The following account balances and other information were taken from the accounting records of TITAN Corporation for the year ended Dec. 31, 2021: Finished Goods, ending P 15,000; Work-in-Process, ending P 75,000; Raw Materials Inventory, ending 25,000; Net Purchases 120,000; Work-in-Process, beginning 25,000; Conversion Costs 180,000; Finished Goods, beginning 30,000; Prime Costs 245,000; Raw Materials Inventory, beginning 50,000; How much is total manufacturing cost of TITAN Corporation on Dec. 31, 2019 ?
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- 1. Jorasmi Enterprise Trial Balance as at 31 December 2020 Particulars Debit Credit RM RM Inventory of raw materials 1 Jan 2020 Inventory of finished goods 1 Jan 2020 Work in progress 1 Jan 2020 Wages (direct RM180,000, factory indirect RM145,000) Royalties Carriage inwards (on raw materials) 21,000 38,900 13,500 325,000 7,000 3,500 370,000 230,000 12,000 31,000 7,500 13,700 44,000 30,000 11,500 12,000 4,200 13,400 2,300 4,800 5,900 Purchases of raw materials Productive machinery (cost RM280,000) Administration computers (cost RM20,000) General factory expenses Lighting Factory power Administration salaries Sales representative salaries Commission on sales Rent Insurance General administration expenses Bank charges Discount allowed Carriage outwards Sales Account receivable and accounts payable 1,000,000 64,000 142,300 16,800 1,500 60,000 Bank Cash Drawings Capital as at 1 Jan 2020 357,800 1,421,800 1,421,800 ТОTALThe 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 are information provided for Norman Company for the month of August 2019 (refer to the attached picture): Raw materials purchased during the period costs P40,800; overhead incurred and paid or accrued for the period was P21,750; and 23,600 direct labor hours were incurred at a rate of P13.75 per hour. 1. Prime cost *
- For the month ended February 29, 2019, the following data were registered by Lumabat Corp.: Work in Process, beginning - P600,000, Orders completed - P4,800,000, Orders Shipped - P4,000,000, Materials requisitioned for production - P3,400,000, Direct Labor cost - P1,600,000, Factory overhead - 150% of Direct Labor cost. The work in process inventory at the end of the month wasThe 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 P280,000Based on the following information, prepare a Schedule of Cost of Goods Manufactured and a multi-step Income Statement for Junaluska Company for the year ended December 31, 2020 Beginning Work-in-Process Inventory, Jan. 1 $60,000 Ending Work-in-Process Inventory, Dec. 31 40,000 Beginning Finished Goods Inventory, Jan. 1 50,000 Ending Finished Goods Inventory, Dec. 31 20,000 Net Sales Revenue 1,800,000 Selling and Administrative Expenses 500,000 Direct Labor 300,000 Manufacturing Overhead; actual and allocated 400,000 Direct Materials Used 200,000 Income Tax Expense 70,000
- The following extract of costing information relates to a commodity A for the halfyear ending 31:12.2020PARTICULARSPurchase of raw. materialsWorks OvetheadsDirect WagesCarriage on purchasesStock (1.7.2018) Raw MäterialsFinished Products (1000 Tonnes)Stock (31.12.2018) Raw MaterialsWork in progress (WIP)1.7.201831.12.2018Sales of finished productsAMOUNT (R$)• 1.20.00048.0001.00.0001,44020,00016.00022.2404.80016,0003.00.000Selling and distribution overheads are Re.1 per ton sold. 16,000 tonnes of commodity wereproduced during the period. Prepare a cost sheet.Following are the account balances for the DC Company in 2018: Ending of 2018 27,000 Beginning of 2018 Direct materials inventory 26,500 28,400 Work-in-process inventory Finished-goods inventory 30,500 22,100 79,000 16,500 Purchases of direct materials 24,500 Direct manufacturing labor Indirect manufacturing labor 18,600 7,900 11,800 Plant insurance Depreciation-plant, building, and equipment Repairs and maintenance-plant Marketing, distribution, and customer-service costs General and administrative costs 3,500 87,900 26,500 Required: 1. Prepare a schedule for the cost of goods manufactured for 2018. 2. Revenues for 2018 was $425,000. Prepare the income statement for 2018.Barker projects the following transactions for 2019: Sales on account, $20,000 Cash receipts from customers from sales on account, $17,600 Purchase of raw materials on account, $7,000 Payments on account, $3,500 Total cost of completed products, $16,600, which includes the following: Raw materials used, $7,100 Direct labor costs incurred and paid, $3,900 Manufacturing overhead costs incurred and paid, $4,800 Depreciation on manufacturing equipment, $800 Cost of goods sold, $14,800 Selling and administrative costs incurred and paid, $500 Purchase of equipment, paid in 2019, $2,000 Prepare a budgeted balance sheet for Barker, Inc. for December 31, 2019 FG inventory $ 3,150 Barker, Inc. has the following balance sheet at December 31, 2018 Barker Co Post-Closing Trial Balace…
- United Corporation recorded the following transactions for February 2019: a. February 1: $74,000 in raw materials were purchased on account. b. February 7: $63,000 in raw materials were requisitioned for use in production as direct materials c. February 8: $7,000 of raw materials were used as indirect materials. d. February 12: Total labor wages of $97,000 were incurred for direct labor e. February 15: Labor wages of $13.000 were incurred for indirect labor. 1. February 21: Additional manufacturing overhead costs of $180,000 were incurred. All of these costs will be paid in the future. Record the above transactions in United Corporation's journal. Enter the transaction letter as the description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (1.o., January 15 would be 15/Jan). Date + F + m 11 m F T General Journal Account/Explanation Page 02 PR Debit CreditABC company had the following transactions and events đuring the year ended 31 March 2022. The company uses direct lahor dollars as the allocation base. For the current yeur, the estimated overhead was $777,000 and estimated direct labor cost was $350,000. Actual costs incurred follows: a. Purchased raw materials on account, $567,000. b. 10% of raw materials purchased was requisitioned as indirect materials. c. Direct labor for production is $320,000, indirect labor is $125,000. d. Some costs for the company and their percentage for factory are shown below, with the remaining percentage for administration costs. Other costs for Total $ Percentage spent in factory the company Property tax 100,000 90% Utilities 90,000 89% Depreciation 150,000 75% Insurance 180,000 80% | Cleaning service fee 85,000 70% |Maintenance fee 50,000 90% The bulances of inventory follow: Beginning Ending Raw materials $8,000 $25,010 Work-in-process Finished goods 7,500 572,650 25,010 487,810 Required: d) Prepare…The following are information provided for Norman Company for the month of August 2019 (refer to the attached picture): Raw materials purchased during the period costs P40,800; overhead incurred and paid or accrued for the period was P21,750; and 23,600 direct labor hours were incurred at a rate of P13.75 per hour. inventories beginning ending raw materials 9900 7600 work in process 44500 31800 finished goods 36580 61300 1. conversion cost 3. total manufacturing cost 4. cost of goods put into process 5. cost of goods manufactured 6. cost of goods sold