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    Summative Quiz 1 Part 2

    Uploaded by

    Cristle Jane Alicando
    The document provides instructions and problems for a summative test on cost accounting. Problem 1 asks to prepare a cost of goods sold statement for a manufacturing company for 2020 using beginning and ending inventory amounts as well as expenses incurred. Problem 2 asks to calculate materials purchased and gross profit for another company using various inventory, expense and sales amounts. Problem 3 asks to calculate raw materials used for a company given beginning inventory, purchases and ending inventory amounts. Problem 4 provides inventory and expense information for a company and asks to calculate total manufacturing costs, prime costs, conversion costs, cost of goods manufactured and cost of goods sold.

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    Summative Quiz 1 Part 2

    Uploaded by

    Cristle Jane Alicando
    22 views2 pages
    The document provides instructions and problems for a summative test on cost accounting. Problem 1 asks to prepare a cost of goods sold statement for a manufacturing company for 2020 using beginning and ending inventory amounts as well as expenses incurred. Problem 2 asks to calculate materials purchased and gross profit for another company using various inventory, expense and sales amounts. Problem 3 asks to calculate raw materials used for a company given beginning inventory, purchases and ending inventory amounts. Problem 4 provides inventory and expense information for a company and asks to calculate total manufacturing costs, prime costs, conversion costs, cost of goods manufactured and cost of goods sold.

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    SUMMATIVE QUIZ 1 PART 2

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    The document provides instructions and problems for a summative test on cost accounting. Problem 1 asks to prepare a cost of goods sold statement for a manufacturing company for 2020 using beginning and ending inventory amounts as well as expenses incurred. Problem 2 asks to calculate materials purchased and gross profit for another company using various inventory, expense and sales amounts. Problem 3 asks to calculate raw materials used for a company given beginning inventory, purchases and ending inventory amounts. Problem 4 provides inventory and expense information for a company and asks to calculate total manufacturing costs, prime costs, conversion costs, cost of goods manufactured and cost of goods sold.

    Copyright:

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

    Summative Quiz 1 Part 2

    Uploaded by

    Cristle Jane Alicando
    The document provides instructions and problems for a summative test on cost accounting. Problem 1 asks to prepare a cost of goods sold statement for a manufacturing company for 2020 using beginning and ending inventory amounts as well as expenses incurred. Problem 2 asks to calculate materials purchased and gross profit for another company using various inventory, expense and sales amounts. Problem 3 asks to calculate raw materials used for a company given beginning inventory, purchases and ending inventory amounts. Problem 4 provides inventory and expense information for a company and asks to calculate total manufacturing costs, prime costs, conversion costs, cost of goods manufactured and cost of goods sold.

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    © All Rights Reserved
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    Summative Test (Part 2)

    Instructions:
     Provide the requirements for the following problems.
     Write your answer on a clean paper.
     Write your name, date, and signature on every page of your paper.
     Take a picture and convert it into a PDF File.
     Make sure that your paper is in the upright position or it will not be checked.
     Show your solutions in every item.

    Problem 1
    A manufacturing company had inventories at the beginning and end of 2020 as follows:
    Beginning End
    Materials P 44,000 P 60,000
    Work in Process 80,000 96,000
    Finished Goods 50,000 36,000

    During 2020, the following costs and expenses were incurred:


    Raw Materials purchased P 600,000
    Direct Labor cost 240,000
    Indirect labor cost 120,000
    Taxes, utilities, and depreciation of factory building 100,000
    Sales and office salaries 128,000

    Requirement: Prepare the Cost of Goods Sold statement for 2020 (from Materials to Cost of
    Goods Sold). (10 pts)
    Problem 2
    LALISA manufacturing company makes one model of a product known as Brand A. On January
    1, 2020, there was 500 units of finished product which were included in the finished goods
    inventory. Other inventories on January 1 were:
    Work in Process 5,740
    Materials 11,620
    Among the data available for December 31, 2020 were the following:
    Indirect Labor 12,160
    Direct Labor 32,640
    Freight-In 5,570
    Materials Inventory 9,640
    Other factory overhead expenses 31,730
    Work in Process, inventory 7,820
    Sales (15,000) 360,000
    Indirect Materials 21,390
    Total Factory Costs 194,080
    There were 1,500 units of Brand A in the finished goods inventory at December 31, 2020.
    For the year ended December 31, 2020, compute for the following:
    a. The amount if materials purchased (gross): and (10 pts)
    b. The gross profit. (5 pts)

    Problem 3
    Davis Company manufacturers desks. The beginning balance of Raw Material Inventory was P
    4,500; raw material purchases of P 29,600 were made during the month. At month end, P 7,700
    of raw material was on hand. Raw material used during the month was ___________? (5 points)

    Problem 4
    X Company manufactures wood file cabinets. The following information is available for June
    2020 :
    Beginning Ending
    Raw Material Inventory $ 6,000 $7,500

    Work in Process Inventory 17,300 11,700


    Finished Goods Inventory 21,000 16,300

    1. Refer to X Company. Direct labor is $9.60 per hour and overhead for the month was $9,600.
    Compute total manufacturing costs for June, if there were 1,500 direct labor hours and $21,000
    of raw material was purchased. ___________ (5 pts)
    2. Refer to X Company. Direct labor is paid $9.60 per hour and overhead for the month was
    $9,600. What are prime costs and conversion costs, respectively if there were 1,500 direct labor
    hours and $21,000 of raw material was purchased? ____________ (5 pts)
    3. Refer to X Company. Direct labor is paid $9.60 per hour and overhead for the month was
    $9,600. If there were 1,500 direct labor hours and $21,000 of raw material purchased, Cost of
    Goods Manufactured is ___________. (5 pts)
    4. Refer to X Company. Direct labor is paid $9.60 per hour and overhead for the month was
    $9,600. If there were 1,500 direct labor hours and $21,000 of raw material purchased, how much
    is Cost of Goods Sold? ________ (5 pts).

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