FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Nincada Inc Inc has provided the following data for the month of March. There were no beginning inventories;
consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the
current month.
Work-in-Process
Finished Goods
Cost of Goods Sold
Total
Direct Materials
P 4,450
$ 5,800
$
8,500
P 18,750
Direct Labor
5,750
5,374
9,700
20,824
Applied Overhead
6,200
11,950
7,876
26,026
Total
$ 16,400
> 23,124
$ 26,076
$ 65,600
Manufacturing overhead for the month was OVERAPPLIED by $8,000.
The company allocates any underapplied or overapplied overhead among work in process, finished goods, and cost
of goods sold at the end of the month on the basis of the ending balances in those accounts.
Nincada's Cost of Goods Sold for the month after allocation of any underapplied or overapplied overhead is closest
to P
Note: For interim calculations, use 5 decimal places; round-off final answer to a whole number.
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Transcribed Image Text:Nincada Inc Inc has provided the following data for the month of March. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Work-in-Process Finished Goods Cost of Goods Sold Total Direct Materials P 4,450 $ 5,800 $ 8,500 P 18,750 Direct Labor 5,750 5,374 9,700 20,824 Applied Overhead 6,200 11,950 7,876 26,026 Total $ 16,400 > 23,124 $ 26,076 $ 65,600 Manufacturing overhead for the month was OVERAPPLIED by $8,000. The company allocates any underapplied or overapplied overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the ending balances in those accounts. Nincada's Cost of Goods Sold for the month after allocation of any underapplied or overapplied overhead is closest to P Note: For interim calculations, use 5 decimal places; round-off final answer to a whole number.
Nidoran Woodworking Corporation produces fine cabinets. The company uses a job-order costing system in which
its predetermined overhead rate is based on capacity. The capacity of the factory is determined by the capacity of
its constraint, which is an automated shaper. Additional information is provided below for the most recent month:
Estimates at the beginning of the month:
Estimated total fixed MOH
P 99,225
700 hours
Capacity of the shaper
P 79,268
P 12,200
℗ 17,400
$ 35,700
P 8,100
1,300 hours
Actual results:
Sales
Direct materials
Direct labor
Actual total fixed MOH
Selling and administrative expense
Actual hours of shaper use
The TOTAL MANUFACTURING COSTS amount to P
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Transcribed Image Text:Nidoran Woodworking Corporation produces fine cabinets. The company uses a job-order costing system in which its predetermined overhead rate is based on capacity. The capacity of the factory is determined by the capacity of its constraint, which is an automated shaper. Additional information is provided below for the most recent month: Estimates at the beginning of the month: Estimated total fixed MOH P 99,225 700 hours Capacity of the shaper P 79,268 P 12,200 ℗ 17,400 $ 35,700 P 8,100 1,300 hours Actual results: Sales Direct materials Direct labor Actual total fixed MOH Selling and administrative expense Actual hours of shaper use The TOTAL MANUFACTURING COSTS amount to P
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Follow-up Question

Nincada Inc Inc has provided the following data for the month of March. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. 

  Work-in-Process Finished Goods Cost of Goods Sold Total
Direct Materials ₱    4,450 ₱ 5,800 ₱   8,500 ₱ 18,750
Direct Labor ₱    5,750 ₱ 5,374 ₱   9,700 ₱   20,824
Applied Overhead ₱    6,200 ₱ 11,950 ₱   7,876 ₱   26,026
Total ₱ 16,400 ₱ 23,124 ₱ 26,076 ₱ 65,600

Manufacturing overhead for the month was OVERAPPLIED by ₱8,000.

The company allocates any underapplied or overapplied overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the ending balances in those accounts.

Nincada's Finished Goods after allocation of any underapplied or overapplied overhead for the month is closest to ₱_____________.  

Note:  For interim calculations, use 5 decimal places;  round-off final answer to a whole number.

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Follow-up Question

Nincada Inc Inc has provided the following data for the month of March. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. 

  Work-in-Process Finished Goods Cost of Goods Sold Total
Direct Materials ₱    4,450 ₱ 5,800 ₱   8,500 ₱ 18,750
Direct Labor ₱    5,750 ₱ 5,374 ₱   9,700 ₱   20,824
Applied Overhead ₱    6,200 ₱ 11,950 ₱   7,876 ₱   26,026
Total ₱ 16,400 ₱ 23,124 ₱ 26,076 ₱ 65,600

Manufacturing overhead for the month was OVERAPPLIED by ₱8,000.

The company allocates any underapplied or overapplied overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the ending balances in those accounts.

Nincada's Finished Goods after allocation of any underapplied or overapplied overhead for the month is closest to ₱_____________.  

Note:  For interim calculations, use 5 decimal places;  round-off final answer to a whole number.

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