B reported 1000 net income during 2020 and declared

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B reported $1,000 net income during 2020 and declared dividends in the amount of $200 on December 1, 2020. The translated amount of retained earnings on December 31, 2019 is P300,000. The following direct exchange rates are provided: January 1, 2019 P40 July 1, 2019 42 December 31, 2019 43 December 1, 2020 41 December 31, 2020 45 Average rate 2020 44 102. What is the amount of net assets in US dollars on December 31, 2019? A. 19,200 B. 20,000 C. 19,000 D. 20,200 103. What amount of translation gain as component of other comprehensive income should be presented in the of statement of comprehensive income for the year ended December 31, 2020? A. 38,600 B. 39,200 C. 40,400 D. 41,800 104. What is the translated retained earnings balance on December 31, 2020? A. 300,000 B. 335,800 C. 344,000 D. 281,800 105. What is the cumulative translation credit that should to be presented in the statement of financial position on December 31, 2020? A. 25,400
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B. 28,200 C. 26,800 D. 24,600 Page 34 Numbers 106 and 107 (Standard Costing – Direct material variance) Negros Company recently set-up its standard costs for its direct materials. The entity sets the benchmark at 3 units of direct materials per product at a standard price of P5 per unit of direct material. During the year, the entity acquired 400 units of direct materials at a total cost of P2,400 or P6 per unit. The entity also manufactured 100 products using 250 units of direct materials. 106. What is the direct material price variance? A. 250 unfavorable B. 300 favorable C. 350 favorable D. 400 unfavorable 107. What is the direct material usage variance? A. 150 unfavorable B. 300 unfavorable C. 250 favorable D. 350 favorable Numbers 108 and 109 (Standard costing - Direct labor variance) Bacolod Company recently set-up its standard costs for its direct labor. The entity sets the benchmark at 2 direct labor hours per product at a standard rate of P100 per direct labor hour. During the year, the entity manufactured 10 products using 30 direct labor hours at total direct labor costs of P2,400 or P80 per direct labor hour. 108. What is the direct labor rate variance? A. 600 favorable B. 400 unfavorable C. 200 favorable D. 800 unfavorable 109. What is the direct labor efficiency variance? A. 400 favorable B. 1,000 unfavorable C. 600 unfavorable D. 200 favorable
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Page 35 Number 110 (Job Order Costing) Simple Company employs actual costing for its production. The entity provided the following data concerning its production during the year: Decrease in direct materials during the year 500,000 Labor cost during the year 400,000 Actual factory overhead during the year 300,000 Increase in work in process during the year 200,000 Decrease in finished goods during the year 100,000 What is the cost of goods manufactured during the year? A. 1,200,000 B. 1,000,000 C. 1,400,000 D. 1,100,000 Numbers 111, 112 and 113 (Job order costing) Marawi Company employs normal costing for its production. The following data are provided during the current year: Net purchases of raw materials during the year 500,000 Total labor costs during the year 800,000 Depreciation of factory assets during the year 100,000 Utilities on the factory during the year 300,000 Beginning Ending Raw materials inventory 200,000 300,000 Work in process inventory 500,000 200,000 Finished goods inventory 600,000 300,000 The entity uses a single account for its direct material and indirect materials. Indirect material used is one-fourth of the total direct material used.
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