6. 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 prime 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: Q1 Mr.Fahim furnishes the following data relating to the manufacture of a standard product during…
A: A cost sheet is a statement which represents the various costs incurred at different stages of…
Q: Gammil company has beginning and ending raw materials inventories of $96,000 and $120,000,…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
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: 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: COGM & INCOME STATEMENT PT AMBARWATI plans to compile a Cost Of Goods Manufactured and Income…
A: Work-in process: This is the cost of units which were semi-finished in a particular period. Further…
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: Calculate (a) cost of sales, (b) direct material and (c) direct labor based on the following…
A: a. Compute cost of sales as shown below:
Q: 26. How many units were in the beginning work-in-process? In July 2020, ABC Co. computed its…
A:
Q: Compute for the following (Show your solution in the space provided) : 4. Conversion Cost
A: Conversion cost: Conversion cost is the cost that occurred in the factory to convert the direct…
Q: 8 - ABC production company calculates production costs according to the phase cost system. The…
A: Equivalent units of products concept came in to existence when some units are not fully completed at…
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: 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: he Multicolors Company had the following costs for 2021: Raw materials…
A: Solution: Product / manufacturing costs to be inventories under variable costing = Direct materials…
Q: Maram Ahmed Al. Items Cost Items Cost Raw materials, 1/1/2019 OMR 30,000 Insurance, factory OMR…
A: The current assets include the Assets that can be converted into cash with in one year.
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: 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: According to the information given in the table below, which of the following is Cost of Production?…
A: Cost sheet is a method of allocating total cost into different categories such as direct material…
Q: Selected data for the Young Company for 20X5 is presented below. Direct labor incurred Indirect…
A: Meaning of Manufacturing Overhead :- Manufacturing overhead is all indirect costs incurred during…
Q: Cost Items Cost Raw materials, 1/1/2019 OMR 30,000 Insurance, factory OMR 14,000 Raw materials,…
A: Direct material used means the raw material used in producing the finished goods directly. Indirect…
Q: Last year. Abner Company incurred the following costs host P 50,000 20,000 130,000 40,000 36,000…
A: 13) Prime cost per unit = (Direct material + Direct labor)/Total units = (50,000 +…
Q: A manutacturing company shows the following amounts in the cost statement and the statement of…
A: The cost of goods sold is calculated by adding the beginning inventory and purchases and deducting…
Q: According to the information given in the table below, which of the following is Cost of Production?…
A: Prime cost means the addition of direct material and direct labor. Conversion cost means the…
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: 7. Peter Senen Company has the following cost data as of Sept 1, 2020 Materials purchased P170,000…
A: Conversion costs are those costs which are incurred for conversion of materials into finished goods.
Q: 12. The following data are available for Peter Senen Company during the month of July 2020: P 95,000…
A: FACTORY OVERHEADS - Generally, Factory overheads cost is also called manufacturing overhead, which…
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: Aikman Corporation has the following cost records for June 2020: Direct materials (6/1/20) $…
A:
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: John Brown Inc.'s accounting records reflect the following inventories: Dec 31.2019 Dec 31, 2020…
A: Given the following information: Raw materials inventoryDec 31, 2019: $80,000Dec 31, 2020: $64,000…
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: Remedios Corporation's 2021 manufacturing costs were as follows: Prime cost P 600,000 100,000…
A: Product costs for external reporting purpose = Prime costs + variable manufacturing overhead costs…
Q: X Co. manufactures textiles . Among X’s 2021 manufacturing costs were the following salaries and…
A: Solution: Direct manufacturing labor = Machine operators + Factory foreman
Q: cost of production
A: Cost of production is the expenses incurred to produce the products of an entity.
Q: 5. The accounting department of Mafe Café provided the following data for 2021: Sales Marketing…
A: A cost sheet is a statement that shows accumulated costs associated with a product or production. It…
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: 9. Ethel Company provided the following information as of May 31, 2020 Sales P900,000 Finished goods…
A: Cost of goods sold means the difference between the cost of goods available for sales and closing…
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: 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: At May 31, 2020, the accounts of Sheffield Company show the following. 1. May 1…
A: In order to determine the cost of goods manufactured, Beginning Work in Process inventory is…
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: 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…
Q: Learned Corporation has provided the following information: Cost per Unit Cost per Period Direct…
A: The direct costs are the cost that are directly related to production of a specific product and…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- The "x" in the overhead cost equation, y = $5.50x + $92,000, represents which of the following? total overhead costs. the variable costs. total fixed costs. the cost driver in units.Using 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?What is the amount of the income from operations that would be reported on the variable costing income statement? a. $519,870 Ob. $426,040 Oc. $511,330 Od. $396,930
- ParticularsAmountDirect 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.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.Knowledge Check 01 In the cost formula (Y = a +bX) that is used to estimate the total manufacturing overhead cost for a given period, the letter "a" refers to the estimated O total manufacturing overhead cost O total fixed manufacturing overhead cost O variable manufacturing overhead cost per unit of the allocation base O total amount of the allocation base
- E6-2A High-Low Method Apply the high-low method of cost analysis to the three cost data groups in E6-1A. What cost behavior are apparent? Express each as a cost formula. Volume (applicable to each group) Group A Costs Group B Costs Group C Costs 2,000 $2,600 $1,000 $2,400 12,000 12,600 6,000 2,400 16,000 16,600 8,000 2,400 20,000 20,600 10,000 2,400Ohno Company specializes in manufacturing a unique model of bicycle helmet. The model is well accepted by consumers, and the company has enough orders to keep the factory production at 10,000 helmets per month (80% of its full capacity). Ohno's monthly manufacturing cost and other expense data are as follows. Rent on factory equipment $1,600 Insurance on factory building 2,500 Raw materials (plastics, polystyrene, etc.) 79,700 Utility costs for factory 900 Supplies for general office 300 Wages for assembly line workers 63,700 Depreciation on office equipment 800 Miscellaneous materials (glue, thread, etc) 1,200 Factory manager's salary 6,400 Property taxes on factory building 500 Advertising for helmets 14,500 Sales commissions 10,600 Depreciation on factory building 1,600 (a)A Cothing Manufacturing Company provides the following unit costs associated with one of its products: Direct materials. Direct manufacturing labor Variable manufacturing overhead Fixed manufacturing overhead Operating costs Total $160 50 55 32 30 $327 What are the period costs per unit associated with the Product? O A $30 O B. $33 OC. $100 O D. $17
- 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. ₱115.19How 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.