Reference no: EM132855093

Questions -

Q1. ABS Company has the following payroll information for the month of September 2020: Factory Workers' Wages P300,000; Factory Supervisor's Salaries P100,000; Factory Utility Worker's Salaries P50,000; Sales Personnel's Salaries P150,000; Administrative Personnel's Salaries P100,000; Total P700,000. What is the most likely journal entry to record the actual factory overhead for the month of September 2020?

Q2. INCO Inc. began business in October 2020. The firm makes an exercise machine for home and gym use. October 5, 2020, INCO purchased raw materials on account amounting to P250,000 and issued P200,000 to production on October 10, 2020. Direct labor for the month of October amounted to P100,000. What is the journal entry to record the direct labor for the month of October?

Q3. Production data of Land of Dawn Company for the month of August 2020 is as follows: Direct Materials Used 250,000; Direct Labor (1,000 hrs at P50 per hr) 50,000; Applied Factory Overhead 75,000; Total Production Cost 375,000. The following is the production data for September 2020: Raw Materials Used P300,000; Direct Labor 1,200 hours; Factory Supervisor's Salary P80,000; Factory Equipment Depreciation P20,000; Sales Personnel Salary P50,000. How much is the overhead variance for the month of September 2020?

Q4. ZOO Company has a Singapore plant that manufactures MP3 players. One component is an XT chip. Expected demand is for 5,200 of these chips in March 2011. ZOO estimates the ordering cost per purchase order to be P250. The monthly carrying cost for one unit of XT in stock is P5. The number of orders for the year for XT Chip is?

Q5. Zeus Company expects a daily usage of Vibranium of 100 lbs per day. Their desired safety stock is 1,000 lbs and it takes five days to receive orders. What is the reorder point of Zeus Company?