Provide a general ledger overview for each

Reference no: EM132782175

Sillicon Valley Corporation (SVC), which produces keyboards for personal computers. We assume the following information for SVC for the month of April.

There are no beginning inventories of direct materials. Moreover, there is zero beginning and ending work in process.
SVC has only one direct manufacturing cost strategy (direct materials) and one indirect manufacturing cost category (conversion costs). All manufacturing labor costs are included in conversion costs.
From its bill of materials and an operations list, SVC determines that direct material cost per keyboard unit is P20 and estimated conversion cost is P10.
SVC purchases P1,880,000 of direct materials. Actual conversion costs equal P1,280,000. SVC produces 90,000 good keyboard units and sells 87,000 units.
Any under allocated or over allocated conversion costs are written off to Cost of goods sold at the end of the month.

Ready the following (any item may be asked on the online exam i.e. debits and credit of a particular entry)

Question 1) Journal Entries if:

a. Trigger points - Purchase, completion, sale

b. Purchase, Sale

c. Completion and sale

Question 2) Provide a General Ledger Overview for each

Question 3) Find the following for each

a. COGS

b. RIP end

c. FG end

d. Backflushed amount

Reference no: EM132782175

Questions Cloud

Find the mixture pressure and the partial pressure of xenon : If the neon exerts a partial pressure of 331 KPaa, Find the mixture pressure and the partial pressure of Xenon.

Compute the cash flow from operating activities : The following information is given for Tripp Company, which uses the indirect method - Net income $20,000. Compute the cash flow from operating activities

Determine the amount to be reported as the cost of the land : Determine the amount to be reported as the cost of the land. On March 1, 2020, Concord Corporation acquired real estate on which it planned

How far will the handle be from the ground at point : A crank, attached to a rope and bucket inside a well, is unwound so that the bucket is at the bottom of the well. The crank's handle is at its farthest point

Provide a general ledger overview for each : Provide a General Ledger Overview for each. Find the Backflushed amount for each. Sillicon Valley Corporation (SVC), which produces keyboards

Compute the taxable net income and income tax : Dividend income of husband from a non-resident foreign corporation 30,500. Compute the taxable net income and income tax still due after tax

What does pomeranz say about the factors : What does Pomeranz say about the factors that Landes identifies as the crucial features of European society that permitted it to have an industrial revolution?

What the cost per equivalent unit under weighted average : What the cost per equivalent unit (rounded to nearest centavo) under weighted average? Units - 500 (with all materials added and 50% of labor and overhead)

What is Brian gross pay for the week : Brian worked 7 hours of overtime on a job for which the customer required the work to be completed on the same day. What is Brian gross pay for the week

User Account

All Pages