1. JYD Manufacturing Company showed the followinginformation as of June 1, 2020;Raw materials inventoryWork in process inventoryFinished goods inventoryР320,000400,000350,000During the month of June, the following were incurredMaterials purchasedP170,000200,000Materials usedDirect labor400.000Factory OverheadAfter reviewing the quantities on hand, endinginventories were:210,000Work in process inventoryFinished goods inventory280,000430,000What is the raw materials inventory as of June 30, 2020?2. .JYD Manufacturing Company showed the followinginformation as of June 1, 2020;Raw materials inventoryWork in process inventoryFinished goods inventoryР320,000400,000350,000During the month of June, the following were incurredMaterials purchasedP170,000200,000Materials usedDirect labor400.000Factory OverheadAfter reviewing the quantities on hand, endinginventories were:210,000Work in process inventoryFinished goods inventory280,000430,000What is the total cost of goods manufactured during themonth?3. JYD Manufacturing Company showed the followinginformation as of June 1, 2020;Raw materials inventoryWork in process inventoryFinished goods inventoryP320,000400,000350,000During the month of June, the following were incurredMaterials purchasedP170,000200,000Materials usedDirect labor400.000Factory Overhead210,000A fter reviewing the quontities on hand onding After reviewing the quantities on hand, endinginventories were:Work in process inventoryFinished goods inventory280,000430,000What is the total cost of goods available for sale?4. JYD Manufacturing Company showed the followinginformation as of June 1, 2020;Raw materials inventoryWork in process inventoryFinished goods inventoryР320,000400,000350,000During the month of June, the following were incurredMaterials purchasedP170,000200,000Materials usedDirect labor400.000Factory OverheadAfter reviewing the quantities on hand, endinginventories were:210,000Work in process inventoryFinished goods inventory280,000430,000How much was the Cost of goods sold?5. Peter Senen Company has the following cost data as ofSept 1, 2020Materials purchasedP170,000200,000400,000210,00050,000Materials usedDirect laborFactory overheadOffice rentHow much is the total manufacturing costs?6. Peter Senen Company has the following cost data as ofSept 1, 2020Materials purchasedMaterials usedP170,000200,000400,000210,00050,000Direct laborFactory overheadOffice rentWhat is the total prime costs?7. Peter Senen Company has the following cost data as ofSept 1, 2020Materials purchasedP170,000200.000Materials used

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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SHAMROCK COMPANY Balance Sheet (Partial) For the Year Ended June 30, 2022 ASSETS $ $ $
EXYZ Co. has the following information Inventory at 15t Jan 2020 Inventory at 31 Dec 2020 35,000 OMR 20,000 OMR Raw Materials Inventory 18,000 OMR 15,000 OMR Work in Process Inventory 20,000 OMR 30,000 OMR Finished Goods Inventory Additional information for the year is as follows 100,000 OMR Raw materials purchases 75,000 OMR Direct labor 85,000 OMR Manufacturing overhead applied 80,000 OMR Manufacturing overhead Actual OMR Indirect materials Compute the adjusted cost of goods sold OMR 252,000 La O OMR 247.000.50 OMR 257,000 OMR 258,000 None of thegiven answeris correct
Bidiyah Sugar Factory had the following data: Jan. 1, 2019 Dec. 31, 2019 Raw materials inventory OMR 80,000 OMR 64,000 Work in process inventory 104,000 116,000 Finished goods inventory 100,000 92,000 During 2019, the company purchased OMR 1,450,000 of materials, had a direct labor cost of OMR 250,000, and manufacturing overhead was OMR 160,000. The cost of goods manufactured is: Select one: a. 1,684,000 b. 1,610,000 Oc. 1,864,000 O d. 410,000 Oe. None of the answers are correct
Department B of SimTech Manufacturing Company presents the following production data for the month of October 2019: Beginning inventory (3/8 completed) 8,000 units Started in process 26,000 units Transferred out 18,000 units Ending inventory: (1/2 completed) 8,000 units (3/4 completed) 8,000 units What are the equivalent units of production for the month of October 2019 using Average Method? A. 28,000 units B. 25,000 units C. 26,000 units D. 30,000 units
Bidiyah Sugar Factory had the following data: Jan. 1, 2020 Dec. 31, 2020 Raw materials inventory OMR 80,000 OMR 64,000 Work in process inventory 104,000 116,000 Finished goods inventory 100,000 92,000 During 2020, the company purchased OMR 1,450,000 of materials, had a direct labor cost of OMR 250,000, and manufacturing overhead was OMR 160,000. The cost of goods sold is: Select one: O a. 1,684,000 O b. None of the answers are correct O c. 1,872,000 O d. 1,610,000 Oe. 1,864,000
Bidiyah Sugar Factory had the following data: Jan. 1, 2020 Dec. 31, 2020 Raw materials inventory OMR 80,000 OMR 64,000 Work in process inventory 104,000 116,000 Finished goods inventory 100,000 92,000 During 2020, the company purchased OMR 1,450,000 of materials, had a direct labor cost of OMR 250,000, and manufacturing overhead was OMR 160,000. The cost of goods sold is: Select one: Oa. None of the answers are correct O b. 1,684,000 O c. 1,610,000 Od. 1,872,000 O e. 1,864,000
23. Senen Company provided the following data for the month ended October 31, 2020: Direct labor (2,000 hours @ P40/hr) Inventories, October 1 P80,000 Raw materials Work in process Finished goods 48,000 55,000 81,500 Inventories, October 31 Raw materials 40,000 62,000 90,200 204,300 Factory overhead is applied at P36 per direct labor hour. Work in process Finished goods Cost of goods sold Senen made total purchases of what amount?
Hendrix & Franks Company had the following beginning and ending inventory balances for the current year ended December 31: Materials Work in Process Finished Goods $102,000 $97,500 $117,150 January 1 $128,500 $11,000 19,800 23,100 December 31 In addition, direct labor costs of $33,000 were incurred, manufacturing overhead equaled $46,200, materials purchased were $29,700, and selling and administrative costs were $24,200. Hendrix & Franks Co. sold 27,500 units of product during the year at a sales price of $5.25 per unit. What was the amount of cost of goods sold for the year? $ 8,800 18,700 18,150
A
P2-1 Orange Company showed the following information as of June 1, 2015: Raw materials inventory Goods in process inventory Finished goods P 320,000 400,000 350,000 During the month of June, the following were incurred: Materials purchased P 170,000 Materials used 200,000 Direct labor 400,000 Factory overhead 210,000 After reviewing the quantities on hand, ending inventories were: Goods in process inventory 280,000 Finished goods 430,000 Required: Calculate the following: Raw materials inventory as of June 30, 2015 Total goods manufactured during the month a. b. C. Goods available for sale d. Cost of goods sold
Duqm Sugar Factory had the following data: Jan. 1, 2019 Dec. 31, 2019 Raw materials inventory OMR 80,000 OMR 64,000 Work in process inventory 104,000 116,000 Finished goods inventory 100,000 92,000 During 2019, the company purchased OMR 1,450,000 of materials, had a direct labor cost of OMR 250,000, and manufacturing overhead was OMR 160,000. The cost of goods sold is: Select one: a. 1,610,000 b. None of the answers are correct O c. 1,872,000 O d. 1,864,000 e. 1,684,000
These data relates to Judy Company’s July 2020 operations: Materials, beginning P 7,000 Materials, Ending P9,000 WIP, Beginning 7,500 WIP, Ending 3,500 Finished Goods, beg. 10,000 Finished Goods, End. 12,000 Materials used 46,800 Direct Expenses 400 Selling and general expenses 6,700 Direct Labor 8,000 Factory overhead is applied at the rate of 80% of direct labor cost. Required: Compute for the following (Show your solution) : 1. Cost of materials purchased 2. Cost of goods manufactured 3. Cost of goods sold and 4. Conversion Cost

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