This study source was downloaded by 100000848616065 from CourseHero com on 08 17 2022 22 51 16 GMT 05 00 https www coursehero com file 105455981 A3 Activity 1 COST CONCEPTS AND COST BEHAVIORdocx Activity 1 COST CONCEPTS AND COST BEHAVIORPROBLEM SOLVING1 Given the following information for A Corporation prepare the necessary journal entries assuming the Raw Material Inventory contain both direct and indirect materiala Purchased raw material on account P28 500b Put material into production P15 000 f direct material and P3 000 of indirect materialc Accrued payroll of P90 000 of which 70 was direct and the remainder indirect d Incurred and paid other overhead items of P36 000e Transferred items costing P86 500 to finished goodsf Sold goods costing P71 300 on account for P124 7001a Raw Material Inventory28 500Accounts Payable28 500b work in process inventory15 000 Manufacturing Overhead Control3 000 Raw Material Inventory18 000c Work in process inventory 63 000 Manufacturing Overhead Control 27 000 Salaries Wages Payable 90 000d Manufacturing Overhead Control 36 000 Cash 36 000e Finished Goods Inventory 86 500 Work in process inventory 86 500f Cost of Goods sold 71 300 Finished Goods Inventory 71 300 Accounts Receivable 124 700 Sales 124 7002 Using the information below prepare a Shedule of Cost of Goods Manufactured for B Corporation for June 2020 This study source was downloaded by 100000848616065 from CourseHero com on 08 17 2022 22 51 16 GMT 05 00 https www coursehero com file 105455981 A3 Activity 1 COST CONCEPTS AND COST BEHAVIORdocx InventoriesBeginningEndingRaw MaterialP6 700P8 900Work in Process17 70022 650Finished Goods29 73019 990Additional InformationPurchases of raw material wer P46 700 19 700 direct labor hours were worked at P11 30 per hour overhead costs wer P13 3002 Schedule of Cost of Goods ManufacturedWork in Process Inventory Beg P17 700Add Total Manufacturing Cost Raw Material Used Raw Material Inventory Beg P6 700 Add Purchases 46 700 Raw Material available for use 53 400 Less Raw Material Inv End 8 900 P44 500Direct Labor Cost 222 610Factory Overhead 13 300 280 410Total Cost Placed in Process 298 110Less Work in Process End 22 650Cost of Goods Manufactured275 460 3 In June 2020 C Company has cost of goods manufactured of P296 000 beginning Finished Goods Inventory of P29 730 and Ending Finished goods inventory of P19 990 Prepare an Income Statement The following additional information is available Selling ExpensesP40 500Administrative Expenses 19 700Sales475 6003 Income StatementSalesP475 600Less Cost of Goods Sold Cost of Goods Manufactured P296 000 Add Finished Goods Inventory 29 730 Total Goods Available for sale 325 730 Less Finished Goods Inventory End 19 990 305 740Gross Profit 169 860Less Selling Expenses 40 500 Administrative Expenses 19 700 60 200 Net IncomeP109 6604 The following information is for D Corporation for April 2020 This study source was downloaded by 100000848616065 from CourseHero com on 08 17 2022 22 51 16 GMT 05 00 https www coursehero com file 105455981 A3 Activity 1 COST CONCEPTS AND COST BEHAVIORdocx InventoriesBeginningEndingRawMaterialP19 750P15 400Work in Process 35 350 32 200Finished Goods 21 300 27 900Direct Labor 22 000 DL hours at P14 per hourRaw Material PurchasedP155 000Indirect Labor 11 600Factory supplies used 475Depreciation Factory Equipment 18 100Insurance officeP2 750Office supplies expense 1 050Insurance Factory 1 825Depreciation office equipment 3 900Repair and Maintenance Factory 7 800Calculate Total Manufacturing Cost Cost of Goods Manufactured and Cost of Goods Sold4 a Total Manufacturing Cost Raw Material Inventory BeginningP19 750 Add Purchases 155 000 Total174 750 Less RM Inventory End 15 400 Raw Material Used159 350 Direct Labor Cost308 000 Factory Overhead Indirect LaborP11 600 Factory supplies 475 Depreciation Factory equipment 18 100 Insurance Factory 1 825 Repair and Maintenance 7 800 39 800 Total Manufacturing costs P507 150 b Cost of goods Manufactured Work in Process Beg P35 350 Add total Manufacturing Cost answer in a 507 150 Total Cost placed in process 542 500 Less Work in process end 32 200 Cost of Goods Manufactured P510 300 c Cost of Goods Sold Finished Goods BeginningP21 300 Add Cost of Goods Manufactured answer in b 510 300 Total Goods Available for sale531 600 Less Finished Goods Ending 27 900 Cost of Goods sold P503 7005 From the following information of E Corp compute prime cost and conversion cost This study source was downloaded by 100000848616065 from CourseHero com on 08 17 2022 22 51 16 GMT 05 00 https www coursehero com file 105455981 A3 Activity 1 COST CONCEPTS AND COST BEHAVIORdocx InventoriesBeginningEndingRaw MaterialP9 900P7 600Work in Process44 50037 800Finished Goods36 58061 300Raw material purchased during the period cost P40 800 overhead incurredAnd paid or accrued for the period was P21 750 and 23 600 direct labor hours were incurred at a rate of P13 75 per hour5 Prime CostRM Inventory Beg P9 900 Add Purchases40 800Total RM available for use50 700 LESS RM Inventory Ending 7 600 RM used43 100 Add Direct Labor Cost 324 500 Prime Cost P367 600 Conversion Cost Direct Labor Cost P324 500 Add Factory Overhead 21 750 Conversion Cost P346 250 6 The following data has been for F Corporation for the most recent year endedInventoriesBeginningEnding This study source was downloaded by 100000848616065 from CourseHero com on 08 17 2022 22 51 16 GMT 05 00 https www coursehero com file 105455981 A3 Activity 1 COST CONCEPTS AND COST BEHAVIORdocx Raw MaterialP50 000P55 000Workin Process 40 00045 000Finished Goods 60 000 50 000Cost recorded during the year Purchase of raw materialP195 000Direct Labor 150 000Cost of goods sold 595 000Required Prepare statements of Cost of Goods Manufactured and Cost of Goods Soldshowing how all unknown amounts were determined6 Statement of Cost of Goods Manufactured and Sold RM Inventory BeginningP50 000Add Purchases195 000Total RM available for use245 000Less RM Inventory End 55 000RM used190 000Direct Labor Cost150 000Factory Overhead250 000 Total Manufacturing Cost590 000 Add Work in Process Beg 40 000Total Cost Placed in Process630 000Less Work in Process End 45 000Cost of Goods Manufactured585 000Add Finished Goods Inventory Beginning 60 000Total Goods Available for sale645 000Less Finished Goods Inventory End 50 000Cost of Goods Sold Given 595 000 Note Since the Cost of Goods sold is given you just have to work backwards in order to determine the Total