The direct materials are added at the start of the production process while conversion costs are added uniformly throughout the process. June is the first month of operations, and therefore there was no beginning inventory. Direct materials cost for the month totaled P895,000, while conversion costs equaled P4,225,000. Accounting records indicate that 475,000 chips were started in June, and that 425,000 chips were completed. Ending Inventory was 50% complete as to conversion costs. Question: What was the total costs assigned to ending work in process?

Q: missal and the legal counsel determined that it is remote that SBMA will become liable in a reliable...

A: 1) P2000000x50% = P1000000 P 5000000 x 30% = P 1500000 P 10000000x 20% = P2000000                   ...

Q: GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year Prior Year ...

A: All percentage are calculated with respect to sales.

Q: 4.Assume the following independent cases: (a) At the beginning of the year, a check was issued for ...

A: The cost of an asset acquired is calculated as sum of cash paid and liability asseumed with the acqu...

Q: Juan Dela Cruz operates a small machine shop.  He manufactures one standard product available from m...

A: a. (1) Calculate the differentials' cost of the order. Therefore the differential cost of the orde...

Q: Mary is considering opening a hobby and craft store. Mary plans to operate the business for six year...

A: Present value refers to the current value of an amount that is receivable in the future. 

Q: On January 1, Year 1, Brown Co. borrowed cash from First Bank by issuing a $68,500 face value, four-...

A: Cash Flow Statement - Under Cash Flow, there are three types of activities involved - Operating Act...

Q: Binus and Associates is an auditing firm that uses job order costing to capture the costs of its aud...

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for y...

Q: Match each phrase with its definition. 1. Seller's description of a cash discount granted to buyers ...

A:

Q: Exercise 6-21 (Algo) Long-term contract; revenue recognition over time; loss projected on entire pro...

A: Introduction:- A journal entry is the act of recording or keeping track of any financial or non-fina...

Q: TaskMaster Enterprises employs a standard cost system in which direct materials inventory is carried...

A: Direct labour price variance shows difference in standard labour cost and actual labour cost due to ...

Q: MARIKINA SHOE Company had a production run of 5, 000 pairs of quality shoes during the month of June...

A: Total cost of good units = Material costs + Labor costs + Overhead costs - Sales value of spoilage u...

Q: Sweet Catering completed the following selected transactions during May 2016: May 1: Prepaid rent f...

A: The income statement is prepared to record the revenues and expenses and find the net income or loss...

Q: ny has provided the following inform r unit $56 per 12 er $14 00n

A: Contribution margin ratio is % of contribution margin per unit to selling price Contribution margin ...

Q: Shore Company reports the following information regarding its production cost. 29,000 units %24 Unit...

A: Fixed Overhead per unit = Total Fixed overhead / Units produced Product Cost under absorption costin...

Q: Company A reported the following results for 2021: Sales $4,000,000 Variable costs 3,200,000 Co...

A: Calculation of net income for 2021 : Particulars  Amount  Sales $4,000,000 Less : Variable c...

Q: Periodic Inventory by Three Methods The units of an tem available for sale during the year were as f...

A: The inventory can be valued using various methods as LIFO, FIFO and average method. Using LIFO metho...

Q: Accounting Equation a. - On April 1, 2011, the company purchased office equipment that cost $20,000....

A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.  The a...

Q: Which of the following statements is correct when obtaining an understanding about the client's busi...

A: After the acceptance of the engagement, auditor shall obtain following information.

Q: Evaluate the three strategies reducing income, increasing deductions, and taking advantage of tax cr...

A: ANSWER   A tax strategy is a plan to reduce tax. It is ethical and moral because, we ensure to pay t...

Q: A new operations system requires an initial investment of $100,000 and will generate $70,000 in reve...

A:

Q: East Point Retail, Inc., sells professional women's apparel through company-owned retail stores. Rec...

A: Solution:- a) Calculation of Return on total assets as follows:- Return on Total Assets = Operating ...

Q: Figure out what the Cost of Goods Sold is for the order placed for FIFO LIFO and We...

A: 1. FIFO Method - Under FIFO Method, Inventory purchased first is sold first. 2. LIFO Method - Under ...

Q: A project requires an initial investment of $170,000 and has a project profitability index of 0.350....

A: Profitability Ratio The Profitability Index (PI) measures the ratio between the present value of fut...

Q: detoxification facility for P9,000,000. On January 1, 2021, Camille Company purchased a gas The cost...

A:

Q: You are 45 years old. You want to retire at age 65 (20 years) with $1,000,000. You can invest your...

A: Amount need after 20 years (F) = $1000,000 Interest rate = 6% Monthly interest rate (i) = 6%/12 = 0....

Q: Under this concept a profit is earned only if the financial (or money) amount of the net assets at t...

A: The financial capital maintenance conception is that the capital of a corporation is barely maintain...

Q: How fill IRS Form 1120 Corporations with this info: (it's a fake company) For learning purposes only...

A: The answer for the above question is given in the following steps for your reference.  

Q: The Warner Corporation has gross income of $560,000. It has business expenses of $325,000, a capital...

A: The portion of your total income that is used to calculate how much tax you owe in a given tax year ...

Q: The effects of financial choices can be understood by performing which of these? Check two. O Micro ...

A: Decision making is the most important function of management. But when it comes to financial choices...

Q: ow to find the values for year 2Y15. the only value i knew how to calculate was the available for sa...

A: A balance sheet refers to the financial document which reflects the position of a company in terms o...

Q: Skittles Pet store provides a dog wash service. Its highest and lowest bills of $3800 and $2400 were...

A: The answer for the multiple choice question and relevant working are presented hereunder : 500 dogs ...

Q: You note the following yield curve in The Wall Street Journal. According to the unbiased expectation...

A: In this question, we have to solve this question on the basis unbiased expectations theory.

Q: Merriweather Corporation is a manufacturer of tables sold to schools, restaurants, hotels, and other...

A:

Q: he following information summarizes the standard cost for producing one metal tennis racket frame at...

A: MPV = (Standard Price – Actual Price) x Actual Quantity

Q: What are the costs of Land and Building, respectively? Apply the principles prior to the amendments ...

A: PAS 16 mentions the recognition of the assets while including and deducting many items.

Q: on sells products for $43 each that have variab ual fixed cost is $638,000. ontribution margin appro...

A: Breakeven point is where the fixed cost equals the contribution margin . At breakeven point there is...

Q: Compute MV Corp.'s 2020 taxable income given the following information relating to its year 1 activi...

A: Taxable income calculation formula table:

Q: Flight Café prepares in-flight meals for airlines in its kitchen located next to a local airpo The c...

A: Solution: Planning budget is prepared based on planned volume of the activity. It is different from ...

Q: 7 Augusta Inc. is a manufacturing company whose total factory overhead costs fluctuate somewhat from...

A: Under High-Low Method the per-unit variable cost is computed as follows: - Per Unit Variable Cost = ...

Q: PSc 3-5 Calculate Federal Income Tax Withholding Using Two Methods (Pre-2020 Form W-4) For each empl...

A: Solution Tax is the means by which a government or taxing authority imposes or levies a tax on its c...

Q: The accounting records of X Corp shows the following: Increase of RM if 45,000; decrease din FG Inve...

A: Solution: Total cost of raw materials used = Purchase of raw materials + Transportation In - Increas...

Q: Help me with question b) only Ratio calculations:

A: Ratio Analysis The Purpose of preparing the Ratio Analysis is to measure the strength and weakness o...

Q: Joyous Company purchases 12,000 pounds of materials. The materials price variance is P6,000 favorabl...

A: Direct Material price variance = (Standard price per pound - Actual price per pound)*Actual quantity...

Q: A. Income Statement B. Retained Earnings Statement E Batance Sheet (simpte unclassified) Adjusted Tr...

A: Solution Income statement  shows company's revenues and expenses during a particular period.

Q: What is an example of a like-kind exchange?   Exchange of a computer server for two personal compu...

A: Like kind exchange is a form of exchange between two parties which is a tax deferred transaction and...

Q: ☐  May 4 – Hazel purchased an advertisement in the local newspaper which also ran online. The ad cos...

A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...

Q: On January 1, 2018, Shopee Company purchased an equipment with an estimated useful life of 8 years. ...

A: Solution: Under sum of years digit method of depreciation, depreciation is expected to be higher in ...

Q: Financial audit Q&A What risks that may occur during assertion testing, but cannot be prevented due ...

A:

Q: Required information (The following information applies to the questions displayed below.) Selected ...

A: Comparative statements are used to compare the performance of the business entity over the years. So...

Q: X, Y, Z share profits and losses in the ratio of 20%, 30%, 50%, respectively. During the year, their...

A: Ending Capital Balance=Beginning Capital Balance+Share in Profit-Drawings

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.