P2660 p2900 p2920 p3160 acco 20073 cost accounting

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P2,660 P2,900 P2,920 P3,160
ACCO 20073 Cost Accounting and Control Midterm Examination First Semester, AY 2020-2021 Turgo Toxic Chemicals manufactures made-to-order chemical compounds used in chemistry laboratories. Mixing of chemicals are done are by specialized machineries. Production is capital- intensive. Hence, it was determined that most of the overhead are driven by machine operations. Turgo Toxic Chemicals uses a plant-wide overhead rate. The following table summarizes Turgo Toxic Chemicals overhead budget for the fiscal year 2019: Indirect materials P4.00/gallon Indirect labor P310,000 + P1.25/DLH Manufacturing support: Depreciation of plant assets P415,000 Factory rent 390,000 Utilities P216,000 + P0.90/MH Maintenance P232,500 + P0.3875/MH Other fixed factory overhead P94,750 + P0.10/MH For the fiscal year 2019, Turgo Toxic Chemicals production budget are as follows: Production in gallons 250,000 Direct labor hours (DLH) 40,000 Machine hours (MH) 100,000 In August 2019, the following orders were in process: Job No. Customer Requirement 08-123 Melindo Laboratories 10,000 gallons of pure sodium hydroxide 08-124 Hacienda Suarez 5,000 gallons of pesticide 08-125 Precious Metals Corp. 1,000 gallons of jewelry cleaner 08-126 Alamag Oil Refineries 2,000 gallons of additives There is no work-in-process inventory at the beginning of the month. Prime costs incurred and other relevant information for the jobs are as follows: 08-123 08-124 08-125 08-126 Direct materials P66,860 P25,800 P16,732 P23,400 Direct labor 49,980 6,300 2,100 10,080 Gallons produced 10,000 4,500 1,000 2,000 DLH 1,500 300 100 MH 5,000 1,000 600 1,500 Disposition Sold Work-in-process Sold Turgo sells its products at 40% mark-up on cost. 480 Sold
ACCO 20073 Cost Accounting and Control Midterm Examination First Semester, AY 2020-2021 55. How much is the predetermined overhead rate?
56. How much was Job No. 08-123 sold for to Melindo Laboratories?
57. How much is the cost of goods manufactured for the month of August 2019?
58. If the actual overhead for August 2019 amounted to P235,000, how much is the under/overapplied overhead?
ACCO 20073 Cost Accounting and Control Midterm Examination First Semester, AY 2020-2021 In manufacturing Roller blades, Super Store Company’s plant used 400 direct labor hours, 500 machine hours and 20 setups. The following overhead costs were taken from the factory accounts: Overhead Expenses Volume of Activities Machining center P120,000 20,000 machine hours Setup center 40,000 100 setups 4,000 direct labor hours The plant was using a factory wide overhead rate based on direct labor hours. A new ABC system will use machine hours in the Machining Department and number of setups in the Setup Department as cost drivers. 59. The overhead costs assigned to roller blades using direct labor hours to allocate overhead cost is
60. Using ABC, the overhead costs assigned to roller blades is
ACCO 20073 Cost Accounting and Control Midterm Examination First Semester, AY 2020-2021 Kim Jong Un Nuclear, Inc. manufactures two products: missile instruments and pressure gauges. During January, 50 range instruments and 300 pressure gauges were produced, Direct cost of P54,000 and

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