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

Name: Problem No. 7The management of XYZ Corporation has asked you in the p
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Description: Problem No. 7The management of XYZ Corporation has asked you in the preparation of some key reports for the monthof September. The beg. balance in the raw materials inventory account was Php40,000.00. During the monththe company purchased Php 89,000

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 22E: Ellerson Company provided the following information for the last calendar year: During the year,...

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Management of Lasalyano Corporation has asked for your help as an intern in preparing some key reports for April. The beginning balance in the raw materials inventory account was P30,000. During the month, the company made raw materials purchases amounting to P67,000. At the end of the month, the balance in the raw materials inventory account was P35,000. Direct labor cost was P25,000 and manufacturing overhead was 300% of direct labor cost. The beginning balance in the work in process account was P22,000 and the ending balance was P19,000. The beginning balance in the finished goods account was P53,000 and the ending balance was P58,000. The selling expense was P20,000 and the administrative expense was P35,000. P. is the total amount of Product Cost.
Management of Parrent Corporation has asked your help as an intern in preparing some key reports for April. The company started the month with raw materials inventories of P32,000. During the month, the company made raw materials purchases amounting to P68,000. At the end of the month, raw materials inventories totaled P35,000. Direct labor cost was P43,000 and manufacturing overhead was P62,000. The beginning balance in the work in process account was P19,000 and the ending balance was P12,000. The beginning balance in the finished goods account was P35,000 and the ending balance was P58,000. Sales totaled P240,000. Selling expense was P18,000 and administrative expense was P42,000. The total manufacturing cost for April was: A. P170,000 B. P173,000 C. P62,000 D. F 2/3 The cost of goods manufactured for April was: A. P177,000 B. P173,000 C. P170,000 D. P163,000 The cost of goods sold for April was: A. P123,000 B. P200,00O C. P217,000 D. P154,000 The net operating income for April was:…
Q. 8. Dula Manufacturing Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials $4,200, Work in Process-Cutting $2,900, Work in Process-Assembly S10,600, and Finished Goods $31,000. During July, the following transactions occurred. (a) Purchased $85,200 of raw materials on account. (b) Incurred $60,000 of factory labor. (Credit Wages Payable.) (c) Incurred $60,000 of manufacturing overhead; $34,000 was paid and the remainder is unpaid. (d) Requisitioned materials for Cutting $15,500 and Assembly $9,200. (e) Used factory labor for Cutting $38,000 and Assembly $22,000. (f) Applied overhead at the rate of S16 per machine hour. Machine hours were Cutting 1,870 and Assembly 1,260. (g) Transferred goods costing $87,800 from the Cutting Department to the Assembly Department. (h) Transferred goods costing $120,700 from Assembly to Finished Goods. (i) Sold goods costing $190,000 for $205,000 on account. Instructions Journalize the transactions. (Omit…
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Book Hint Larned Corporation recorded the following transactions for the just completed month. a. $79,000 in raw materials were purchased on account. b. $77,000 in raw materials were used in production. Of this amount, $63,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $111,000 were paid in cash. Of this amount, $100,500 was for direct labor and the remainder was for indirect labor. d. Depreciation of $191,000 was incurred on factory equipment.
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Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.
Review Problem for Chapters 1 and 2 UltraLift Corp. manufactures chain hoists. The raw materials inventories on hand on October 1 were as follows: The balances in the ledger accounts on October 1 were as follows: Transactions during October were as follows: a. Payroll recorded during the month: direct labor, 28,000; indirect labor, 4,800. b. Indirect materials purchased for cash, 1,000. c. Materials purchased on account: chain4,000 lb, 8,800; pulleys2,000 sets, 10,200; steel plates5,000 units, 3,000. d. Sales on account for the month, 126,375. e. Accounts receivable collected, 72,500. f. Materials used during October (FIFO costing): chain14,000 lb; pulleys4,400 sets; bolts and taps4,000 lb; steel plates3,800 units. g. Payroll paid, 32,800. h. Indirect materials issued to production in October, 650. i. Factory heat, light, and power costs for October, 3,000 (not yet paid). j. Office salaries paid, 6,000. k. Advertising paid, 2,000. l. Accounts payable paid, 33,750. m. Expired insuranceon office equipment, 100; on factory machinery, 300. n. Factory rent paid, 2,000. o. Depreciation on office equipment, 400; on office furniture, 180; on machinery, 1,200. p. Factory overhead charged to jobs, 11,950. q. Work in Process, October 31, 31,000. (Hint: The difference between the sum of the beginning balance in Work in Process plus the total charges to it during the period less the ending balance in Work in Process represents the cost of the goods completed during the period.) r. Cost of goods sold during the month, 84,250. Required: 1. Set up T-accounts and enter the balances as of October 1. 2. Prepare journal entries to record each of the previous transactions. 3. Post the journal entries to the accounts, setting up any new ledger accounts necessary. Only controlling accounts are to be maintained; however, show the calculation for the cost of materials used. 4. Prepare a statement of cost of goods manufactured for October. 5. Prepare an income statement. 6. Prepare a balance sheet showing the classifications of current assets, plant and equipment, current liabilities, and stockholders equity.
A company estimates its manufacturing overhead will be $750,000 for the next year. What is the predetermined overhead rate given the following independent allocation bases? Budgeted direct labor hours: 60,000 Budgeted direct labor expense: $1,500,000 Estimated machine hours: 100,000
Baldwin Printing Company uses a job order cost system and applies overhead based on machine hours. A total of 150,000 machine hours have been budgeted for the year. During the year, an order for 1,000 units was completed and incurred the following: The accountant computed the inventory cost of this order to be 4.30 per unit. The annual budgeted overhead in dollars was: a. 577,500. b. 600,000. c. 645,000. d. 660,000.