Determine the missing amounts. (1) $ (2) (3) Total Manufacturing Costs $297,000 $ $312,000 Work in Process (January 1) $121,000 $464,000 $ Work in Process (December 31) $85,400 $ $98,800 Cost of Goods Manufactured $323,800 $718,000
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- b. Ending bala P7-4 The following transaction occurred in production department of NGV Company. 1. Direct material purchased on credit for P25,000 2. All material used in production department 3. Direct Labor cost incurred was P9,000 4. Overhead applied to production department was P22,000 5. Units completed were of worth P55,000 6. Unit sold were costing P45,500 195 CHAPTER 7 Just-in-Time and Backflusb Accounting Scanned with Camscamer NGV uses backflush costing method. Required: a. Calculate the finished goods inventory b. Compute the work in process inventory C. transactions. inventory acCOuntHow much should be the accumulated cost of work in process as of May 31? a. P90,000 b. P100,000 c. P190,000 d. P220,000Office Expenses Salaries Depreciation Advertising Department Drilling Grinding Total Multiple Choice $35,750. $45,000. $54,250. The amount of the total office expenses that should be allocated to Drilling for the current period is: Total $ 30,000 20,000 40,000 Number of employees 1,000 1,500 2,500 $90,000. Allocation Base Number of employees Cost of goods sold Percentage of total sales $600,000. Sales $ 325,000 475,000 $ 800,000 Cost of goods sold $ 75,000 125,000 $ 200,000
- Fill in the missing items for the following inventories; Beginning balance $15,300 $34,600 $18,000 Ending balance 13,500 29,000 15,000 Transferred in 45,000 Transferred out 83,000. 20,000nventory 1/10/2021 31/12/2021 Raw Materials $72,000 $65,000 Work in Progress $138,875 $129,125 Finished Goods $149,500 $141,700 Other information: Sales Revenue $1,694,950 Factory Labour 239,700 Raw Materials Purchased 235,000 Office Cleaner’s Wages 4,500 Factory Supplies Used 23,500 Depreciation: Factory Plant & Equipment 32,000 Total Utilities 118,750 Plant Supervisor’s Salary 180,000 Design Costs ( Logo) 4,300 Packaging Material Cost 35,000 Total Insurance 60,000 Delivery Vehicle Drivers’ Wages…The plant and machinery at cost account of a business for the year ended 30 June 20X4 was as follows: PLANT AND MACHINERY – COST $ $ 20X3 20X3 1 Jul Balance 240,000 30 Sep Transfer disposal account 60,000 20X4 20X4 1 Jan Cash – purchase of plant 160,000 30 Jun Balance 340,000 400,000 400,000 The company's policy is to charge depreciation at 20% per year on the reducing balance basis, with proportionate depreciation in the years of purchase and disposal. What should be the depreciation charge for the year ended 30 June 20X4? A $68,000 B $64,000 C $61,000 D $55,000
- 2) Selected information from Skylar Studios shows the following: $ 5,000 $ 1,500 $11,000 $ 2,000 $15,000 28,000 $ $ 15,000 Raw materials purchased Direct materials Direct labor Factory depreciation Total manufacturing overhead incurred Machine hours per month Unit cost for material 2 Unit cost of conversion 8 Number units transferred out Prepare journal entries to record the following: raw material purchased direct labor incurred А. В. depreciation expense (hint: this is part of manufacturing overhead) raw materials used overhead applied on the basis of $0.50 per machine hour the transfer from department 1 to department 2 С. D. Е. F.Eddie Company had the following data available:Direct materials purchased on account P74,000Direct materials requisitioned P41,000Direct-labor cost incurred P65,000Factory overhead incurred P77,000Factory overhead applied P85,000Work in process is increased by _____. a) P334,250 b) P191,000 c) P179,000 d) P139,000Prior to adjustment at the end of the year, the balance in Trucks is $405,400 and the balance in Accumulated Depreciation-Trucks is $120,280. Details of the subsidiary ledger are as follows: Accumulated Miles Estimated Estimated Depreciation Operated Truck Residual Useful at Beginning During No. Cost Value Life of Year Year 1 $84,500 $12,675 210,000 miles 31,500 miles 2 119,900 14,388 270,000 $23,980 27,000 3 93,500 13,090 207,000 $74,800 20,700 4 107,500 12,900 360,000 $21,500 43,200 a. Determine for each truck the depreciation rate per mile and the amount to be credited to the accumulated depreciation section of each subsidiary account for the miles operated during the current year. Keep in mind that the depreciation taken cannot reduce the book value of the truck below its residual value. Round the rate per mile to two decimal places. Enter all values as positive amounts. Credit to Rate per Mile Miles Accumulated Truck No. (in cents) Operated Depreciation 1 2$ 31,500 2 27,000 2$…
- Direct material used $20,000 Depreciation- plant building $8,000 Indirect material (supplies) $2,500 Depreciation - sales building $6,000 Direct manufactured labor $7,000 Depreciation - plant tools $2.300 Indirect manufactured labor (annually salaries) $3,500 Production 40,000 units The total of "ixed costs" is: Question 3/20o 1.22300, 2 17300. 3.16300. 4.10,300. 5. None of the aboveUsing the following information. a. Beginning cash balance on March 1, $81,000. b. Cash receipts from sales, $305.000. c. Cash payments for direct materials, $130.000. d. Cash payments for direct labor. $79,000. e. Cash payments for overhead, $38.00. f. Cash payments for sales commissions, $7000 g. Cash payments for interest, $130 (1% of beginning loan balance of $13,000) h. Cash repayment of loan, $13.000. Prepare a cash budget for March for Gado Company. GADO COMPANY Cash Budget March Total cash available Less: Cash payments for Total cash payments $4 Loan activity Loan balance, end of month %24 K Prev earchAdministrative expenses Depreciation of plant machinery and equipment Direct labor Direct materials Freight out Indirect labor Plant facility rent Sales commissions Compute for the product cost. P40,000 40,000 400,000 300,000 20,000 20,000 30,000 500,000
