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 For external reporting purposes, the amount of inventoriable costs must be:

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 For external reporting purposes, the amount of inventoriable costs must be:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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 2. For internal reporting purposes, the amount of period costs must be:
The following cost incurred by Lucky corporation for October 2019 were as follows: Direct Materials used, P20,000 Indirect materials used, P1,000 Direct labor, P9,000 Indirect labor, P5,000 Other factory cost, P5,000 Selling expenses,P10,000 Administrative expenses, P12,000 Question: How much is the total product cost? a. P62,000 b. P50,000 c. P29,000 d. P40,000 Plz answer fast without plagiarism and don't copy answer plz
Prepare a schedule of cost of goods manufactured for the year ended June 30, 2021, clearly showing total manufacturing cost & total manufacturing costs to account for and Prepare an income statement for Regional Safety Supplies for the year ended June 30, 2021. List the non-manufacturing overheads in order of size starting with the largest. What is the selling price per mask if Regional Safety Supplies manufactured 1,850 masks for the period under review and uses a mark-up of 25% on cost?
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?
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 4,000,000
1. FAN Company has the following data for the year 2021 (in thousand) January 1, 2021 December 31, 2021 Raw Materials Inventory $16,300 $15,000 Work-in-process Inventory $40,000 $40,110 Finished Goods Inventory $49,600 $44,256 During 2021 the amount of raw material purchased was $21,700 and direct labor costs incurred were $10,100. The finance department also provides the following additional data : Factory Machinery Rent $ 1,840 Indirect Materials $ 3,400 Delivery Expense $ 760 Factory Utilities $ 1,200 Depreciation on Factory Building $ 3,500 Sales Commissions $ 340 Administrative Expense 1,620 Factory Insurance $ 1,266 Sales Revenue $ 98,600 Factory Manager's Salary $ 2,240 Indirect Labor $ 5,670 Instructions: b. Prepare an Income Statement for the year ended 2021! %24
1. FAN Company has the following data for the year 2021 (in thousand) January 1, 2021 December 31, 2021 Raw Materials Inventory $16,300 $15,000 Work-in-process Inventory $40,000 $40,110 Finished Goods Inventory $49,600 $44,256 During 2021 the amount of raw material purchased was $21,700 and direct labor costs incurred were $10,100. The finance department also provides the following additional data : Factory Machinery Rent $ 1,840 Indirect Materials $ 3,400 Delivery Expense $ 760 Factory Utilities $4 1,200 Depreciation on Factory Building $ 3,500 Sales Commissions $ 340 Administrative Expense $ 1,620 Factory Insurance $ 1,266 Sales Revenue $ 98,600 Factory Manager's Salary $ 2,240 Indirect Labor $ 5,670 Instructions: c. Assume that FAN Company's accounting records show the balance of the following current asset accounts on December 31, 2021 (in thousand): Cash $110,250 Accounts Receivable $ 12,440 Prepaid Expenses $9,250 Supplies $ 500 Short-Term Investment $ 550 Prepare the current…
1. FAN Company has the following data for the year 2021 (in thousand) January 1, 2021 December 31, 2021 Raw Materials Inventory $16,300 $15,000 Work-in-process Inventory $40,000 $40,110 Finished Goods Inventory $49,600 $44,256 During 2021 the amount of raw material purchased was $21,700 and direct labor costs incurred were $10,100. The finance department also provides the following additional data : Factory Machinery Rent 1,840 Indirect Materials $ 3,400 Delivery Expense $ 760 Factory Utilities $ 1,200 Depreciation on Factory Building 3,500 Sales Commissions $ 340 Administrative Expense $ 1,620 Factory Insurance $ 1,266 Sales Revenue $ 98,600 Factory Manager's Salary $ 2,240 Indirect Labor $ 5,670 Instructions: a. Prepare a cost of goods manufactured schedule for FAN Company for 2021! %24
Octie Company reports the following costs and expenses in January 2020. Required: From the information given, determine the total amount of Manufacturing overhead Product costs Period costs Advertising P 15,000 Factory utilities P 10,800 Depreciation-Factory Equipment 14,500 Indirect labor 55,200 Depreciation-Delivery Truck 10,800 Office supplies used 11,100 Direct labor 82,100 Property taxes-Factory 5,500 Direct materials used 135,600 Repairs-Office Equipment 4,200 Factory manager’s salary 25,000 Sales commissions 32,000 Factory repairs 13,500 Sales salaries 73,400
Swifty Corporation provide the information from its accounting records for 2019: Expected production 80000 labor hours, Actual production 76000 labor hours, Budgeted overhead 1500000, Actual overhead 1440000. How much is the overhead application rate if Swifty Corporation bases it on direct labor hours?
Muscat Company has the following data for the year ended 2020, compute the cost of goods manufactured: Direct materials used OMR 120,000 Beginning work in process OMR 20,000 200,000 Ending work in process 10,000 Direct labor Manufacturing overhead 180,000 Beginning finished goods 25,000 Operating expenses 175,000 Ending finished goods 15,000 Select one: a. None of the answers are correct b. OMR 510,000 c. OMR 500,000 O d. OMR 520,000 O e. OMR 490,000 Clear my choice
a)Compute EpsilonManufacturing Company predetermined manufacturing overhead rate for 2018. b)How much manufacturing overhead was allocated to Job#W500? c)Calculate the total cost & quotation price of Job #W500, given that a margin of 25% is applied. d)How much was the production cost per unit (cost per crate) of finished product?