What are the amounts of the cost elements

Assignment Help Accounting Basics
Reference no: EM132576181

Question - Nirvana Co. employs a normal (nonstandard) absorption cost system. The information below is from the financial records of the company for the year.

Total manufacturing costs were P2,500,000.

Costs of goods of manufactured was P2,425,000.

Applied factory overhead was 30 percent of total manufacturing costs.

Factory overhead was applied to production at a rate of 80% of direct labor cost.

Work-in-process inventory at January 1 was 75% of work-in-process inventory at December 31.

Required - What are the amounts/value of the following cost elements and inventory?

Reference no: EM132576181

Questions Cloud

New health care service an insurance company : What are the advantages of conducting a cost-benefit analysis on a new health care service an insurance company is considering
Process violate any thermodynamic laws : Is there any truth to his claim? Does this process violate any thermodynamic laws?
Describe three qualitative factors : Describe three qualitative factors that would be important for management decision-making. Then, assess each of them in order of importance.
Growth of intermodal transportation in countries : Discuss the impact (negative and positive) that regulation/deregulation has had on the growth and/or continued growth of intermodal
What are the amounts of the cost elements : Nirvana Co. employs a normal (nonstandard) absorption cost system. What are the amounts/value of the following cost elements and inventory
How to you envision using the aacn essential : How do you evision using the concepts learned in your future as a nurse educator practice?
Find what amount should fortsman have reported : Find What amount should Fortsman have reported as interest expense for the year ended December 31, 20X4? For ease of computation
Obligation to protect rights : Do you believe animals have rights and do you believe people have an obligation to protect those rights?
What were the total fixed costs before the increase : The sales volume necessary to breakeven would go up to P975,000. Based on these projections, what were the total fixed costs before the increase of P78,750

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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