000 ID, overhead expenses 18 000 ID ,cost of goods manufacturing 431 000 ID -: ,the cost of goods sold is
14. The following data pertain to Alpha Company for the month of June 2018: Finished Goods, June 1, 2018 Finished Goods, June 30, 2018 Cost of Goods Manufactured Recovery from inventory write-down P290,540 276,760 805,820 10,720 Determine the cost of goods sold to be shown in the statement of comprehensive income of Alpha Company for the month of June 2018: а. Р808,880 b. Р880,880 с. Р830,320 d. P808,080
If GB Inc. has material cost of P10,000 in the July 1 RIP Inventory account, and P12,500 in the July 31 RIP inventory account and the amount of raw materials used backflushed from RIP inventory account on July 31 is P202,500, what is the amount of raw materials purchased on credit for the month of July? a. P205,000 b. P200,000 c. P225,000 d. P190,000
on A manufacturing company has a beginning finished goods inventory balance of $14,600, cost of goods manufactured of $32,500 and an ending The cost of goods sold is: ous page O a. $29,3000 O b. $27,600 O c. $32,500 O d. $21,200 Type here to search W £ 3 E $ 4 O € R S II % 5 C O 6 finished goods inventory balance of $17,800. # @ 3' B H 6 U 8 1₁ N M
3. The following information is taking from Wei Min Enterprise for the year ended 31 December 2020: Particulars RM Inventory at 1 January 2020: Raw materials Work in progress Finished goods Purchases : raw materials Carriage on raw materials Direct labour 25,400 31,100 23,260 91,535 1,960 84,208 33,419 5,200 4,420 Office salaries Rent | Office lighting and heating Depreciation: Works machinery Office equipment Sales Factory fuel and power 10,200 2,300 318,622 8,120
Lakeshore Manufacturing provided the following information for the month ended March 31: Sales Revenue $31,000 Beginning Finished Goods Inventory 7,000 Ending Finished Goods Inventory 8,500 Cost of Goods Manufactured 11,600 Compute gross profit. OA. $19,400 OB. $17,900 OC. $10,900 O D. $20,900 ***
1. Marulacturlng costs. A schedule of cosl .of goods manuiuciurou SIVNS, $300,000 800,000 640,000 140,000 Matotlals used. Direct labor.... ....... *" Ovorhead costs.. . Work In procese, ondirig Inventory... ..... .: .... Flequlred: (1) Calculate the rate of faclory overhead to direct labor cost. (2) Deterrmine the cost of direct materlals lncluded In the work in process ending. Inventory, assuming that the diréct labor cost Included in the mventory of work in process is $50,000.·
In presenting inventory on the balance sheet December 31, 2021, the unit cost under absorption costing is A. P2.50 B. P3.00 C. P3.50 D. P4.50
Q-1: The following cost and inventory data are taken from the accounting records of Mason Company for the year just completed: (5-Marks) Sales ..................................................$555,000 Costs incurred: Direct labor cost ..............................$66,000 Purchases of raw materials............ $118,000 Manufacturing overhead................ $70,000 Advertising expense........................ $90,000 Sales salaries.................................... $55,000 Depreciation, office equipment......$3,000 Date: ............................1/1/2020 to 31/12/2020 Inventories: Raw materials ......$8,000 ............$26,000 Work in process ...$15,000.......... $12,000 Finished goods .....$21,000......... $35,000 Calculate then report the number only: Step-1: calculate the Cost of goods Manufactured : ............. Step- 2: Calculate the Cost of good available for sale: ........... Step-3: Calculate the Gross Margin (income before non manufacturing overhead) :…
Cost accumulation On September 25, a hurricane destroyed the work in process inventory of Biloxi Corporation. At that time, the company was in the process of manufacturing two custom jobs (B325 and Q428). Although all of Biloxi's on-site accounting records were destroyed, the following information is available from some backup off-site records. • Biloxi Corp. applies overhead at the rate of 85 percent of direct labor cost. • The cost of goods sold for the company averages 75 percent of selling price. Sales from January 1 to the date of the hurricane totaled $2,237,200. • The company's wage rate for production employees is $18.06 per hour. A total of 25,760 direct labor hours were recorded from January 1 through September 25. • As of September 25, $30,772 of direct material and 128 hours of direct labor had been recorded for Job B325. Also at that time, $20,580 of direct material and 240 hours of direct labor had been recorded for Job Q428. January 1 inventories (of the current year)…
The WIP account given below relates to the activities of Jones Ltd for the month of April: WIP Inventory A/C $15,000 To Finished Goods 123,000 April1 Bal Direct Materials Used Direct Labour Incurred Manufacturing Overhead Applied Additional data: Manufacturing Labour Costs incurred.. Manufacturing Overhead Rate. Actual Manufacturing Overhead Costs for April ? ? O a. 138,000 O b. 119,775 Oc. 204,775 O d. 200,000 $163,500 (75% represents direct labour) 120% of direct labour cost $165,150 ? Two jobs were completed with total costs of $183,000 and $105,000 respectively. They were sold on account at a mark-up of 50% on cost. After these transactions have been recorded, the balance in WIP inventory account at April 30 is: