User Account

All Pages

Compute what is the cost of goods sold for the year

Assignment Help Cost Accounting
Reference no: EM132562024

HONDA Inc. is using just-in-time Production System and Backflush Cost Accounting System for the year ended December 31, 2020. The following information was provided for the year 2020:

Raw materials purchased for year 2020 totaled P1,000,000

Direct labor for the year 2020 totaled P500,000

Actual overhead for the year 2020 totaled P300,000 and the standard overhead rate is 50% of direct labor cost

The production report for year 2020 showed that the Finished Goods Inventory at December 31 was p200,000 consisting of:

Direct Materials                         110,000

Direct Labor                                  60,000

Factory Overhead                             30,000

Question 1: What is the Cost of Goods Sold for the year ended December 31, 2020?

Option 1: 1,600,000

Option 2: 1,550,000

Option 3: 1,800,000

Option 4: 1,750,000

Reference no: EM132562024

Questions Cloud

How competitive the market is : Process does the Acquisition Team review market research results to determine how competitive the market is and identify small business opportunities?
Is additional labour cost for t-shirts a fixed cost : Is additional labour cost for the 40 t-shirts a fixed cost or variable cost? Why? Is additional printing cost for 40 t-shirts a fixed cost or variable cost?
What are the three ways to indicate scale on map : What are the four types of distortions that can result from map projections? What are the three ways to indicate scale on a map?
Explain the diagnosis by matching the symptoms : Explain the diagnosis by matching the symptoms identified in the case to the specific criteria for the diagnosis. Discuss other disorders you considered.
Compute what is the cost of goods sold for the year : Raw materials purchased for year 2020 totaled P1,000,000. Compute What is the Cost of Goods Sold for the year ended December 31, 2020?
Have you experienced one of these disasters : Have you experienced one of these disasters? How do these disasters affect the landforms in your area?
Discussion of the research problem and questions : Read "read-only participants: a case for student communication in online classes" by nagel, blignaut, and cronje which is located in the e-library resource.
Find what is cost of goods sold for year ended december : NESTLE Inc. is employing a sophisticated just-in-time manufacturing system. What is the cost of goods sold for the year ended December 31,2020?
In which month should advertising costs be expensed : The furniture company paid $3,000 for advertising that ran in the local newspaper in November 2011. In which month should advertising costs be expensed

Reviews

Write a Review

Cost Accounting Questions & Answers

  Journal entries to record the transactions for april

Prepare the income statement and the statement of owner's equity for the month of April and the balance sheet at April 30, 2010.

  Calculate ending inventory and cost of goods sold

Calculate ending inventory and cost of goods sold at October 31, 2012, using the specific identification method

  Define how do you calculate the sales return for jerry inc

How do you calculate the sales return for Jerry inc and for Kate Co when comparing the profitability of two customers

  What is the lowest acceptable transfer price

Motor has no market for the 20,000 motors if they are not transferred to Assembly. Variable selling and administrative costs are incurred on both internal and external sales.

  James paul importers provides the following pension plan

james paul importers provides the following pension plan informationfair value of pension plan assets january 1

  Evaluate the customer be charged

A customer places 10 orders with a total direct cost of $3,000, orders 300 separate items, and makes 5 returns. Evaluate the customer be charged?

  Complete the worksheet for all accounts

Enter the unadjusted balances and adjustments into a worksheet and complete the worksheet for all accounts

  What will your monthly lease payments be

Pings wants the PV of the lease payments to equal $3,500. Suppose that your first payment is due immediately. What will your monthly lease payments be?

  Should mobility make rear wheel assemblies

Should Mobility make rear wheel assemblies or buy them from Trailblazers? Prepare a schedule that shows the differential costs per rear wheel assembly.

  How many gizmos can this line produce in one hour

How many gizmos can this line produce in one hour? What is the labor cost of one gizmo if the workers are paid $12 per hour? Group Technology and Cellular Manufacturing can produce savings in.

  Compute the minimum bid price for the entire order

Wong Accounting Services is considering a special order that it received from one of its corporate clients. Wong would be satisfied with a $40 gross profit per return. Compute the minimum bid price for the entire order.

  Grommit engineering expects to have net income

Grommit Engineering expects to have net income next year of $20.75 million and free cash flow of $22.15 million. Grommit's marginal corporate tax rate is 35%.a. If Grommit increases leverage so that its interest expense rises by $1 million, how will ..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd