help answer Information from Pascua Company for the year ended December 31, 2020:Units sold60,00070,000Finished goods invty., Beginning 10,000Operating expenses:VariableP98,000140,000Units producedNet SalesP1,400,000Cost of goods manufactured:VariableP630,000Fixed315,000Fixed3. Under full costing method, what would be the company's value of finished goodsending inventory, 12.31.202.4. Under direct costing method, what would be the company's operating income?

Cost Accounting - "A systematic set of methods for recording and reporting measures of the cost of…

Information from Pascua Company for the year ended December 31, 2020: Units sold 60,000 Units produced 70,000 Net Sales Finished goods invty., Beginning 10,000 Operating expenses: Variable P98,000 140,000 P1,400,000 Cost of goods manufactured: Variable P630,000 Fixed 315,000 Fixed 3. Under full costing method, what would be the company's value of finished goods ending inventory, 12.31.202. 4. Under direct costing method, what would be the company's operating income?

Information from Pascua Company for the year ended December 31, 2020: Units sold 60,000 Units produced 70,000 Net Sales Finished goods invty., Beginning 10,000 Operating expenses: Variable P98,000 140,000 P1,400,000 Cost of goods manufactured: Variable P630,000 Fixed 315,000 Fixed 3. Under full costing method, what would be the company's value of finished goods ending inventory, 12.31.202. 4. Under direct costing method, what would be the company's operating income?

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter3: Cost Behavior And Cost Forecasting

Section: Chapter Questions

Problem 21BEA: Inventory Valuation under Absorption Costing Refer to the data for Judson Company above. Required:...

See similar textbooks

Similar questions

What are the total costs to account for if a companys beginning inventory had $231,432 in materials, $186,450 in conversion costs, and added direct material costs ($4,231,392), direct labor ($2,313,392), and manufacturing overhead ($1,156,696)?
Inventory Valuation under Absorption Costing Refer to the data for Judson Company above. Required: 1. How many units are in ending inventory? 2. Using absorption costing, calculate the per-unit product cost. 3. What is the value of ending inventory under absorption costing? Use the following information for Brief Exercises 3-21 and 3-22: During the most recent year, Judson Company had the following data associated with the product it makes:
3. The following information is taking from Wei Min Enterprise for the year ended 31 December 2020: Particulars RM Inventory at 1 January 2020: Raw materials Work in progress Finished goods Purchases : raw materials Carriage on raw materials Direct labour 25,400 31,100 23,260 91,535 1,960 84,208 33,419 5,200 4,420 Office salaries Rent | Office lighting and heating Depreciation: Works machinery Office equipment Sales Factory fuel and power 10,200 2,300 318,622 8,120
In using average method, Cruz Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers. For November 2021, Cruz Company presented the following costs on three processes: what is the unit cost of inventory transferred out from Department C? P19.80 P19.83 P28.70 P28.77
Based on the following information, prepare a Schedule of Cost of Goods Manufactured and a multi-step Income Statement for Junaluska Company for the year ended December 31, 2020 Beginning Work-in-Process Inventory, Jan. 1 $60,000 Ending Work-in-Process Inventory, Dec. 31 40,000 Beginning Finished Goods Inventory, Jan. 1 50,000 Ending Finished Goods Inventory, Dec. 31 20,000 Net Sales Revenue 1,800,000 Selling and Administrative Expenses 500,000 Direct Labor 300,000 Manufacturing Overhead; actual and allocated 400,000 Direct Materials Used 200,000 Income Tax Expense 70,000
A company reports the following information for the current year: Units Produced (25,000)< Units Sold (15,000), DM ($9 per unit), DL ($11 per unit), VOH (total $75,000) and FOH (total $137,500). Compute the cost of finished goods in inventory under absorption costing a. $427,500 O b. $285,000 O c. $230,000 O d. $712,500
Prepare the Income statement of Cambridge Manufacturers for the year ended 31 March 2021 Using the absorption costing method. INFORMATIONThe following information was extracted from the accounting records of Cambridge Manufacturers for the year ended 31 March 2021: Inventory on 01 April 2020 1 000 unitsProduction for the year 30 000 unitsSales for the year (at R240 per unit) 25 000 unitsCosts:Direct materials cost per unit R60Direct labour cost per unit R36Variable manufacturing overheads cost per unit R24Variable selling and administrative costs per unit sold R12Fixed manufacturing overhead cost R696 000Fixed selling and administrative cost R303 200 Additional information¦ The total manufacturing costs per unit for the year ended 31 March 2020 amounted to R130, comprising R110for variable manufacturing costs and R20 for fixed manufacturing costs. The total selling and administrativecosts per unit for the same period amounted to R10.¦ The first-in-first out method of inventory…
Prepare the Income Statement for the year ended 31 December 2022 using the Marginal costing and Absorption costing methods. Opening inventory Nil Number of units manufactured 5 000 Number of units sold 4 500 Selling price per unit R200 Direct material cost per unit R14 Direct labour cost per unit R23 Variable manufacturing overheads cost per unit R12 Variable selling and administrative cost per unit sold R3 Fixed manufacturing overhead cost R200 000 Fixed selling and administrative costs R400 000
A. Baniston Company reported the follewing yoar-ond infomation: beginning work in proces inventary, S80,000, cost of goods manufactured, S750.000, begining finished ods inventory, $50,000, nding work in proces inventory. S70000, and ending Iimished gods inventory, 54.000. How moch is Edmiston's cost of goods sold for the year? A) 5770,000 B) $740,000 O $750,000 D) S760,000
Prepare the Income statement of Cambridge Manufacturers for the year ended 31 March 2021using the absorption costing method. INFORMATIONThe following information was extracted from the accounting records of Cambridge Manufacturers for the year ended31 March 2021:Inventory on 01 April 2020 1 000 unitsProduction for the year 30 000 unitsSales for the year (at R240 per unit) 25 000 unitsCosts:Direct materials cost per unit R60Direct labour cost per unit R36Variable manufacturing overheads cost per unit R24Variable selling and administrative costs per unit sold R12Fixed manufacturing overhead cost R696 000Fixed selling and administrative cost R303 200 Additional information¦ The total manufacturing costs per unit for the year ended 31 March 2020 amounted to R130, comprising R110for variable manufacturing costs and R20 for fixed manufacturing costs. The total selling and administrativecosts per unit for the same period amounted to R10.¦ The first-in-first out method of inventory valuation…
Prepare the Income statement of Cambridge Manufacturers for the year ended 31 March 2021 using the absorption costing method, INFORMATION The following information was extracted from the accounting records of Cambridge Manufacturers for the year ended 31 March 2021: Inventory on 01 April 2020 1 000 units Production for the year 30 000 units Sales for the year (at R240 per unit) 25 000 units Costs: Direct materials cost per unit R60 Direct labour cost per unit R36 Variable manufacturing overheads cost per unit R24 Variable selling and administrative costs per unit sold R12 Fixed manufacturing overhead cost R696 000 Fixed selling and administrative cost R303 200 Additional information The total manufacturing costs per unit for the year ended 31 March 2020 amounted to R130, comprising R110 for variable manufacturing costs and R20 for fixed manufacturing costs. The total selling and administrative costs per unit for the same period amounted to R10, The firs-in-first out method of inventory…
4.The following were taken from accounting records of Bella Company in December 2020.Prime cost, P301,000Gross profit rate on sales, 20%Cost of goods available for sale, P460,000Direct materials purchased, P170,000Work in process, December 1, 2020, P34,000Direct Materials, December 1, 2020, P16,000Finished goods, December 1, 2020, P30,000Factory overhead, 40% of conversion cost.Sales, P500,000Direct labor, P180,000Compute for December 31, 2020: (1) Direct materials inventory; (2) Work in process inventory; (3) Finished goodsinventory: A.(1) P6,000 ; (2) P25,400 ; (3) P30,000B. (1) P49,000 ; (2) P25,000 ; (3) P30,000C. (1) P65,000 ; (2) P25,400 ; (3) P60,000D. (1) P65,000 ; (2) P25,000 ; (3) P60,000