cost accounting, Basic Statistics

Assignment Help:
Job Order Gosting
ln an attempt to conceal a thefi of funds, Kaito Kid, controller of Shinichi Products, lnc. placed a
bomb in the company s record vault. The ensuing explosion left only fragments of the
company''s factory ledger, as shown below:
To bring Mr. Kid to justie, the company must reconstruct its activities for June. You have been
assigned to perform the task of reconstruc*ion. After interviewing selected employees and sifting
through chaned fragments, you have determined the following additional irrformation:
a. According to the company''s treasurer, the accounts payable are for purchases of raw
materials only. The company''s balance sheet, dated May 31, shows thatAccounts Payable
had a P20,000 balance at the beginning of June. The companfs bank has provided
photocopies of all chec*s that cleared the bank during June. These photocopies show that
payments to suppliers during June totaled P119,000. (All materials used during the month
neredird mderiats.)
b. The production superintendent states that mantrfacturing ovefiead cost is applied to jobs on
the basis of direct labor hours. However, he does not rememberthe rate cunently being
used by the company.
c. Cost sheets kept in the produc{ion superintendenfs office shonr that only one job was in
prrcess on June 30, at the time of the explosion. The job had been charged with P6,600 in
materials, and 500 direc''t labor hours at PO per hour had been worked on the job.
d. A log is kept in the finished goods warehouse showing all goods transfend in frorn the
factory. This log shors that the cost of goods transfened into the finished goods warehouse
ftom the fac''tory during June totaled P280,000.
e. The compant''s May 31 balance sheet indicates thatthe finished goods inventory totaled
P36,000 at the @inning of June. f. A chaned piece of the payroll ledger, found after sifting through piles of smoking debris,
indicates that 11,500 direct labor hours were recorded for June. The company''s Personnel
Department has verified that as a result of a union contrac''t, there are no variations in pay
rates among fac{ory employees.

Related Discussions:- cost accounting

Rebate, Refund can be defined as return of a part of a purchase price by a ...

Refund can be defined as return of a part of a purchase price by a seller to a buyer, usually on a purchase of a specified quantity or a value of goods within a specified period.

Time series, what are the importances of time series

what are the importances of time series

Obtain the critical value for a hypothesis test, Obtain the critical value ...

Obtain the critical value (or values) for a hypothesis test for the mean if you conduct: (a) an upper tail "z" test at the 1% level of significance. (b) a two-tailed "z" test

Business tax accounting , 1. Passive losses are fully deductible as long as...

1. Passive losses are fully deductible as long as they do not exceed $50,000 during the year. A) True B) False 2. Wages are considered "active income." A) True B) False 3. A de

Buildings solutions, Buildings solutions Permanent arrangements owned or ...

Buildings solutions Permanent arrangements owned or held by the state. The cost of buildings includes both acquisition costs (historical cost, ancillary costs, and, for proprieta

Find the correlation coefficient, We find the correlation coefficient and p...

We find the correlation coefficient and plot the scatter plot using excel as follows:   Time in Waiting Room      Heart Rate

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd