Reference no: EM133119766
Questions -
Q1. The following standard data are available for ABC Corp to produce one unit of product X:
Direct materials: 3 yards at 5 per yard
Direct labor: 2 hours at 10 per hour
Budgeted Overhead: 700,000 (includes Budgeted VOH of 500,000) at normal capacity of 10,000 DL hours.
The company produced 1,500 units and ending Finished Goods inventory is 100 units. What is the standard cost of goods sold?
Q2. The direct materials are added at the start of the production process while conversion costs are added uniformly throughout the process. June is the first month of operations, and therefore there was no beginning inventory. Direct materials cost for the month totaled P895,000, while conversion costs equaled P4,225,000. Accounting records indicate that 475,000 chips were started in June, and that 425,000 chips were completed.
Ending Inventory was 50% completed as to conversion costs.
What was the total costs assigned to ending work in process?
Q3. Buzz Company uses 40,000 gallons of materials for which they paid P7.00 a gallon. The materials price variance was P80,000 favorable. What is the standard price per gallon?
a. P2.00
b. P5.00
c. P7.00
d. P9.00
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What is the standard cost of goods sold
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