How much is the additional allowable training expenses, if any?
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Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
DDD Corporation, a domestic manufacturing corporation, had gross sales of P100,000,000 for fiscal year ending June 30, 2021 and incurred cost of sales of P60,000,000 and cost of sales of P17,500,000 with the following details:
|
Cost of sales |
|
|
Direct materials |
P30,000,000 |
|
Direct labor |
20,000,000 |
|
Manufacturing overhead |
10,000,000 |
|
|
|
|
Operating expenses |
|
|
Salaries and wages |
P7,000,000 |
|
Taxes |
300,000 |
|
Depreciation |
3,500,000 |
|
Professional fees |
200,000 |
|
Advertising expense |
3,000,000 |
|
Training expenses |
3,000,000 |
|
Office supplies |
500,000 |
How much is the additional allowable training expenses, if any?
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- The following cost incurred by Lucky corporation for October 2019 were as follows: Direct Materials used, P20,000 Indirect materials used, P1,000 Direct labor, P9,000 Indirect labor, P5,000 Other factory cost, P5,000 Selling expenses,P10,000 Administrative expenses, P12,000 Question: How much is the total product cost? a. P62,000 b. P50,000 c. P29,000 d. P40,000 Plz answer fast without plagiarism and don't copy answer plzThe following data refer to Solaris Power Ltd for the financial year ending 31 December 2021: Sales $5,900,000 Raw material inventory, 1 January 2021 160,000 Purchases of raw material 2,000,000 Raw material inventory, 31 December 2021 120,000 Direct labour cost incurred 1,400,000 Other selling and administrative expenses 240,000 Indirect labour cost (65% for factory; 35% for selling & admin) 800,000 Other manufacturing expenses 300,000 Depreciation of building (85% for factory; 15% for selling & admin) 400,000 Depreciation of equipment (90% for factory; 10% for selling & admin) 320,000 Income tax expense 80,000 Indirect material used (all for factory) 60,000 Insurance on factory & equipment (80% for factory; 20% for selling & admin) 100,000 Electricity (75% for factory; 25% for selling & admin) 200,000 Work in process, 1 January 2021 40,000…Roundhead Corporation’s 2021 manufacturing costs were as follows: Prime costs P 4,000,000 Depreciation of factory equipment 600,000 Depreciation of factory building 400,000 Salaries of janitor assigned in factory premises 120,000 Salesmen’s commission based on sales 200,000 Depreciation for delivery van 150,000 How much of these costs should be considered product / manufacturing costs or inventoried for external reporting purposes?
- The following data refer to Solaris Power Ltd for the financial year ending 31 December 2021: Sales $5,900,000 Raw material inventory, 1 January 2021 160,000 Purchases of raw material 2,000,000 Raw material inventory, 31 December 2021 120,000 Direct labour cost incurred 1,400,000 Other selling and administrative expenses 240,000 Indirect labour cost (65% for factory; 35% for selling & admin) 800,000 Other manufacturing expenses 300,000 Depreciation of building (85% for factory; 15% for selling & admin) 400,000 Depreciation of equipment (90% for factory; 10% for selling & admin) 320,000 Income tax expense 80,000 Indirect material used (all for factory) 60,000 Insurance on factory & equipment (80% for factory; 20% for selling & admin) 100,000 Electricity (75% for factory; 25% for selling & admin) 200,000 Work in process, 1 January 2021 40,000…The balance sheet of Barangay Manufacturing Company showed the following balances on December 31, 2021:Finished goods - P2,100,000Work in process - 1,680,000Raw materials - 2,800,000During the first quarter of 2022, prime costs amounted to P19,152,000 while conversion costs amounted to P11,088,000. The average direct labor rate was P53.90 and overhead was applied at P43.12 per direct labor hour. Purchases of raw materials were P14,000,000 while costs of goods manufactured were P24,360,000. The company continue its policy to maintain a gross profit rate of 30%. At the end of the quarter, costs of sales amounted to P23,520,000.The change in Work in Process inventory for the first quarter is a. Increase of P280,000 b. Decrease of P7,560,000 c. Increase of P7,560,000 d. Decrease of P280,000The following data refer to Solaris Power Ltd for the financial year ending 31 December 2021: Sales $5,900,000 Raw material inventory, 1 January 2021 160,000 Purchases of raw material 2,000,000 Raw material inventory, 31 December 2021 120,000 Direct labour cost incurred 1,400,000 Other selling and administrative expenses 240,000 Indirect labour cost (65% for factory; 35% for selling & admin) 800,000 Other manufacturing expenses 300,000 Depreciation of building (85% for factory; 15% for selling & admin) 400,000 Depreciation of equipment (90% for factory; 10% for selling & admin) 320,000 Income tax expense 80,000 Indirect material used (all for factory) 60,000 Insurance on factory & equipment (80% for factory; 20% for selling & admin) 100,000 Electricity (75% for factory; 25% for selling & admin) 200,000 Work in process, 1 January 2021 40,000…
- The sales of Flamingo Manufacturing Corp. in 2021 is P6,100,000. The cost of goods manufactured is P4,800,000. The beginning inventories of goods in process and finished goods are P820,000 and P650,000 respectively. The ending inventories are: Goods in process - P750,000; Finished Goods - P550,000. The selling expenses and general and administrative expenses are 5% and 2.5% of cost of goods sold, respectively. Sales returns and sales discounts are P100,000 and P200,000 respectively. What is Flamingo's profit for the year 2021?ABC Company has the following costs and expenses for the year December 31, 2020. Raw Materials, 1/1/2020 P40,000 Insurance, Factory P14,000 Raw Materials, 12/1/2020 P25,000 Property Taxes, Factory Building P6,000 Raw Materials Purchases P305,000 Sales Revenue P2,000,000 Work-in-Process, 1/1/2020 P60,000 Delivery Expenses P50,000 Work-in-Process, 12/1/2020 P40,000 Sales Commissions P100,000 Finished Goods, 1/1/2020 P120,000 Indirect Labor P55,000 Finished Goods, 12/31/2020 P110,000 Indirect Material P105,000 Direct Labor P400,000 Factory Machinery, Rent P25,000 Factory Manager’s Salary P25,000 Factory Utilities P55,000 Depreciation, Office Equipment P25,000 Administrative Expense P250,000 Requirement: Prepare a cost of goods manufactured schedule for ABC Company for 2020. Prepare cost of goods sold schedule for ABC Company for 2020. Prepare Income Statement for ABC Company.1. FAN Company has the following data for the year 2021 (in thousand) January 1, 2021 December 31, 2021 Raw Materials Inventory $16,300 $15,000 Work-in-process Inventory $40,000 $40,110 Finished Goods Inventory $49,600 $44,256 During 2021 the amount of raw material purchased was $21,700 and direct labor costs incurred were $10,100. The finance department also provides the following additional data : Factory Machinery Rent $ 1,840 Indirect Materials $ 3,400 Delivery Expense $ 760 Factory Utilities $4 1,200 Depreciation on Factory Building $ 3,500 Sales Commissions $ 340 Administrative Expense $ 1,620 Factory Insurance $ 1,266 Sales Revenue $ 98,600 Factory Manager's Salary $ 2,240 Indirect Labor $ 5,670 Instructions: c. Assume that FAN Company's accounting records show the balance of the following current asset accounts on December 31, 2021 (in thousand): Cash $110,250 Accounts Receivable $ 12,440 Prepaid Expenses $9,250 Supplies $ 500 Short-Term Investment $ 550 Prepare the current…
- Roundhead Corporation’s 2021 manufacturing costs were as follows: Prime costs P 4,000,000 Depreciation of factory equipment 600,000 Depreciation of factory building 400,000 Salaries of janitor assigned in factory premises 120,000 Salesmen’s commission based on sales 200,000 Depreciation for delivery van 150,000 How much of these costs should be considered product / manufacturing costs or inventoried for external reporting purposes? Group of answer choices P 5,470,000 P 5,120,000 P 4,120,000 P 4,000,000XYZ Inc. Presented the following data for the first quarter of 2021: Prime Costs P560,000 Factory manager's salary 96,000 Variable factory overhead 80,000 Office salaries 84,000 Straight line depreciation of plant assets 60,000 Sales salaries 72,000 Other fixed factory overhead 40,000 Sales commission 60,000 1. For external reporting purposes, the amount of inventoriable costs must be:The following information relates to the activities of the production department of Will Smith Sdn Bhd for the month of March 2019: Production Department Order Number 123 Direct materials consumed 120,000 20 Direct wages 180,000 25 Overhead chargeable 150,000 Direct labor hours worked 30,000 5 Machine hours operated 10,000 2 The company adds a margin of 50 per cent to the total production cost of specific units in order to cover administration expenses and to provide a profit. Required: a) Calculate the total selling price of order number 123 if overhead is absorbed using the following methods of overhead absorption: I. Direct labor hours II. Machine hours b) State which of the two methods you would recommend for the production department.
