Cost Accounting - Basic Concepts and the Job Order Cost Cycle The ABC Press Inc., publishes and maintains a stock of books for general sale. The following data pertain to 2018: Direct materials and supplies purchased on account Direct materials issued to the production departments Supplies issued to various production departments Labor used directly in production Indirect labor incurred by various departments Depreciation - buildings and factory equipment Miscellaneous factory overhead incurred by various departments Factory overhead applied at 160% of direct labor Cost of goods manufactured Sales Cost of goods sold, normal Inventories, December 31, 2017: Materials Work in process Finished Goods Required: Compute for: 1. Manufacturing costs 2. Actual factory overhead 3. Materials inventory, December 31, 2018 4. Work in Process, December 31, 2018 5. Over or under applied factory overhead P800,000 710,000 100,000 1,300,000 900,000 400,000 550,000 4,120,000 8,000,000 4,020,000 100,000 60,000 500,000

Cost Accounting - Basic Concepts and the Job Order Cost Cycle The ABC Press Inc., publishes and maintains a stock of books for general sale. The following data pertain to 2018: Direct materials and supplies purchased on account Direct materials issued to the production departments Supplies issued to various production departments Labor used directly in production Indirect labor incurred by various departments Depreciation - buildings and factory equipment Miscellaneous factory overhead incurred by various departments Factory overhead applied at 160% of direct labor Cost of goods manufactured Sales Cost of goods sold, normal Inventories, December 31, 2017: Materials Work in process Finished Goods Required: Compute for: 1. Manufacturing costs 2. Actual factory overhead 3. Materials inventory, December 31, 2018 4. Work in Process, December 31, 2018 5. Over or under applied factory overhead P800,000 710,000 100,000 1,300,000 900,000 400,000 550,000 4,120,000 8,000,000 4,020,000 100,000 60,000 500,000

Name: Cost Accounting - Basic Concepts and the Job Order Cost CycleThe ABC
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Description: Cost Accounting - Basic Concepts and the Job Order Cost CycleThe ABC Press Inc., publishes and maintains a stock of books for general sale.The following data pertain to 2018:Direct materials and supplies purchased on accountDirect materials issued t

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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