Isem Co.’s 2019 manufacturing costs were as follows: Direct materials and direct labor P700,000; Other variable manufacturing costs 100,000; Depreciation of factory building and manufacturing equipment 80,000; Other fixed manufacturing overhead 18,000. What amount should be considered product cost for external reporting purposes? A. P700,000 B. P800,000 C. P880,000 D. P898,000
Q: During 2020, the company purchased OMR 1,450,000 of materials, had a direct labor cost of OMR…
A: Answer: We are required to calculate cost of goods sold Calculation of cost of goods sold is a three…
Q: Revilla Corporation's manufacturing costs were as follows: Prime Costs P400,000 Straight-line…
A: Computation of costs should be inventoried for external reporting purposes: Amount Prime…
Q: Mirbat Company has the following information for the period ended 31 December 2020. Direct material…
A: Manufacturing statement is the account which is prepared in order to depict all the costs in…
Q: Materials used, P326,000. Total manufacturing costs charged to production during the year (including…
A: Hi student Since there are multiple questions, we will answer only first question. Cost accounting…
Q: Cvaliable at the Period ended December 31,2021 - Materials Put into Production: $ 200, oco of which…
A: Basic Concept of Cost accounting Calculation of Product Cost Calculation of Conversion Cost
Q: |The following refer toX Company for the year 2019: Sales revenue WIP, 12/31/2019 WIP, 1/1/2019…
A: Amount (In P) Amount (In P) Sales Revenue (A) 960,000 Direct…
Q: Rawabi Company incurred the following costs and machine hours during the last three months of the…
A: 1) Computation of the Cost formula for electricity cost using the high-low method is as follows:…
Q: Required information [The following information applies to the questions displayed below.]Hudson Co.…
A:
Q: During 2020, Hallmark applied $500,000 in overhead. The cost of goods completed during the period…
A: Cost of products sold-out (COGS) refers to the direct prices of manufacturing the products sold-out…
Q: Under the absorption costing, the total product costs should be:
A: The calculation of total product costs under the absorption costing is shown hereunder : Absorption…
Q: Items Cost Items Cost Raw materials, 1/1/2019 OMR 30,000 Insurance, factory OMR 14,000 Raw…
A: Total raw materials used = Beginning raw materials + raw materials purchased - ending raw…
Q: The following data relates to a construction job started by JP Inc.: Total contract price Actual…
A: Under Percentage of Completion method, below is the formula used for revenue recognition: Under…
Q: The following data refer to Samsung Company for the year 2020: Sales Revenue…
A: Formula: Direct materials used in production = Beginning Raw materials + purchases - Ending Raw…
Q: The following are transactions of Corporation R for the month of February 2020. Provide the…
A: It is asked to calculate Net income after tax. So we will prepare trading and profit and loss…
Q: During 2019, there was no change in either materials or the WP inventories. However, FG, which had a…
A: Cost of goods available for sale includes the cost of goods purchased / manufactured and cost of…
Q: Prepare a schedule of cost of goods manufactured for 2019. (b) Prepare a schedule of cost of goods…
A: Manufacturing statement: A manufacturing statement is a statement prepared by the company for…
Q: Barker projects the following transactions for 2019:
A: Prepare a budgeted balance sheet for Barker, Inc.
Q: ABC company had the following transactions and events during the year ended 31 March 2022. The…
A: Cost of goods manufactured is the amount which is incurred on the production of the goods.
Q: The Madalilangto Ink Company prepared the following table for the year 2019: Production Service…
A: H G U V W Total overhead costs 1275000 1810000 332000 254000 188000 U…
Q: Capiz Company's 2020 manufacturing costs were as follows: Direct materials P70,000; Direct labor…
A: Answer: P120,000
Q: In 2020, Lalli Corporation incurred R&D costs as follows: Materials and equipment 100,000…
A: The expense of research and development is incurred by the entity for producing innovative products…
Q: Cost Items Cost Raw materials, 1/1/2019 OMR 30,000 Insurance, factory OMR 14,000 Raw materials,…
A: Direct material used means the raw material used in producing the finished goods directly. Indirect…
Q: Warmuplang Corporation showed the following costs for 2020 Warehouse depreciation P 300,000 Salaries…
A:
Q: The following information pertains to equipment constructed by a firm for its own use. The…
A: There are two types of expenses in the business. Some expenses need to be capitalized with the cost…
Q: Ra Items Cost Items Cost Raw materials, 1/1/2019 OMR 30,000 Insurance, factory OMR 14,000 Raw…
A: Manufacturing overhead: It is the indirect cost incurred as a part of manufacturing the products.…
Q: 15. In 2021, Edwards Corporation incurred research and development costs as follows: Materials and…
A: R&D costs are directly tied to a company's goods or services being researched and developed, as…
Q: Black Widow Company had the following costs for 2020: Raw materials P700,000 Direct labor…
A: The question is multiple choice question Required Choose the Correct Option
Q: Assume the following data for Eim Alex Company for the years 2019, 2020, and 2021.…
A: DD&A refers to the depreciation, depletion and amortisation while BOE is the Barrel of oil…
Q: t expenses – P20,000 Administrative expenses – P540,000 Beginning Inventories: Raw materials,…
A: Net income appears on both the income statement and the statement of owner's equity. x`
Q: The Madalilangto Ink Company prepared the following table for the year 2019: Production Service…
A: Factory Overhead Factory overhead can be defined as the cost which is incurred during the…
Q: In 2020, Lalli Corporation incurred R&D costs as follows: Materials and equipment P100,000 Personnel…
A: Research and development is the special department maintained in a business in order to make…
Q: The Madalilangto Ink Company prepared the following table for the year 2019: Service Departments…
A: “Since you have posted a many questions, we will solve first question for you. To get the remaining…
Q: Model Company manufactures a single electronic product called Lastik. Lastik sells for P900 per…
A: The sales volume at break even is such sales volume at which the company is at no profit no loss…
Q: Roundhead Corporation’s 2021 manufacturing costs were as follows: Prime costs…
A: Manufacturing costs = Prime costs + Depreciation of factory equipment + Depreciation of factory…
Q: The following costs were incurred by Barak Klever Ltd in 2020 in the design and construction of a…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Prepare a cost of goods manufactured schedule for ABC Company for 2020. Prepare cost of goods sold…
A: Cost of goods manufactured is the production cost incurred for manufacturing a product.
Q: The Madalilangto Ink Company prepared the following table for the year 2019: Production Service…
A: Overhead: It is the indirect cost incurred in addition to the direct costs for manufacture of…
Q: Mixing Company manufactured 1,098 units of its only product during 2022. The inputs for this…
A: Data given: Manufactured units during 2022 = 1098 units Inputs of Material A (2022) = 610…
Q: salarıes of P80,000. The total factory utilities expense incurred for the period was P360,000,…
A: The work in process includes the cost of goods that were started during previous year but are not…
Q: The Madalilangto Ink Company prepared the following table for the year 2019: Production Service…
A: Overhead: It is the indirect cost incurred in addition to the direct costs for manufacture of…
Q: 5. In 2020, Lalli Corporation incurred R&D costs as follows: Materials and equipment P100,000…
A: Intangible asset are the non-current asset which can’t be seen and touched. It does not have any…
Q: The following costs were incurred by Barak Klever Ltd in 2020 in the design and construction of a…
A: In accordance with IAS 16, Property, Plant and Equipment The computation of capitalised cost are as…
Q: Calculate the Total Cost of Production. If the actual GBE amounted to 52.000€, calculate the…
A: Cost of production refers to the cost that is incurred for the production of a good. It includes all…
Q: ree Co., a manufacturer of heating units, summarized the following information for the year 2022:…
A: Conversion cost refers to the cost that is incurred by the manufacturing business at the time of…
Q: Green Apple Company's 2020 manufacturing costs were as follows: Direct materials $70,000; Direct…
A: Under throughput costing, only the direct materials costs are considered as variable costs and other…
Q: 35.During 2021, King Co. incurred the following costs: Testing in search for process alternatives…
A: Research and development costs are those costs which are related with making research and also for…
Q: Prime cost, P301,000 Gross Profit, P100,000 or 20% of sales Cost of Goods Available for Sale,…
A:
Q: Goggles Company has the following information for the year 2019: Total manufacturing costs…
A: Prime cost means the addition of direct material and direct labor. Conversion cost means the…
Q: On March 1, 2020, Gon Company Purchases materials amounting to 65,000, net of defective materials…
A: Raw material consumed , conversion cost , opening and closing work in progress are required amount…
Isem Co.’s 2019
labor P700,000; Other variable manufacturing costs 100,000;
factory building and manufacturing equipment 80,000; Other fixed
manufacturing overhead 18,000. What amount should be considered product
cost for external reporting purposes?
A. P700,000
B. P800,000
C. P880,000
D. P898,000
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- 5. In 2020, Lalli Corporation incurred R&D costs as follows: Materials and equipment P100,000 Personnel 100,000 Indirect costs 50,000 P250,000 These cost relate to a product that will be marketed in 2021. The Company estimates that these costs will be recouped by December 31, 2024. Required What is the amount of R&D costs expense in 2020?Roundhead Corporation’s 2021 manufacturing costs were as follows: Prime costs P 4,000,000 Depreciation of factory equipment 600,000 Depreciation of factory building 400,000 Salaries of janitor assigned in factory premises 120,000 Salesmen’s commission based on sales 200,000 Depreciation for delivery van 150,000 How much of these costs should be considered product / manufacturing costs or inventoried for external reporting purposes? Group of answer choices P 5,470,000 P 5,120,000 P 4,120,000 P 4,000,000Roundhead Corporation’s 2021 manufacturing costs were as follows: Prime costs P 4,000,000 Depreciation of factory equipment 600,000 Depreciation of factory building 400,000 Salaries of janitor assigned in factory premises 120,000 Salesmen’s commission based on sales 200,000 Depreciation for delivery van 150,000 How much of these costs should be considered product / manufacturing costs or inventoried for external reporting purposes?
- Zent construction has an contract for $3,700,000. Other details follow:Costs incurred during the year= $1,800,000Estimated costs to complete as of December 31= 1,200,000Billings during the year=1,650,000Collections during the year= 975,000 It uses the percentage of completion method For calendar 2020, what should report gross profit of?During 2020, Hallmark applied $500,000 in overhead. The cost of goods completed during the period was $10,500,000 and the cost of goods sold to customers during the period was $10,750,000. Hallmark incurred actual 2020 overhead costs of $550,000. What does Hallmark report on its Income Statement for 'Cost of Goods Sold' in 2020? $10,800,000 $10,500,000 $10,700,000 $10,750,000Yamato Company’s 2019 fixed manufacturing overhead costs totaled Php120,000 and variable selling costs totaled P45,000. 7. Under variable (direct) costing, how much of the costs are product costs?A. None C. Php120,000B. Php45,000 D. Php165,000 8. Under absorption (full) costing, how much of the costs are period costs?A. None C. Php120,000B. Php45,000 D. Php165,000
- The following information pertains to the production of Beautiful Company for the month of January 2022: How much is the cost assigned to the transferred-out units? A. 999,750 B. 970,000 C. 996,502 D. 1,005,000In 2020, Lalli Corporation incurred R&D costs as follows:Materials and equipment P100,000Personnel 100,000Indirect costs 50,000P250,000These cost relate to a product that will be marketed in 2021. The Company estimates that these costs will be recouped by December 31, 2024.Required What is the amount of R&D costs expense in 2020?Hw.52. The manufacturing concern has the following data available for the month of March 2020:Total manufacturing cost Rs. 10,000Total cost of goods manufactured Rs.15,500Cost of material purchased Rs.3,500Direct Labour Rs.2,100Direct material_ Begining Rs.3,100Direct material Ending Rs.600The amount of FOH must be RS. O a. 1,900 O b. 2,000 O C. 2,900 • d. 2,100
- ABC Company has the following costs and expenses for the year December 31, 2020. Raw Materials, 1/1/2020 P40,000 Insurance, Factory P14,000 Raw Materials, 12/1/2020 P25,000 Property Taxes, Factory Building P6,000 Raw Materials Purchases P305,000 Sales Revenue P2,000,000 Work-in-Process, 1/1/2020 P60,000 Delivery Expenses P50,000 Work-in-Process, 12/1/2020 P40,000 Sales Commissions P100,000 Finished Goods, 1/1/2020 P120,000 Indirect Labor P55,000 Finished Goods, 12/31/2020 P110,000 Indirect Material P105,000 Direct Labor P400,000 Factory Machinery, Rent P25,000 Factory Manager’s Salary P25,000 Factory Utilities P55,000 Depreciation, Office Equipment P25,000 Administrative Expense P250,000 Requirement: Prepare a cost of goods manufactured schedule for ABC Company for 2020. Prepare cost of goods sold schedule for ABC Company for 2020. Prepare Income Statement for ABC Company.XYZ Inc. Presented the following data for the first quarter of 2021: Prime Costs P560,000 Factory manager's salary 96,000 Variable factory overhead 80,000 Office salaries 84,000 Straight line depreciation of plant assets 60,000 Sales salaries 72,000 Other fixed factory overhead 40,000 Sales commission 60,000 1. For external reporting purposes, the amount of inventoriable costs must be:In 2020, Lalli Corporation incurred R&D costs as follows: Materials and equipment 100,000Personnel 100,000Indirect costs 50,000 P250,000 These cost relate to a product that will be marketed in 2021. The Company estimates that these costs will be recouped by December 31, 2024. RequiredWhat is the amount of R&D costs expense in 2020?