Required compute for the 55total amount of product

Required: Compute for the
55.Total amount of product cost
56.Period cost
57.Cost of goods sold
PROBLEM R:
Acuavera, Inc. began business in July 2013. The firm makes an exercise machine for home
and gym use. Following are data taken from the firm’s accounting records that pertain to its
first month of operations.
Direct material purchased on account P 900,000
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Direct material issued to production 377,000
Direct labor payroll accrued 126,800
Indirect labor payroll paid 40,600
Factory insurance expired 6,000
Factory utilities paid 17,800
Factory depreciation recorded 230,300
Ending WIP inventory 51,000
Ending FG inventory (30 units) 97,500
Sales on account (P5,200 per unit) 1,040,000
Required: Compute for the
58.Number of units sold during July
59.Cost of goods manufactured
60.Number of units completed in July
61.Per unit cost of goods manufactured for the month
62.Cost of goods sold
63.Gross margin for July
PROBLEM S:
Judith Co. showed cost of goods sold of P4,320,000 in its statement of comprehensive
income after the first year of operations. The total manufacturing cost comprised 50%
materials used, 30% direct labor incurred, and 20% manufacturing overhead. Goods in
process at year-end were 10% of the total manufacturing cost. Finished goods at year-end
amounted to 20% of the cost of goods manufactured.
Required: compute for the
64.Amount of direct labor cost.
65.Finished goods, end.
PROBLEM T:
The following information was taken from Ejew Company’s accounting records for the
current year:
Increase in raw materials inventory 150,000
Decrease in finished goods inventory 350,000
Raw materials purchased 4,300,000
Direct labor payroll 2,000,000
Factory overhead 3,000,000
Freight out 450,000
There was no work in process inventory at the beginning or end of the year.
Required: compute for the
66.Cost of sales
PROBLEM U:
For Bernardo Co., the following information is available:
Cost of goods sold P600,000
Income tax expense 60,000
Operating expense 230,000
Sales 1,000,000
67.What is the amount of Gross profit, under nature of expense method?
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PROBLEM V:
Alexis Manufacturing Corporation presented the following production data to you:
Inventories JULY 1 JULY 31
Finished Goods P60, 000 P45, 000
Goods in Process 30, 000 38, 000
Raw Materials 15, 000 22, 000
Sales during JULY P500, 000
Gross Profit rate 25% on cost
Factory Overhead (80% of DL cost) P90, 000
68.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 began
operations on January 1, 2013. The cost incurred during the year follow:
Direct Material cost P100,800
Direct Labor 89,600
Indirect Manufacturing costs 112,000
Administrative and Marketing 133,200
On 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 December
31. Each finished mug contained 1.5 pounds of material.