cost accounting, Basic Statistics

Job Order Gosting
ln an attempt to conceal a thefi of funds, Kaito Kid, controller of Shinichi Products, lnc. placed a
bomb in the company s record vault. The ensuing explosion left only fragments of the
company''s factory ledger, as shown below:
To bring Mr. Kid to justie, the company must reconstruct its activities for June. You have been
assigned to perform the task of reconstruc*ion. After interviewing selected employees and sifting
through chaned fragments, you have determined the following additional irrformation:
a. According to the company''s treasurer, the accounts payable are for purchases of raw
materials only. The company''s balance sheet, dated May 31, shows thatAccounts Payable
had a P20,000 balance at the beginning of June. The companfs bank has provided
photocopies of all chec*s that cleared the bank during June. These photocopies show that
payments to suppliers during June totaled P119,000. (All materials used during the month
neredird mderiats.)
b. The production superintendent states that mantrfacturing ovefiead cost is applied to jobs on
the basis of direct labor hours. However, he does not rememberthe rate cunently being
used by the company.
c. Cost sheets kept in the produc{ion superintendenfs office shonr that only one job was in
prrcess on June 30, at the time of the explosion. The job had been charged with P6,600 in
materials, and 500 direc''t labor hours at PO per hour had been worked on the job.
d. A log is kept in the finished goods warehouse showing all goods transfend in frorn the
factory. This log shors that the cost of goods transfened into the finished goods warehouse
ftom the fac''tory during June totaled P280,000.
e. The compant''s May 31 balance sheet indicates thatthe finished goods inventory totaled
P36,000 at the @inning of June. f. A chaned piece of the payroll ledger, found after sifting through piles of smoking debris,
indicates that 11,500 direct labor hours were recorded for June. The company''s Personnel
Department has verified that as a result of a union contrac''t, there are no variations in pay
rates among fac{ory employees.
Posted Date: 4/3/2012 4:08:34 AM | Location : United States







Related Discussions:- cost accounting, Assignment Help, Ask Question on cost accounting, Get Answer, Expert's Help, cost accounting Discussions

Write discussion on cost accounting
Your posts are moderated
Related Questions
Explain Bond discount The excess of the countenance worth of a bond over the price for which it is acquire or sold resulting from a disparity between the marketplace rate of inter


1. It is often a good idea to start by visualizing the data. Time series data should have "time" on the horizontal axis. What are you going to have on the vertical axis? If you use

A box contains 20 fuses of which 5 are defective If 2 fuses are chosen together at random what is the probability that both the fuses are defective?ion..

It is known that the average height of a man residing in the Canada is 174 cm and the standard deviation is 8 cm. Assume the heights are normally distributed. To test the hypothesi

1) A certain brand of batteries has a lifetime that has a normal distribution with a mean of 3,800 hours and a standard deviation of 390 hours. b) What lifetime should the manufac

In reguards to the airlines indusry, provide a minimum of 300 words for each statement. plus atleast 3 academic resources. 1. hypothesis the basic short-run and long-run behavio

A testing organization is evaluating the effectiveness of sinus relief tablets, Relief and SineOut.  As part of the analysis the organization collects 44 sinus sufferers and random

Bob Smith recently completed his MBA and accepted a job with a computer company. To ensure that his retirement is comfortable, he intends to invest $3,000 of his salary into a tax

state the condition followed by dimple truss.