Find what the company should report cogs of

Assignment Help Cost Accounting
Reference no: EM132746835

Peter Senen Company has over applied overhead of P60,000 for the year. Before disposition of over applied overhead, selected year end balances from Peter Senen Company's accounting records were:

Sales P1,000,000

Cost of Goods Sold 750,000

Direct Material Inventory 50,000

Work in process inventory 180,000

Finished goods inventory 270,000

Problem 1: Under Peter Senen Company's accounting system, over or under applied overhead is allocated to appropriate inventories and COGS based on year end balances. In its year end Income statement, the Company should report COGS of:

a. P714,000

b. P787,500

c. P712,500

d. P730,000

Reference no: EM132746835

Questions Cloud

How do compute the budgeted conversion cost per unit : Compute the budgeted conversion cost per unit. Ethel Company manufactures electric motors for electric fans. The company uses the JIT/Backflush Costing
Was proper procedure used in your opinion : Do you agree with the article's position, approaches, and authors? Why, or why not? Was proper procedure used in your opinion?
How much was the cost of goods sold for jyd company : The cost of goods manufactured for March at JYD Company was P907,000. How much was the Cost of Goods Sold? Decrease in work in process inventory 17,000
Identify as being necessary for a decision : What criteria can you identify as being necessary for a decision to be described as a signal?
Find what the company should report cogs of : Before disposition of over applied overhead, selected year end balances. In its year end Income statement, the Company should report COGS of
How do find what cost per equivalent unit for material : Abnormal loss (discovered at the end of process) 2,500 units. What is the cost per equivalent unit for material using average method?
What gross profit for the year for fundador inc : Fundador Inc. manufactures X product from process, What gross profit for the year if the net revenue from by-product is presented as additional sales revenue is
Challenges online lenders face in competing : How attractive is StreetShares as an investment opportunity? What are its strenghts and weaknesses?
Determinants of interest rates : 1. How credit default swaps issues have contributed to the mortgage crisis? Who were the buyers of CDSs?

Reviews

Write a Review

Cost Accounting Questions & Answers

  Discuss the advantages of participative budgeting

For each of the deficiencies outlined in question 3 recommend how each identified deficiency can be corrected. Discuss the advantages of participative budgeting

  Prepare direct method statement of cash flows

Prepare the company's statement of cash flows for the year ended December 31, 2012. Format operating activities by the direct method - Prepare the direct method statement of cash flows

  Find what will be the expected unit time for the sixteenth

This aircraft required 26,000 hours. Condor just received a contract to make fifteen identical aircraft. What will be the expected unit time for the sixteenth

  Calculate the total cost for each category of pizza

Calculate the  total cost for each category of Pizza, Cost with freight, cost with duties. I've included an example in Pan Signature 14" of how I would like it to be laid out.

  Prepare a value chain analysis for pizza gourmet

ACT502 Management Accounting - Prepare a value chain analysis for Pizza Gourmet and categorise each activity according to Porter's value chain.

  Evaluate the total of each production cost

Evaluate the total of each production cost incurred for April (direct materials, direct labor, and applied overhead), and the total cost related to each job (including the balances from 31 st March).

  What bid should you present to your boss

Calculate the total bid if you base your calculations on the standard cost sheet assuming a cost plus 15% government contract and calculate the total bid if you base your calculations on the September 15, 2005, invoice assuming a cost plus 15% gover..

  Calculate the total profit for the company

Calculate the total profit for this company as well as the profit per each toy sold. What is the breakeven sales in $? What is the breakeven sale in units?

  Evaluate the relevant costs of old machine and new machine

Evaluate the relevant costs of the old machine and the new machine.

  How to compute roi using net book value and gross book

How to Compute ROI, using net book value and gross book value for each year. (Enter your answers as a percentage rounded to 1 decimal place)

  Calculate essential changes required to improve performance

Calculations, any essential changes (both financial and on- financial) required to improve the performance evaluation system of the company.

  Determine total amount of a delivery service product cost

Determine the total amount of a delivery service product costs and (b) period costs.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd