Tou Can Do It PRACTICE EXERCISE 3: EVALUATION:The following are data for PPE Limited Company for the year 2020:650,00087,000136,000104,00046,000200,000PSalesDirect labor costRaw material purchasesSelling expensesAdministrative expensesManufacturing overhead applied to work in processActual manufacturing overhead costs226,000InventoriesRaw materialsWork in processFinished goodsBeginningP8,800P6,000P78,000EndingP11,000P20,800P25,900Required: Write your answer on a separate sheet of paper1. Assume all raw materials used in production were direct materials, prepare a statement ofprojected cost of goods manufactured.2. Prepare projected income statement.

Answered: Image /qna-images/answer/d57c9837-060c-40a6-a701-fe6daee3f8cd.jpg

You Can Do It! PRACTICE EXERCISE 3: EVALUATION: The following are data for PPE Limited Company for the year 2020: 650,000 P Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs 87,000 136,000 104,000 46,000 200,000 226,000 P Inventories Raw materials Work in process Finished goods Beginning P8,800 P6,000 P78,000 Ending P11,000 P20,800 P25,900 Required: Write your answer on a separate sheet of paper 1. Assume all raw materials used in production were direct materials, prepare a statement of projected cost of goods manufactured. 2. Prepare projected income statement.

You Can Do It! PRACTICE EXERCISE 3: EVALUATION: The following are data for PPE Limited Company for the year 2020: 650,000 P Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs 87,000 136,000 104,000 46,000 200,000 226,000 P Inventories Raw materials Work in process Finished goods Beginning P8,800 P6,000 P78,000 Ending P11,000 P20,800 P25,900 Required: Write your answer on a separate sheet of paper 1. Assume all raw materials used in production were direct materials, prepare a statement of projected cost of goods manufactured. 2. Prepare projected income statement.

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter1: Introduction To Managerial Accounting

Section: Chapter Questions

Problem 5PA: Statement of cost of goods manufactured and income statement for a manufacturing company The...

See similar textbooks

Similar questions

Exercise 7-7 (Static) First-Stage Allocations [LO7-2] The operations vice president of Security Home Bank has been interested in investigating the efficiency of the bank's operations. She has been particularly concerned about the costs of handling routine transactions at the bank and would like to compare these costs at the bank's various branches. If the branches with the most efficient operations can be identified, their methods can be studied and then replicated elsewhere. While the bank maintains meticulous records of wages and other costs, there has been no attempt thus far to show how those costs are related to the various services provided by the bank. The operations vice president has asked your help in conducting an activity-based costing study of bank operations. In particular, she would like to know the cost of opening an account, the cost of processing deposits and withdrawals, and the cost of processing other customer transactions. The Westfield branch of Security Home…
Objective: Consider that you are an analyst at Regeneron Pharmaceuticals. You need to decide how to allocate administrative overhead costs to Regeneron's main commercial products (Eylea, Dupixent, Kevzara and Praluent). Determine how to appropriately allocate the costs in the table below to each of the commercial products using an allocation methodology of your choice. Department2019 Annual Operating ExpenseTime spent supporting Commercial productsCommercial$200MM100%IT$100MM25%Facilities$150MM0%Finance$25MM20%Human Resources$75MM10% Use the supporting document Net Product Sales of REGN Products to facilitate your analysis. Provide a written summary of how you allocated the overhead costs to each product in an outline of no more than one page. As a starting point, it's recommended that you revisit the material we covered in Chapter 12. Guidance on calculations:Start off with Net Product Sales of REGN Products. Your objective pertains to 2019 expenses, so you should be reviewing 2019…
provide the cost of good sold statement for may 2022
Determine the amount of Factory overhead cost of service departments allocated to producing department using Step method
Problem#5 Oitawa Manufacturing uses a normal cost system and had the following data available for 2022: Direct materials purchased on account Direct materials used Direct labor cost incurred Factory overhead incurred Cost of goods completed Cost of goods sold Beginning direct materials inventory Beginning WIP inventory P 74,000 41,000 65,000 73,000 146,000 128,000 13,000 32,000 29,000 Beginning finished goods inventory Overhead application rate, as a percent of direct-labor costs 125 percent A. The ending balance of work-in-process inventory is: B. How much is the over or underapplied overhead? C. How much is the adjusted Cost of Goods Sold assuming that over or underapplication is disposed in COGS?
What is the total costs transferred from Department A to Department B? a.P327,240 b.P313,500 c.P289,750 d.P323,400
subquestion 1 and 2
Get correct answer general accounting
A manufacturer uses activity-based costing to assign overhead costs to products. Budgeted cost information for selected activities for next year follows. Activity Purchasing Cleaning factory Providing utilities Activity cost pool Purchasing Factory Expected Cost $127,600 31,500 63,070 Expected Costs Compute activity rates for each of the cost pools. (Round your answers to 2 decimal places.) Expected Amount of Cost Driver Cost Driver Purchase orders Square feet Square feet 4,400 4,900 Activity Overhead Rate Expected Usage of Cost Driver 4,488 purchase orders 4,900 square feet 4,900 square feet per purchase order per square foot
Need help
The T-account showing the manufacturing overhead activity for Kenneth Corp. for 2018 is as follows: Manufacturing Overhead 210,000 196,000 Read the requirements. Requirement 1. What is the actual manufacturing overhead? Actual manufacturing overhead: S Requirement 2. What is the allocated manufacturing overhead? Allocated manufacturing overhead: S Requirement 3. Is manufacturing overhead underallocated or overallocated? By how much? Manufacturing overhead is by $
Answer part a, b and c