Reference no: EM133066997
Questions -
Q1. The following data are available for JURIS DOCTOR CORP: Purchased raw materials from supplier amounting to P 40,000 on account.; During the month, raw materials costing P 30,000 were issued to production. (P 10,000 pertains to indirect materials and the remaining balance are direct materials); Total Payroll of the company is P 60,000 (Payroll of selling and admin personnel is P 10,000); Applied all the labor cost to production; Incurred other overhead cost (rent and utility cost) of P 15,000; Applied all overhead cost to production at the end of the month; Ending Work in Process is P 1,000; Ending FG inventories; costing P 45,000; Sales on account is P 70,000; Cash sales is P 20,000 and there is no beginning inventories. At the end of the period, 2,000 of direct materials were returned to the company's warehouse. What is the cost of goods sold?
Q2. The following data are available for ABC Corp: In 2019, Purchases of Material A are: On Jan, 5,000 units at 40 per unit; Feb, 12,000 units at 45 per unit; April, of 17,000 units at 50 per unit and on July, of 10,000 units at 60 per unit. In 2020, purchases of material A on Jan 2020 is 10,000 units at 30 per unit and another 10,000 units on May at 40 per unit. Raw materials used in 2019 and 2020 are 39,000 units and 18,000 units, respectively. What is the cost of raw materials used in 2020 using FIFO?
Q3. Data are as follows: Beginning inventory balances for WIP and Finished Goods inventory are P 67,000 and P 54,000, respectively. Ending balances of raw materials, WIP and Finished goods inventory are as follows: P 39,000, P 59,000 and P 48,000, respectively. Raw materials purchases were P 45,000. Factory overhead totaled P 7,500 (this is 75% of total Direct labor cost). Total expenses of the company totaled P 11,500 which is 11.5% of total sales. Net income is 31,000.What is the beginning balance of Raw material inventory?
Q4. A, worked a total of 186 hours for the month of June 2020. His rate per hour is 450 per hour. Overtime premium is 30%. The regular working hours of the company is 8 hours a day. The company's regular working days is from Monday to Friday or 5 days a week. Overtime was due to company's production inefficiency. What is the amount of labor cost charged to Overhead?