FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Related questions
Concept explainers
Question
Materials used, P326,000. Total
1.What is the amount of direct materials purchased during the year?
2.What is the total conversion cost?
3.What is the direct labor costs charged to production during the year?
4.How much is the total prime cost?
5.The following selected information pertains to Top Gun Manufacturing Inc.: Direct materials of P625,000, indirect materials of P125,000, direct labor of P750,000, indirect labor of P112,500, and factory overhead (not including indirect materials and indirect labor) of P375,000. How much is the conversion cost.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by stepSolved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Prime cost is 236000 OMR, and cost of production for the year is 298420 OMR Opening stock of work in progress is 12000, and closing stock of Work in progress is 13500 OMR, Opening stock of finished goods is 20000, and closing stock of finished goods is 14000 OMR, Cost of goods manufactured 958000 OMR Calculate unit production cost if total manufacturing units as 2500 a. 121.368 OMR per unit b. 120.368 OMR per unit OC 119.368 OMR per unit O d. None of Thesearrow_forward1. The prime cost for company XYZ was $20,000, while the conversion cost was $25,000. Assume that direct labor cost is three times the direct materials cost and that the manufacturing overhead cost was two times the direct materials cost. Calculate the direct labor cost ($)? a. 30,000 b. 10,000 c. 15,000 d. 5,000 e. 45,000arrow_forwardHw.52. The manufacturing concern has the following data available for the month of March 2020:Total manufacturing cost Rs. 10,000Total cost of goods manufactured Rs.15,500Cost of material purchased Rs.3,500Direct Labour Rs.2,100Direct material_ Begining Rs.3,100Direct material Ending Rs.600The amount of FOH must be RS. O a. 1,900 O b. 2,000 O C. 2,900 • d. 2,100arrow_forward
- Please provide correct solution for correct answerarrow_forwardThe company manufactures product X which has a selling price of ₱48 per unit. Unit costs associated with the manufacture and sale of product X based on 30,000 units manufactured and sold each year are: Direct materials→₱10.00; Direct labor→₱6.00; Variable manufacturing overhead→₱5.00; Fixed manufacturing overhead→₱6.00; Variable selling, general and administrative expenses→₱3.00; Fixed selling, general and administrative expenses→₱8.00. The company uses the absorption costing approach to cost-plus pricing . The percentage markup being used to determine the selling price for product X is: a. 100.0% b. 37.5% c. 60.0% d. 40.0%arrow_forward8. complete the following table to determine what are the total costs to account for if a company’s beginning inventory had $231,432 in materials, $186,450 in conversion costs, and added direct material costs ($4,231,392), direct labor ($2,313,392), and manufacturing overhead ($1,156,696)? PLEASE NOTE: All dollar amounts are rounded to whole dollars and shown with "$" and commas as needed (i.e. $12,345). If no dollar amount is needed for that space, please enter "$0" with no quotation marks. Material Costs Conversion Costs Total Costs Beginning work in process ? ? x Added: ? ? x Direct materials ? ? x Direct labor ? ? x Manufacturing overhead ? ? x Total Costs ? ? ?arrow_forward
- Work out this questions Calculation of output: The following are the simplified data for a firm producing cars. Sales of cars in dollar 100,353,500. Purchases: raw materials: 54,000,000; temporary employment services: 35,000,500; machine tools: 26,400,000. Inventories of finished products at the start of the period: 24,500,000; at the end of the period: 34,670,000. Inventories of raw materials at the beginning of the period: 7,320,000; at the end of the period: 4,300,000. Calculate the output, the intermediate consumption and the value added at current prices, assuming no change in prices during the period.arrow_forwardThe following information provides the amount of cost incurred in Merch for the cost items indicated. During March 8,500 units of the firm's single product were manufactured Factory depreciation exper rect Ser Production servi Сперитет гента и an is Required 141.200 a. How much cost would you expect to be incurred for each of these items during Apr when 9.700 units of the product are planned for production? (Do not round intermedine calcul Factory on exper D Potion superviso Frey 1 of 13 Next >arrow_forwardThe following selected account balances are as at the end of the current period. Manufacturing direct labour $140,000 Direct materials purchased Variable manufacturing overhead Depreciation on plant equipment and building Sales commissions Direct materials used Head office overhead costs Marketing costs What are the conversion costs for the period? O $300,000 O $420,000 O $120,000 O $215,000 150,000 75,000 85,000 35,000 120,000 110,000 90,000arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,
Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSON
Intermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill Education
Financial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education