The accounting records of Abalos Company revealed the following information: Raw materials used, P500,000; labor cost, 50% of raw materials used; overhead, 30% of raw materials used; administrative and selling expenses, 20% of labor cost. The total product cost is equivalent to: a. P1,000,000 b. P 900,000 c. P 750,000 d. P650,000
Q: XYZ Company developed the following data for the current year: Ending work in process inventory…
A: Income Statement: A financial statement which shows profitability of company over a period of time…
Q: Gammil company has beginning and ending raw materials inventories of $96,000 and $120,000,…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: ABC company had the following transactions and events during the ycar ended 31 March 2022. The…
A: Cost of goods manufactured = beginning WIP + costs incurred - ending WIP Cost of goods sold =…
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: The following are the information derived from financial statements of Al Tood Production SAOG. You…
A: The cost of goods sold is the total cost of the goods sold during the year.
Q: What are the total costs to account for if a company's beginning inventory had $279,160 in…
A: Cost incurred in current year period = Direct material costs + Direct labor + Manufacturing overhead…
Q: Cost Flow Relationships The following information is available for the first year of operations of…
A: a. Calculate cost of goods sold to E Incorporation.
Q: The following information relates to Marshall Manufacturing's current accounting period: $ 16,400…
A: Introduction: Net income is the total profit earned by the organization during the period. At the…
Q: Chris Company showed cost of goods sold of P 4,320,000 in its statement of comprehensive income…
A: Cost of goods manufactured = Cost of goods sold / (1 - 20%) = P4320000 / (1-0.20) = P5,400,000 Total…
Q: If the cost of the beginning work in process inventory is $70,400, costs of goods manufactured is…
A: Ending Work in Process Inventory :— It is the cost of uncompleted inventory at the end of the…
Q: XYZ Company developed the following data for the current year: Ending work in process inventory…
A: Cost of goods manufactured = Beginning Work in process + Total manufacturing cost - Ending work in…
Q: The accounting records of Hill Corporation revealed the following selected costs: Sales commissions,…
A: Period cost: These costs are not directly related to the process of production but are necessary to…
Q: The following particulars are extracted from the records of a company. Particulars Product A…
A: In the above-mentioned question, it is given that, raw material is the Key factor or in other words,…
Q: The following are the information derived from financial statements of Al Tood Production SAOG. You…
A: Material available for consumption =Opening stock of raw material + Purchase of raw material =RO…
Q: The following data are from the accounting records of Niles Castings for year 2. Units…
A: Formula: Contribution margin = Sales - variable cost
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: Barton Company has beginning work in process inventory of $144,000 and total manufacturing costs of…
A: Cost of goods manufactured means the cost incurred for manufacturing the finished product.
Q: Hye-Jin Corporation recently used P72,000 of direct materials and P3,000 of indirect materials in…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: ABC Corp. had the following data for the month of June 2022: • Raw materials purchased on account is…
A: Cost of Goods Manufactured = Beginning Raw and in Process Inventory + Raw Material Purchased +…
Q: The given miscellaneous data has been collected for a manufacturing company for the year ended…
A: The question is related to Cost Sheet. The cost of goods manufactured will be calculated with the…
Q: The Lite Manufacturing Company has the following financial information: · Manufacturing…
A: Solution: Manufacturing overhead = 300,800 Direct labor = Manufacturing overhead / 50% = 300,800 /…
Q: Chris Company showed cost of goods sold of P 4,320,000 in its statement of comprehensive income…
A: The question is based on the concept of Cost Accounting.
Q: The given miscellaneous data has been collected for a manufacturing company for the year ended…
A: cost of goods manufactured: Cost of goods manufactured is a technique by which business managers and…
Q: Prepare a Cost Sheet from the following information of Reliable Ltd. For the year ending 31-03-17.…
A: Cost Sheet- Cost Sheets prepared to calculate the per-unit cost so that the management is able to…
Q: The following cost relate to XYZ Corp for the year: Sales commission expenses P 185,000 Direct…
A: In this question we are require to calculate the total manufacturing(Product) cost. Manufacturing…
Q: Choose the correct letter of answer materials used, P500,000; labor cost, 60% of raw materials…
A: Period cost is the amount of cost that is not related to the production of goods. Material cost,…
Q: The followung cost data relate to the manufacturing activities of the Kamas Company during the most…
A: Cost of Goods Manufactured: The cost of goods manufactured (COGM) is a metric that determines if…
Q: Muscat Company has the following data for the year ended 2020, compute the cost of goods m. Direct…
A: Cost of goods manufactured = Direct material( opening+ purchase- ending) + Direct labor +…
Q: he following data were taken from the records of Jun Company for the current period: Sales…
A: Cost of Goods Sold = Opening Stock + Net Purchase + Direct Expenses - Closing Stock
Q: The accounting records of Inter Company revealed the following selected costs: Sales commissions,…
A: Product cost are those cost which directly related to production process of a product such as direct…
Q: A manufacturing company has the following balances at the end of its first year's operations: Sales…
A: Factory Overheads cost is the various indirect material, labour and other costs incurred during a…
Q: The following costs and inventory data were taken from the accounts of Malik Company for the year…
A: The cost of goods manufactured refers to the total cost that is assigned to the products. It…
Q: The following data relates to the operations of company A; direct material cost per unit- ghc5,…
A: Working Note: Direct labor hours per unit = direct labour cost per unit / direct labor hours per…
Q: Compute for the Total Period Cost of Carla Manufacturing Corporation. Please refer to the given…
A: Product cost means the cost of producing one unit of finished goods. Period cost means the cost that…
Q: A company allocates materials handling cost to the company's two products using the below data:…
A: Solution:- Calculation of the Total Materials Handling Cost allocated to Product "B" as follows…
Q: Prepare an Income Statement for the ff data of EH Corporation: Selling Expenses 70,000.00…
A: Income statement of the business shows all income and expenses of the business. Then at the end of…
Q: Ryder Manufacturing reported the following year end information: beginning work in process inventory…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: following mation applies to th shons displayeO below The following selected information was…
A: The question is based on the concept of Cost Accounting.
Q: The following data were taken from the records of Westbrooks Company: INVENTORIES Aug. 31, 2020…
A:
Q: What are the total costs to account for if a company's beginning inventory had $231,430 in…
A: Total cost includes direct materials, direct labor, and other indirect productive expenses.
Q: 1. The accounting records of Dela Cruz Corporation revealed the following costs direct material…
A: Formula: Prime cost = Direct materials used + Direct labor used Sum of both direct materials used…
Q: GIGRIC314 company provided the following data for the end of the year (all raw materials are used in…
A: Overapplied overhead = Overhead applied - Actual overhead = $365,000 - $342,000 = $23,000 Adjusted…
Q: Muscat Company has a beginning and ending work in process inventories of OMR 130,000 and OMR 145,000…
A: The cost of goods manufactured refers to the total cost incurred in producing the goods that will be…
Q: DS-20892 company provided the following data for the end of the year (all raw materials are used in…
A: Raw materials used in production 279000 Total manufacturing costs 664000 Cost of…
Q: According to the information given in the table below, which of the following is Cost of Production?…
A: The total direct costs that are incurred by an entity in the production process is known as cost of…
Q: Fostoria Corporation began the current period with S21,975 of raw materials, purchased $97,950 of…
A: Raw Material Consumed in Production = Beginning Raw Material + Raw Material Purchased during the…
Q: X Company reported the following year-end information: Beginning Raw Materials Inventory S60,000…
A: Raw material consumed means the amount which is used in manufacturing the product.
Q: Learned Corporation has provided the following information: Cost per Unit Cost per Period Direct…
A: The direct costs are the cost that are directly related to production of a specific product and…
Choose the correct letter of answer
The accounting records of Abalos Company revealed the following information: Raw materials used, P500,000; labor cost, 50% of raw materials used; overhead, 30% of raw materials used; administrative and selling expenses, 20% of labor cost. The total product cost is equivalent to:
a. P1,000,000
b. P 900,000
c. P 750,000
d. P650,000
Step by step
Solved in 2 steps
- 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. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 2.70 is direct materials and 5.30 is overhead. What is the prime cost per unit? Conversion cost per unit?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.During the year, a company purchased raw materials of $77,321 and incurred direct labor costs of $125,900. Overhead Is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
- During the year, a company purchased raw materials of $77,321, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.Wyandotte Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 256,900, direct labor cost was 176,000, and overhead cost was 308,400. There were 40,000 units produced. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 6.62 is direct materials and 7.71 is overhead. What is the prime cost per unit? Conversion cost per unit?The following product Costs are available for Haworth Company on the production of chairs: direct materials, $15,500; direct labor, $22.000; manufacturing overhead, $16.500; selling expenses, $6,900; and administrative expenses, $15,200. What are the prime costs? What are the conversion costs? What is the total product cost? What is the total period cost? If 7,750 equivalent units are produced, what is the equivalent material cost per unit? If 22,000 equivalent units are produced, what is the equivalent conversion cost per unit?
- 8. complete the following table to determine what are the total costs to account for if a company’s beginning inventory had $231,432 in materials, $186,450 in conversion costs, and added direct material costs ($4,231,392), direct labor ($2,313,392), and manufacturing overhead ($1,156,696)? PLEASE NOTE: All dollar amounts are rounded to whole dollars and shown with "$" and commas as needed (i.e. $12,345). If no dollar amount is needed for that space, please enter "$0" with no quotation marks. Material Costs Conversion Costs Total Costs Beginning work in process ? ? x Added: ? ? x Direct materials ? ? x Direct labor ? ? x Manufacturing overhead ? ? x Total Costs ? ? ?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 plz1)Learned Corporation has provided the following information:Cost perUnitCost per PeriodDirect materials $ 5.00Direct labor $ 4.25Variable manufacturing overhead $ 1.85Fixed manufacturing overhead $ 35,000Sales commissions $ 0.70Variable administrative expense $ 0.60Fixed selling and administrative expense $ 9100Required:a. For financial reporting purposes, what is the total amount of product costsincurred to make 7000 units?b. For financial reporting purposes, what is the total amount of period costsincurred to sell 7000 units?c. If the selling price is $23.80 per unit, what is the contribution margin per unitsold? (Round your answer to 2 decimal places.)d. If 8000 units are produced, what is the total amount of direct manufacturingcost incurred?e. If 8000 units are produced, what is the total amount of indirect manufacturingcosts incurred?a. Total product (manufacturing) costb. Total period (manufacturing) costc. Contribution margin per unitd. Total direct manufacturing coste. Total…
- Compute conversion costs given the following data: direct materials, $393,800; direct labor, $198,500; factory overhead, $200,400 and selling expenses, $36,900. Oa, 5594,200 Ob. $163,500 Oc. S398,900 Od. $792,700Charlie Corporation provided the following account balances for the year ended December 31:Selling expenses, P215,000Purchases of raw materials, P260,000Administrative expenses, P160,000Direct labor, P?Manufacturing overhead, P240,000Inventory balances at the beginning of the year were as follows:Raw materials, P50,000Work in process, P33,000Finished goods, P30,000The total manufacturing costs for the year were P675,000, where overhead is applied at 120% of direct labor cost; cost of goods available for sale totaled P720,000; cost of goods sold amount to P665,000.How much are the ending balances of raw materials, work in process, and finished goods inventory? RM Inventory, end – P75,000 ; WIP inventory, end – P15,000 ; FG inventory end – P25,000 RM Inventory, end – P75,000 ; WIP inventory, end – P18,000 ; FG inventory end – P55,000 RM Inventory, end – P25,000 ; WIP inventory, end – P15,000 ; FG inventory end – P55,000 RM Inventory, end – P25,000 ; WIP inventory, end –…6. The following cost relate to XYZ Corp for the year:Sales commission expenses P 185,000Direct materials 215,000Conversion cost 435,000Factory overhead 190,000 (40% of which is fixed)What is the TOTAL MANUFACTURING (PRODUCT) COSTS?
