Cost accounting job order costing
The following are also provided:
Tax rate – 30%
Interest expenses – P20,000 Administrative expenses – P540,000
Beginning Inventories:
Raw materials, P610,000; Work in process, P1,065,000, Finished Goods P2,100,000.
Units manufactured for the period – 100,000 units
2) Cost of Goods Sold
3) Total Manufacturing Cost
4) Cost per unit under normal costing
5) Cost per unit under actual costing
6) Cost of Goods Manufactured
7) Operating income
8) Ending Finished Goods Inventory
9) Ending Raw Materials Inventory
10) Net Income
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Hubley Inc. uses a job-order costing system in which any underapplied or overapplied overhead is closed...
Hubley Inc. uses a job-order costing system in which any underapplied or overapplied overhead is closed out to cost of goods sold at the end of the month. The company has provided the following data for August: Direct materials $ 78,750 Direct labor cost S 94,000 Manufacturing overhead cost incurred $ 61,275 Manufacturing overhead cost applied $ 65,800 Inventories: Beginning Ending Work in process $17,500 $19,850 Finished goods $61,500 $38,250 The cost of goods sold that appears on the income...
1. Compute the value of Outback Corporation’s 20x1 ending finished-goods inventory under absorption costing. (Do not...
1. Compute the value of Outback Corporation’s 20x1 ending
finished-goods inventory under absorption costing. (Do not round
intermediate calculations.)
2. Compute the value of Outback Corporation’s 20x1 ending
finished-goods inventory under variable costing. (Do not round
intermediate calculations.)
3. Compute the difference between Outback Corporation’s 20x1
reported operating income calculated under absorption costing and
calculated under variable costing. (Do not round intermediate
calculations.)
Outback Corporation manufactures tactical LED flashlights in Brisbane, Australia. The firm uses an absorption costing system for...
The following data from the just completed year are taken from the accounting records of Mason...
The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 660,000 Direct labor cost $ 81,000 Raw material purchases $ 140,000 Selling expenses $ 103,000 Administrative expenses $ 43,000 Manufacturing overhead applied to work in process $ 201,000 Actual manufacturing overhead costs $ 225,000 Inventories Beginning of Year End of Year Raw materials $ 8,500 $ 10,500 Work in process $ 6,000 $ 21,000 Finished goods $ 79,000...
Babb Company is a manufacturing firm that uses job-order costing. The company's inventory balances were as...
Babb Company is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year: Beginning Balance Ending Balance Raw materials $ 11,100 $ 15,700 Work in process $ 32,200 $ 14,100 Finished goods $ 101,000 $ 120,000 The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 17,700 machine-hours and incur...
Babb Company is a manufacturing firm that uses job-order costing. The company's inventory balances were as...
Babb Company is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year: Beginning Balance Ending Balance Raw materials $ 11,000 $ 15,400 Work in process $ 32,300 $ 14,000 Finished goods $ 102,000 $ 125,000 The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 17,100 machine-hours and incur...
PROBLEM 3–13 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement LO3–3...
PROBLEM 3–13 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement LO3–3 Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....
Please check my answers. Problem 2-17 Schedule of Cost of Goods Manufactured; Income Statement; Cost Behaviour...
Please check my answers.
Problem 2-17 Schedule of Cost of Goods Manufactured; Income Statement; Cost Behaviour (LO1, LO2, LO3, LO4, LO5] The following information pertains to the most recent quarter at Precious Production Limited. Purchases of raw materials Raw materials inventory, beginning Raw materials inventory, ending Depreciation, factory Insurance, factory Direct labour Maintenance, factory Administrative expenses Sales Utilities, factory Supplies, factory Selling expenses Indirect labour Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished...
Dodner Company uses an absorption costing system in accounting for the single product it manufactures. The...
Dodner Company uses an absorption costing system in accounting for the single product it manufactures. The following selected data are for the year 2020: Sales (20,000 $720,000 units) Direct materials $259,200 used Direct labor $86,400 costs Variable manufacturing $25,920 overhead Fixed manufacturing $34,560 overhead $43,200 Variable selling and administrative expenses Fixed selling and administrative expenses $144,000 The company produced 24,000 units and sold 20,000 units in 2020. Direct materials and direct labor are variable costs. One unit of direct material...
1. Types of Costs, Cost of Goods Manufactured, Absorption-Costing Income Statement Palmer Manufacturing produces weather vanes....
1. Types of Costs, Cost of Goods Manufactured, Absorption-Costing Income Statement Palmer Manufacturing produces weather vanes. For the year just ended, Palmer produced 10,000 weather vanes with the following total costs: Direct materials $20,000 Direct labor 35,000 Overhead 10,000 Selling expenses 6,250 Administrative expenses 14,400 During the year, Palmer sold 9,800 units for $12 each. Beginning finished goods inventory con- sisted of 630 units with a total cost of $4,095. There were no beginning or ending inventories of work in...
Problem 3-13 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3]...
Problem 3-13 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3] Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): $ 220,000 $ 269,000 Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 158,000 $ 370,000 $ 359,000 Inventory balances at the beginning and end of the year were...
1. Compute the value of Outback Corporation’s 20x1 ending
finished-goods inventory under absorption costing. (Do not round
intermediate calculations.)
2. Compute the value of Outback Corporation’s 20x1 ending
finished-goods inventory under variable costing. (Do not round
intermediate calculations.)
3. Compute the difference between Outback Corporation’s 20x1
reported operating income calculated under absorption costing and
calculated under variable costing. (Do not round intermediate
calculations.)
Outback Corporation manufactures tactical LED flashlights in Brisbane, Australia. The firm uses an absorption costing system for...
Please check my answers.
Problem 2-17 Schedule of Cost of Goods Manufactured; Income Statement; Cost Behaviour (LO1, LO2, LO3, LO4, LO5] The following information pertains to the most recent quarter at Precious Production Limited. Purchases of raw materials Raw materials inventory, beginning Raw materials inventory, ending Depreciation, factory Insurance, factory Direct labour Maintenance, factory Administrative expenses Sales Utilities, factory Supplies, factory Selling expenses Indirect labour Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished...
Dodner Company uses an absorption costing system in accounting for the single product it manufactures. The following selected data are for the year 2020: Sales (20,000 $720,000 units) Direct materials $259,200 used Direct labor $86,400 costs Variable manufacturing $25,920 overhead Fixed manufacturing $34,560 overhead $43,200 Variable selling and administrative expenses Fixed selling and administrative expenses $144,000 The company produced 24,000 units and sold 20,000 units in 2020. Direct materials and direct labor are variable costs. One unit of direct material...
1. Types of Costs, Cost of Goods Manufactured, Absorption-Costing Income Statement Palmer Manufacturing produces weather vanes. For the year just ended, Palmer produced 10,000 weather vanes with the following total costs: Direct materials $20,000 Direct labor 35,000 Overhead 10,000 Selling expenses 6,250 Administrative expenses 14,400 During the year, Palmer sold 9,800 units for $12 each. Beginning finished goods inventory con- sisted of 630 units with a total cost of $4,095. There were no beginning or ending inventories of work in...
Problem 3-13 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3] Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): $ 220,000 $ 269,000 Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 158,000 $ 370,000 $ 359,000 Inventory balances at the beginning and end of the year were...
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