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Required compute for the 55total amount of product

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Required: Compute for the55.Total amount of product cost56.Period cost57.Cost of goods soldPROBLEM R:Acuavera, Inc. began business in July 2013. The firm makes an exercise machine for homeand gym use. Following are data taken from the firm’s accounting records that pertain to itsfirst month of operations.Direct material purchased on accountP 900,000Page107of134
Direct material issued to production377,000Direct labor payroll accrued126,800Indirect labor payroll paid40,600Factory insurance expired6,000Factory utilities paid17,800Factory depreciation recorded230,300Ending WIP inventory51,000Ending FG inventory (30 units)97,500Sales on account (P5,200 per unit)1,040,000Required: Compute for the58.Number of units sold during July59.Cost of goods manufactured60.Number of units completed in July61.Per unit cost of goods manufactured for the month62.Cost of goods sold63.Gross margin for JulyPROBLEM S:Judith Co. showed cost of goods sold of P4,320,000 in its statement of comprehensiveincome after the first year of operations. The total manufacturing cost comprised 50%materials used, 30% direct labor incurred, and 20% manufacturing overhead. Goods inprocess at year-end were 10% of the total manufacturing cost. Finished goods at year-endamounted to 20% of the cost of goods manufactured.Required: compute for the64.Amount of direct labor cost.65.Finished goods, end.PROBLEM T:The following information was taken from Ejew Company’s accounting records for thecurrent year:Increase in raw materials inventory150,000Decrease in finished goods inventory350,000Raw materials purchased4,300,000Direct labor payroll2,000,000Factory overhead3,000,000Freight out450,000There was no work in process inventory at the beginning or end of the year.Required: compute for the66.Cost of salesPROBLEM U:For Bernardo Co., the following information is available:Cost of goods soldP600,000Income tax expense60,000Operating expense230,000Sales1,000,00067.What is the amount of Gross profit, under nature of expense method?Page108of134
PROBLEM V:Alexis Manufacturing Corporation presented the following production data to you:InventoriesJULY 1JULY 31Finished GoodsP60, 000P45, 000Goods in Process30, 00038, 000Raw Materials15, 00022, 000Sales during JULYP500, 000Gross Profit rate25% on costFactory Overhead (80% of DL cost)P90, 00068.How much was the Total Costs Placed in Process?69.How much was the Raw Materials Purchased?PROBLEM W:Guevarra mugs produces and sells various types of ceramic mugs. The business beganoperations on January 1, 2013. The cost incurred during the year follow:Direct Material costP100,800Direct Labor89,600Indirect Manufacturing costs112,000Administrative and Marketing133,200On December 31, 2013, direct materials inventory consisted of 7,500 pounds of materials.Production in that year was 56, 000 mugs. There were no unfinished units on December 31,2013. Sales for the year were P436,500. Finished goods inventory was P40,500 on December31. Each finished mug contained 1.5 pounds of material.

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Term
Fall
Professor
N/A
Tags
Balance Sheet, Generally Accepted Accounting Principles, Financial Position

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