Direct Materials Inventory WIP Inventory Finished Goods Inventory Factory Department Overhead Cost of Goods Sold Additional information is as follows: Cost of direct materials purchased during 20X5 Cost of direct materials requisitioned in 20X5 Cost of goods completed during 20X5 Factory overhead applied (120% of direct labor) LB Company has the following balances as of the year ended December 31, 20X5. ₱15,000 Dr. 34,500 Dr. 49,500 4,000Dr. 74,500 Dr. Dr. ₱41,000 47,000 102,000 48,000 Required: Compute beginning direct materials inventory. Compute beginning WIP inventory. Compute beginning finished goods inventory. Compute actual factory overhead incurred.

The following information has been taken from the cost records of RST Company for the past year: Raw material used in production ₱326 Total manufacturing costs charged to production during the year (includes direct material, direct labor, and overhead equal to 60% of direct labor cost) 686 Cost of goods available for sale 826 Selling and Administrative expenses 25 Inventories Beginning Ending Raw Material ₱75 ₱ 85 Work in Process 80 30 Finished Goods 90 110 Required: 1. Raw materials purchased 2. Direct labor 3. Cost of goods available for sale 4. Cost of goods manufactured 5. Cost of goods sold

TUV Manufacturing Corporation has a traditional costing system in which it applies manufacturing overhead to its products using a predetermined overhead rate based on direct labor-hours (DLHs). The company has two products, B40W and C63J, about which it has provided the following data: B40W C63J Direct materials per unit .............. ₱34.90 ₱63.70 Direct labor per unit .................... ₱20.80 ₱62.40 Direct labor-hours per unit .......... 0.80 2.40 Annual production ....................... 35,000 15,000 The company’s estimated total manufacturing overhead for the year is ₱2,656,000 and the company’s estimated total direct labor-hours for the year is 64,000. The company is considering using a variation of activity-based costing to determine its unit product costs for external reports. Data for this proposed activity-based costing system appear below: Activities and Activity Measures Estimated Overhead Cost Assembling products (DLHs) ..................... ₱1,216,000 Preparing batches (batches) ..................... 480,000 Milling (MHs) ............................................ 960,000 Total .......................................................... ₱2,656,000 Activities B40W C63J Total Assembling products.............. 28,000 36,000 64,000 Preparing batches .................. 2,304 2,496 4,800 Milling .................................... 1,088 2,112 3,200 Required: a. Determine the unit product cost of each of the company's two products under the traditional costing system. b. Determine the unit product cost of each of the company's two products under activity-based costing system.

A manufacturing company produces Product P, which has the following cost components per unit:Direct materials: $15Direct labor: $8Direct expenses: $5Variable production overhead: $6Variable selling expense: $7Fixed production overhead: $10Calculate the inventory valuations for Product P according to marginal costing and absorption costing.Question 2Answera.MC: $51 and AC: $44b.MC: $41 and AC: $44c.MC: $34 and AC: $44d.MC: $34 and AC: $51

Overapplied overhead that is material in amount is allocated between Finished Goods Inventory, Work in Process, and Cost of Goods Sold at year end.Group of answer choicesTrueFalse

A materials requisition slip showed that direct materials requested were $30,000 and indirect materials requested were $6,000. The entry to record the transfer of materials from the storeroom is:Question 7Answera.DR Work in process inventory $30,000; DR Manufacturing overhead $6,000; and CR Raw materials inventory $36,000b.DR Work in process inventory $30,000; and CR Raw materials inventory $30,000c.DR Direct materials $30,000; DR Indirect materials $6,000; and CR Work in process inventory $36,000d.DR Manufacturing overhead $36,000; and CR Raw materials inventory $36,000