7. Peter Senen Company has the following cost data as of Sept 1, 2020 Materials purchased P170,000 200,000 400,000 210,000 50,000 Materials used Direct labor Factory overhead Office rent What is the total conversion costs?
Q: Peter Senen Company has the following cost data as of Sept 1, 2020 Materials purchased P170,000…
A: Prime costs include: Direct material Direct labor
Q: 5. Peter Senen Company has the following cost data as of Sept 1, 2020 Materials purchased P170,000…
A: Given that, Materials purchased = P170000 Materials used = P200000 Direct Labor = P400000 Factory…
Q: Prime cost is 236000 OMR, and cost of production for the year is 298420 OMR Opening stock of work in…
A: Manufacturing cost is related to production of goods in the factory. It includes all direct material…
Q: Reyes Company has the following data on July 31, 2021: Factory Overhead 100,000 Decrease in…
A: Materials purchases are the total amount of material purchased for a price that will be used in the…
Q: The following costs relate to Antonio Industries for the last quarter: Conversion cost Direct…
A: Prime cost refers to the sum of direct material and direct labor of the entity.
Q: In July 2020, ABC Co. computed its equivalent unit costs under FIFO process costing as follows:…
A:
Q: NILK SPECIALTY PRODUCTS STATEMENT OF COST OF GOODS MANUFCTURE AND SOLD For the month ended January…
A: Raw materials: It is the basic input required to manufacture the finished products. The raw…
Q: Kansas Company uses a standard cost accounting system. In 2020, the company produced 28,000 units.…
A: The direct costs incurred are debited to work in process. The applied overhead cost is also debited…
Q: The following costs relate to Antonio Industries for the last quarter: P 435,000 215,000 190,000…
A: Prime cost constitutes all Direct materials & Direct labor involved in the manufacturing of the…
Q: For the year 2020, the following cost data are available for Bernie Company: Direct Materials…
A: Absorption costing is the method that includes all direct costs associated with production of a…
Q: In July 2020, ABC Co. computed its equivalent unit costs under FIFO process costing as follows:…
A: The cost per unit is calculated as total cost divided by number of equivalent units.
Q: 8. Ethel Company provided the following information as of May 31, 2020 Sales P900,000 Finished goods…
A: Particulars Amount Sales revenue P900,000 Less: Gross Profit (P900,000 x 30%) 270,000…
Q: From the following information prepare a cost of Good manufactured statement for 'Phonıx Group.'…
A: Deducting ending work in process inventory from the sum of manufacturing costs and beginning work in…
Q: Isem Co.’s 2019 manufacturing costs were as follows: Direct materials and direct labor P700,000;…
A: Cost sheet is as follows Prime cost = 700000 Add: variable…
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: P2-2 Red Company has the following cost data as of SeplelmDE P 170,000 200,000 Materials purchased…
A: Solution:-a Calculation of total manufacturing costs as follows under:- Formula:- Total…
Q: In July 2020, ABC Co. computed its equivalent unit costs under FIFO process costing as follows:…
A: The total cost is calculated as equivalent units multiplied by cost per equivalent unit.
Q: 4. JV Company began operations on Jan. 1, 2020 and produces a single product that sells for P7 per…
A: Under absorption costing cost of production include variable and fixed production costs. Here,…
Q: x Company provides the following data for 2019: 12/31/2018 12/31/2019 Inventories: P 12,000 P 23,500…
A: Solution: Cost of goods manufactured = Cost of goods sold + Ending inventory - Beginning inventory…
Q: Items 24 to 27 are based on the following information: Direct materials purchased P50,000 Ending…
A: Total manufacturing cost = Cost of goods manufactured + Increase in work in process inventory…
Q: During 2019, Basler Manufacturing produced 60,000 units and sold 55,000 for $10 per unit. Variable…
A: The product cost per unit has been calculated by adding the variable and fixed manufactring cost per…
Q: Compute conversion costs given the following data: direct materials, $366,300; direct labor,…
A: Conversion cost = Direct labor cost + Factory overhead cost
Q: Kost Items Cost Raw materials, 1/1/2019 OMR 30,000 Insurance, factory OMR 14,000 Raw materials,…
A: Raw material used = Beginning materials + Materials purchased - Closing materials
Q: Ra Items Cost Items Cost Raw materials, 1/1/2019 OMR 30,000 Insurance, factory OMR 14,000 Raw…
A: Manufacturing overhead: It is the indirect cost incurred as a part of manufacturing the products.…
Q: Prime cost is 236000 OMR, and cost of production for the year is 355000 OMR Opening stock of work in…
A: Unit production cost means how much cost has been incurred on production and manufacturing of a…
Q: In September, Concord Company had the following financial statement amounts related to producing 330…
A: Net Profit ( Loss ) = Revenue - Expenses
Q: D. Information concerning Zian Company's manufacturing activities for November follows: Inventories…
A:
Q: A company had the following costs in May when 400 units were produced: materials, $4,200; hourly…
A: The total cost is the amount incurred by the company on the production and business function of the…
Q: Raw Material Consumed is 255000 OMR, Direct labor is 28000 OMR, Direct expenses is 38000 OMR,…
A: Cost of production = Raw Material Consumed + Direct labor + Overhead Cost + Opening stock of work in…
Q: Direct labor cost Direct materials cost $136,000 88,000 Equipment depreciation (straight – line)…
A: The fixed costs are the costs that remain constant for the period.
Q: Direct labor cost $136,000 Direct materials cost 80,000 Equipment depreciation (straight-line)…
A: The cost can be classified into two categories i.e fixed cost and variable cost. The Fixed cost…
Q: 8. The following cost relate to XYZ Corp for the year: Sales commission expenses P 185,000 Direct…
A: Period cost includes: Selling expense Administration expense Depreciation expense Sales commission…
Q: 7) Raymond Inc. has the following information in its books for the month of November 2020. 1 Nov.…
A: NOTE : As per BARTLEBY guidelines, when multiple questions are given, then first question is to be…
Q: The Multicolors Company had the following costs for 2021: Raw materials…
A: Manufacturing costs to be inventoried under absorption costing = Raw materials + Direct labor +…
Q: Problem 1 Bidiyah Furniture Factory had the following costs for 2019: Raw materials inventory,…
A: Cost of goods manufactured is the total cost of direct material, direct labor and manufacturing…
Q: Prime cost is 236000 OMR, and cost of production for the year is 355000 OMR Opening stock of work in…
A: The maximum amount of goods, or inventory, that a corporation can sell during an accounting period…
Q: The following costs relate to Antonio Industries for the last quarter: Conversion cost Direct…
A: Prime costs means cost of direct materials and direct labour used for the business. Total…
Q: cost of production
A: Cost of production is the expenses incurred to produce the products of an entity.
Q: Prime cost is 236000 OMR, and cost of production for the year is 298420 OMR Opening stock of work in…
A: Cost of production means total costs incurred for production and manufacturing of goods. It includes…
Q: ABC Firm reported the following for the final three months of 2020: October November December Units…
A: The costs incurred in a business can be categorised differently on the basis of mixed cost, variable…
Q: dele Watches has the following cost information for 2019: Direct materials P6.00 per unit Direct…
A: solution: income statement under variable costing Number of units sold =23000 Units produced…
Q: Q1 Mr.Fahim furnishes the following data relating to the manufacture of a standard product during…
A: A cost sheet is a method of allocating total cost into different categories such as direct material…
Q: x Company provides the following data for 2019: 12/31/2018 12/31/2019 Inventories: Raw materials* P…
A: Cost of goods manufactured = Cost of goods sold + Ending finished goods - beginning finished goods…
Q: 1. Al Marai Corporation has the following cost records for June 2019. OMR 4,500 20,000 Indirect…
A: Cost of Goods Manufactured also known as COGM. It is a term utilized in managerial accounting that…
Q: 6. Peter Senen Company has the following cost data as of Sept 1, 2020 Materials purchased P170,000…
A: Prime cost includes direct expenses related to Manufacturing of a goods. Major component of Prime…
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: 4. DER, Inc., manufactures a single product. The following information is available for 2022: • Raw…
A: Here asked for multi sub part question we will solve for first three sub part question for you. If…
Q: Green Apple Company's 2020 manufacturing costs were as follows: Direct materials $70,000; Direct…
A: Under throughput costing, only the direct materials costs are considered as variable costs and other…
Q: Prime cost, P301,000 Gross Profit, P100,000 or 20% of sales Cost of Goods Available for Sale,…
A:
Q: Goggles Company has the following information for the year 2019: Total manufacturing costs…
A: Prime cost means the addition of direct material and direct labor. Conversion cost means the…
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- Refer to Gjerty Corporation. Under absorption costing, the standardproduction cost per unit for the current year wasa. P11.30.b. P 7.30.c. P11.55.d. P13.05.Ayala Inc. has conducted the following analysis related to its product lines, using a traditional costing system (volume-based) and an activity-based costing system. Both the traditional and the activity-based costing systems include direct materials and direct labor costs. Products Product 540X Product 137Y Product 2495 Sales Revenue $208,000 155,000 92.000 Total Costs Traditional $54,000 48,000 23.000 ABC $49,000 30,000 46,000Using the data in P4-2 and Microsoft Excel: 1. Separate the variable and fixed elements. 2. Determine the cost to be charged to the product for the year. 3. Determine the cost to be charged to factory overhead for the year. 4. Determine the plotted data points using Chart Wizard. 5. Determine R2. 6. How do these solutions compare to the solutions in P4-2 and P4-3? 7. What does R2 tell you about this cost model?
- In the variable costing income statement, how are the fixed manufacturing costs reported, and how are the fixed selling and administrative expenses reported?To determine the effect of different levels of production on the company’s income, move to cell B7 (Actual production). Change the number in B7 to the different production levels given in the table below. The first level, 100,000, is the current level. What happens to the operating income on both statements as production levels change? Enter the operating incomes in the following table. Does the level of production affect income under either costing method? Explain your findings.How do I prepare an Income Statement for March 2022 by using the absorption costing method? Other info: The variable manufacturing cost per unit and total manufacturing cost per unit of the finished goods on 01 March 2022 was R21.60 and R26.20 respectively.
- Required information [The following information applies to the questions displayed below.] Victory Company uses weighted average process costing. The company has two production processes. Conversion cost is added evenly throughout each process. Direct materials are added at the beginning of the first process. Additional information for the first process follows. Beginning work in process inventory. Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Cost assignment-Weighted average Completed and transferred out Direct materials Conversion Ending work in process Direct materials Conversion Total costs accounted for Units EUP 72,000 882,000 775,000 179,000 $ 558,090 84,660 3,734,910 1,608,540 Direct Materials Percent Complete 100% 3. Assign costs to the department's output-specifically, to the units…Indirect cost allocationCalculate the overhead surcharges for material, manufacturing & admin based on the followinginformation (numbers in kEUR, unless stated otherwise):Information on direct costsDirect material costs 5,000Direct manufacturing costs 7,500 Information on indirect costsEnergy 2,100Maintenance 500Vehicles 360Material 240Manufacturing 1,200Admin 750 Information on cost allocationEnergy 15,000 MWh manufacturing, 3,500 MWh maintenance, 1500 MWh material, 1,000 MWh admin Maintenance 5 hrs vehicles, 35 hrs manufacturing, 5 hrs material, 5 hrs adminVehicles 3 cars material, 6 cars manufacturing, 21 cars adminUse the included information about Raw Materials Inventory (RM), Work in Process Inventory (WIP), Finished Goods Inventory (FG), and the Income Summary (IS). Determine the total conversion costs added. 1 2 3 4 5 6 7 1 00 RM B Bal T1 T2 T3 T4 E Bal 8 9 FG 10 B Bal 11 T1 12 T2 13 T3 14 T4 15 E Bal 2 Debits 4300 29 050 Debits 4800 45 592 3 Credits 28 000 Credits 33 500 4 5 WIP B Bal DM DL FOH CGM E Bal IS Rev CGS V Op Exp F Op Exp NIBT 6 Debits 8920 28 000 17 430 11 130 Debits 33 500 5130 7960 7 Credits 45 592 Credits 66 200
- The company makes a product with the following costs: Direct materials→₱15.70; Direct labor→₱19.70; Variable manufacturing overhead→₱3.50; Fixed manufacturing overhead→₱1,146,600.00; Variable selling, general and administrative expenses→₱2.00; Fixed selling, general and administrative expenses→₱984,900. The company uses the absorption costing approach to cost-plus pricing described in the text. The pricing calculations are based on budgeted production and sales of 49,000 units per year. The company has invested ₱340,000 in this product and expects a return on investment of 9%. Direct labor is a variable cost in this company. The markup on absorption cost is closest to: a. 118.6% b. 36.5% c. 35.5% d. 9.0%The company makes a product with the following costs: Direct materials→₱15.70; Direct labor→₱19.70; Variable manufacturing overhead→₱3.50; Fixed manufacturing overhead→₱1,146,600.00; Variable selling, general and administrative expenses→₱2.00; Fixed selling, general and administrative expenses→₱984,900. The company uses the absorption costing approach to cost-plus pricing described in the text. The pricing calculations are based on budgeted production and sales of 49,000 units per year. The company has invested ₱340,000 in this product and expects a return on investment of 9%. Absorption cost is 36.5%. Direct labor is a variable cost in this company. The selling price based on the absorption costing approach is closest to: a. ₱84.40 b. ₱85.02 c. ₱53.09 d. ₱115.19ParticularsAmountDirect materialR12Direct laborR50Variable manufacturing overheadR6.50Unit product cost for the month under marginal costingR68.50 Prepare an income statement for the month using the Marginal costing method.
