Reference no: EM132968599
Questions -
Q1) Gangnam Company manufacturers computer stands. What is the beginning balance of Finished Goods Inventory if Cost of Goods Sold is P107,000; the ending balance of Finished Goods Inventory is P20,000; and Cost of Goods Manufactured is P50,000 less than Cost of Goods Sold?
a. P70,000
b. P77,000
c. P157,000
d. P127,000
Q2) A customer brings a rush order of 6,000 units of Product Q. Marlene Company agrees to produce these units for the customer on Saturday, for shipment on Monday. Sixty-five (65) of the direct laborers who earn P80 per hour worked eight hours on Saturday to complete the order. Marlene Company's regular working days are Monday to Friday. The company's policy on overtime is time and a half. Materials costing P8 per unit was used on the order. The factory overhead application rate is P30 per direct labor hour. How much is the OT premium charged to direct labor?
a. P62,400
b. P41,600
c. P20,800
d. P104,000
Q3) The following cost data were taken from the records of BMK manufacturing company:
Depreciation on factory equipment: 1,000
Depreciation on sales office: 500
Advertising: 7,000
Freight-out: 3,000
Wages of production workers: 28,000
Raw materials used: 47,000
Sales salaries and commissions: 10,000
Factory rent: 2,000
Factory insurance: 500
Materials handling costs: 1,500
Administrative salaries: 2,000
Based upon this information, the manufacturing cost incurred during the year was:
a. 83,000
b. 80,000
c. 80,500
d. 18,500
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