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    Ibzlz5x7r - Cost Accounting Midterm

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    Lyra Mae De Boton
    The document contains information about three different companies - The Banshee Company, Wyvern Company, and Caides Company. For each company, beginning and ending inventory amounts are provided for raw materials, work in process, and finished goods. Additionally, costs incurred during the year such as raw materials purchased, direct labor costs, factory overhead, and other expenses are listed. Students are asked to compute the cost of goods sold for each company using the inventory and cost information provided and prepare a cost of goods sold statement.

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    Ibzlz5x7r - Cost Accounting Midterm

    Uploaded by

    Lyra Mae De Boton
    81 views2 pages
    The document contains information about three different companies - The Banshee Company, Wyvern Company, and Caides Company. For each company, beginning and ending inventory amounts are provided for raw materials, work in process, and finished goods. Additionally, costs incurred during the year such as raw materials purchased, direct labor costs, factory overhead, and other expenses are listed. Students are asked to compute the cost of goods sold for each company using the inventory and cost information provided and prepare a cost of goods sold statement.

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    _ibzlz5x7r_Cost Accounting Midterm (1)

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    The document contains information about three different companies - The Banshee Company, Wyvern Company, and Caides Company. For each company, beginning and ending inventory amounts are provided for raw materials, work in process, and finished goods. Additionally, costs incurred during the year such as raw materials purchased, direct labor costs, factory overhead, and other expenses are listed. Students are asked to compute the cost of goods sold for each company using the inventory and cost information provided and prepare a cost of goods sold statement.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    81 views2 pages

    Ibzlz5x7r - Cost Accounting Midterm

    Uploaded by

    Lyra Mae De Boton
    The document contains information about three different companies - The Banshee Company, Wyvern Company, and Caides Company. For each company, beginning and ending inventory amounts are provided for raw materials, work in process, and finished goods. Additionally, costs incurred during the year such as raw materials purchased, direct labor costs, factory overhead, and other expenses are listed. Students are asked to compute the cost of goods sold for each company using the inventory and cost information provided and prepare a cost of goods sold statement.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    Interworld Colleges Foundation Inc.

    Burgos St, Paniqui,Tarlac

    COLLEGE OF BUSINESS AND ACCOUNTANCY


    Cost Accounting and Cost Management

    NAME: Date:
    Professor: Section: Score:

    1.

    Raw Materials Purchases P280,000


    Direct Labor Cost 120,000
    Indirect labor- factory 75,000
    Factory repairs and maintenance 15,000
    Taxes on factory building 20,000
    Depreciation, factory building 18,000
    Taxes on salesroom and general office 12,000
    Depreciation, sales equipment 10,000
    Advertising 30,000
    Sales salaries 45,000
    Office salaries 28,000
    Utilities (60% applicable to factory, 25% to 40,000
    salesroom and 15% to office)

    The Banshee Company incurred costs and expenses during the year. A table is shown above.

    Beginning Ending
    Inventories were:
    Raw Materials P25,000 P30,000
    Work in process 35,000 42,000
    Finished Goods 18,000 22,000

    Required: Compute for the Cost of Goods Sold for the year. Prepare a Cost of Goods Sold Statement.

    2. Wyvern Company had inventories at the beginning and end of the year 2021:

    1/1/21 12/31/21
    Raw Materials P55,000 P65,000
    Work in process 96,000 80,000
    Finished Goods 50,000 85,000
    Following costs were incurred during 2021:

    Raw Materials purchased P400,000


    Direct labor 220,000
    Factory Overhead 330,000

    Required: Compute for the Cost of Goods Sold for the year. Prepare a Cost of Goods Sold Statement.
    3. Caides Company had the following information during the year.

    1/1/21 12/31/21
    Raw Materials P22,000 P30,000
    Work in process 40,000 48,000
    Finished Goods 25,000 18,000

    During the year, costs and expenses were incurred:

    Raw materials purchased P300,000


    Direct labor cost 120,000
    Indirect factory labor 60,000
    Taxes and depreciation on factory building 20,000
    Taxes and depreciation on salesroom and office 15,000
    Salesmen’s salaries 40,000
    Office salaries 24,000
    Utilities (60% applicable to factory, 20% to 50,000
    salesroom and 20% to office)

    Required: Compute for the Cost of Goods Sold for the year. Prepare a Cost of Goods Sold Statement.

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