HI KINDLY ANSWER ON THE ATTACHED FILE. THANK YOU SO MUCH :) Items 15 and 16 are based on the following data:SOL COMPANY's Job 501 for the manufacturing of 2,200 coats was completed during August 2011 at the following228229230unit costs:231Direct materialsP20232Direct labor18233Factory overhead (included an allowance of P 1 for spoiled work)1823456235236Final inspection of Job 501 disclosed 200 spoiled coats which were sold to a jobber for P 6,00023723815.Assume that spoiled loss is charged attributable to exacting specification of Job 501 during August 2011. Whatwould be the unit cost of the cood coats produced on Job 501?A P 55.00239240P 58.00C P 57.50P 56.0024124216.Assume that the spoilage loss is charged to all production (or due to internal failure) during August. What wouldbe the unit cost of the cood coats produced on Jbo 501?A P 53.00243244P 55.00C P 56.00D P 58.60245

SOLUTION- SPOILAGE IS A WASTAGE OR LOSS OF MATERIAL THAT OCCURS DURING THE MANUFACTURING PROCESS.

Answered: Items 15 and 16 are based on the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Harper Company's Job 301 for the manufacture of 2,200 T-shirts was completed during August 2014 at the followving unit costs: Direct materials P 20.00 18.00 Direct labor Factory overhead (includes an allowance of PI for spoiled work) 18.00 P 56.00 Final inspection of Job 301 discloses 200 spoiled T-shirts which were sold to a jobber for P 6,000. 2. Assume that spoilage loss is charged to al production during August. What would be the unit cost of the good units produced on Job 301? а. Р 53.00 b. P 55.00 c. P 56.00 d. P 58.00
Harper Company’s Job 301 for the manufacture of 2,200 t-shirts was completed during August 2020 at the following unit costs: Direct materials P 20.00 Direct labor 18.00 Factory overhead (includes an allowance of P1 for spoiled work) 18.00 P 56.00 Final inspection of Job 301 discloses 200 spoiled t-shirts which were sold to a jobber for P6,000. Assume that spoilage loss is charged to all production during August. What would be the unit cost of the goods produced on Job 301? Assume that spoilage loss is attributable to exacting specification of Job 301 and is charged to this specific job. What would be the unit cost of the goods produced on Job 301?
5. E Company's Job Order No. 205 (for the manufacture of 6,600 coats) was completed in August, 2018 at the following unit costs: Direct materials.... ..P1,500 Direct labor.. ..1,000 Factory overhead (including allowance of P50 for spoiled work).. 500 Total... P3,000 Final inspection of Job No. 205 disclosed 600 spoiled coats. These were subsequently sold to a jobber for P600,000. Assuming that spoilage loss is charged to all production, what would be the unit cost of the good coats produced per Job No. 205? a. P3,150 b. P3,000 c. P2,950 d. P2,900 e.None of these; answer is
16. Harp Company's Job 501 for the manufacture of 2,200 coats, which was completed during August at the unit costs presented below. Final inspection of Job 501 disclosed 200 spoiled coats which were sold to a jobber for P6,000. Direct materials Direct labor P20 18 Factory overhead (includes an Page 3 of 6 18 P56 Assume that spolage loss is charged to all production during August. What would be the unit cost of the good allowance of P1 for spoiled work coasts produced on Job 5017 а. P53 b. P55 C. P56 d. P58.60 17. Using the same information, assume instead that the spoilage loss is attributable to the exacting specifications of Job 501 and is charged to this specific job. What would be the unit cost of the good coats produced on Job 501? a. P55 b. P57.50 c. P58.60 d. P61.60
ABC Company Job 101 for the manufacture of 2,200 coats, which was completed during October at the unit costs presented below. Final inspection of Job 101 disclosed 200 spoiled coats which were sold to a jobber for P8,000. Direct materials - P20; Direct labor - P18; Factory overhead (includes an allowance of P1 for spoiled work)-P18. Assume that spoilage loss is charged to all production during October. What would be the unit cost for the good coats produced on Job 101?
ABC Company’s Job 123 for the manufacture of 2,000 bags was completed during June 2022 at the following unit costs:· Direct Materials, P20· Direct Labor, P18· Overhead (including allowance of P1 for spoiled work), P18 Final inspection of Job 123 disclosed 100 spoiled bags which were sold to an online store for P1,985. Determine the total cost of completed units.
Elmer Company’s Job #040335 for the manufacture of 6,600 coats was completed during Marchat the following unit costs:Direct materials P1,500Direct labor 1,000Manufacturing overhead (includes allowances of P50 for spoiled work) 5003,000Final inspection of job #040335 disclosed 600 spoiled coats, which were sold to a jobber forP600,000.29. What would be the unit cost of the good coats produced on job #040335 assuming thatspoilage loss is charged to all production? Attributable to exacting specifications of job#040335?a. 2,950 b. 3,000 c. 3,145 d. 3,20030. Using the information in item 29, what is the journal entry to record the disposal of thespoiled coats?a. Cash 600,000Manufacturing overhead 1,200,000Work in process -Job #040335 1,800,000b. Cash 600,000Work in process -Job #040335 600,000c. Cash 600,000Abnormal loss 1,200,000Work in process -Job #040335 1,800,000d. Cash 600,000Manufacturing overhead 1,170,000Work in process -Job #040335 1,170,000
Elmer Company’s Job #040335 for the manufacture of 6,600 coats was completed during Marchat the following unit costs:Direct materials P1,500Direct labor 1,000Manufacturing overhead (includes allowances of P50 for spoiled work) 5003,000Final inspection of job #040335 disclosed 600 spoiled coats, which were sold to a jobber forP600,000.29. What would be the unit cost of the good coats produced on job #040335 assuming thatspoilage loss is charged to all production? Attributable to exacting specifications of job#040335?a. 2,950 b. 3,000 c. 3,145 d. 3,200
At the end of 2018, Furry Balls Co. had the following account balances after factory overhead had been closed to manufacturing overhead control: Manufacturing overhead control, PP20,000 dr. Cost of goods sold, P384,000 dr. Finished goods, P96,000 dr. Work in process, P160,000 dr. Raw materials, P160,000 dr. Case 1: any under- or over-applied overhead is considered material. What is the adjusted balance of finished goods inventory after disposing of the under-or over-applied overhead?
At the end of 2018, Furry Balls Co. had the following account balances after factory overhead had been closed to manufacturing overhead control: Manufacturing overhead control, PP20,000 dr. Cost of goods sold, P384,000 dr. Finished goods, P96,000 dr. Work in process, P160,000 dr. Raw materials, P160,000 dr. Case 1: any under- or over- applied overhead is considered material. What is the adjusted balance of finished goods inventory after disposing the under-or over-applied overhead?
At the end of 2018, Furry Balls Co. had the following account balances after factory overhead had been closed to manufacturing overhead control: Manufacturing overhead control, P20,000 dr. Cost of goods sold, P384,000 dr. Finished goods, P96,000 dr. Work in process, P160,000 dr. Raw materials, P160,000 dr. Case 1: any under- or over- applied overhead is considered material. What is the adjusted balance of work in process inventory after disposing the under- or over-applied overhead?
At the end of 2018, Furry Balls Co. had the following account balances after factory overhead had been closed to manufacturing overhead control: Manufacturing overhead control, P20,000 Dr. Cost of goods sold, P384,000 Dr. Finished goods, P96,000 Dr. Work in process, P160,000 Dr. Raw Materials, P160,000 Dr. Case 1: any under- or over- applied overhead is considered material. What is the adjusted balance of cost of goods sold after disposing the under -or over-applied overhead?

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS