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    Cost Accounting

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    RAMIREZ, KRISHA R.
    The document provides details on a cost accounting exam including multiple choice questions and word problems calculating raw materials used, direct and indirect costs, cost of goods manufactured and sold, selling price, administrative and marketing costs, sales, cost of sales, gross profit, and net income.

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    Cost Accounting

    Uploaded by

    RAMIREZ, KRISHA R.
    7 views3 pages
    The document provides details on a cost accounting exam including multiple choice questions and word problems calculating raw materials used, direct and indirect costs, cost of goods manufactured and sold, selling price, administrative and marketing costs, sales, cost of sales, gross profit, and net income.

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    COST ACCOUNTING

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    The document provides details on a cost accounting exam including multiple choice questions and word problems calculating raw materials used, direct and indirect costs, cost of goods manufactured and sold, selling price, administrative and marketing costs, sales, cost of sales, gross profit, and net income.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    7 views3 pages

    Cost Accounting

    Uploaded by

    RAMIREZ, KRISHA R.
    The document provides details on a cost accounting exam including multiple choice questions and word problems calculating raw materials used, direct and indirect costs, cost of goods manufactured and sold, selling price, administrative and marketing costs, sales, cost of sales, gross profit, and net income.

    Copyright:

    © All Rights Reserved
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    Bicol College

    Daraga, Albay

    PRELIMS EXAM – Cost Accounting 1

    Krishia R. Ramirez
    BSA 1-X

    I.
    1. MOH
    2. MOH
    3. DM
    4. DL
    5. MOH
    6. DM
    7. DL
    8. DM
    9. DL
    10. DL
    11. MOH
    12. MOH
    13. DL
    14. MOH
    15. DM

    II.
    Determine the following:
    1) Raw materials used:
    Raw materials inventory, Jan. 1 P 50,000
    Purchases 280,000
    Raw materials available 330,000
    Raw material used 180,000
    Raw materials inventory, Jan. 31 P150.000

    2) Raw materials issued P 180,000


    Less: indirect materials, 10% 18,000
    Direct material used P 162,000

    3) Direct labor P 120,000


    Direct materials 102,000
    Total prime cost P 282,000
    4) Overhead charged to job:
    Indirect materials P 18,000
    Indirect labor 25,000
    Electricity 11,000
    Rent 5,000
    Taxes and permit 2,500
    Depreciation 7,500
    Insurance 5,000
    Total off charged to the job P 74,000

    5) Direct material used P 162,000


    Direct labor 120,000
    Overhead 74,000
    Total manufacturing cost 356,000
    Add: work in process, Jan. 1 150,000
    Total cost put into process 506,000
    Less: work in process, Jan. 31 75,000
    Cost of goods manufactured 431,000

    6) Finished goods, Jan. 1 P 120,000


    Add: goods manufactured 431,000
    Total goods available for sale 551,000
    Less: finished goods, Jan, 31 90,000
    Cost of goods sold P 461000

    7) Cost of goods sold P 461,000


    Multiply by 140%
    Selling price P 643,400

    8) Administrative and marketing costs Administrative Marketing

    Electricity P 6,600 P 4,400


    Rent 3,000 2,000
    Taxes 1,500 1,000
    Depreciation 7,500
    Insurance 3,000 2,000
    Salaries 80,000 40,000
    Total P 101,600 P 49,400

    9) Sales P 645,000
    Cost of sales 461,000
    Gross profit P 184,400
    Less: Administrative expenses P 101,600
    Marketing cost 49,400 151,000
    Net income P 33,400

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