Reference no: EM132794378
Question - MLB Inc. is employing normal costing for its job orders. The overhead is applied using a predetermined overhead rate. The following information relates to the MLB Inc. for the year ended December 31, 2016:
Job No. 101 Job No. 102 Job No. 103
Job in Process, January 1, 2016:
Direct Materials 40,000 30,000 0
Labor 60,000 40,000 0
Factory Overhead 30,000 20,000 0
Costs added during 2016:
Materials 20,000 10,000 100,000
Labor 100,000 200,000 400,000
Factory Overhead ? ? ?
Additional information:
1. Actual overhead for the year 2016 amounted to P350,000.
2. Jobs No. 101 and 102 were completed and transferred to finished goods during year 2016.
3. Job No. 101 was sold during year 2016.
4. The gross profit rate is 20% based on cost.
Required -
1. What is the total manufacturing cost for 2016?
2. What is the cost of goods manufactured for 2016?
3. What is the cost of goods sold for 2016?
4. What is the gross profit for 2016?
5. What are the cost of work in process on December 31, 2016 and the cost of finished goods on December 31, 2016, respectively?
|
Describe some of lukes major themes and concerns
: Discuss the following in an essay format of at least 1,000 words and using at least three scholarly sources: Describe some of Luke's major themes and concerns.
|
|
What is the expected return for 2020
: You see that in 2016, KOCH stock had a return of 12.48%. In 2017, KOCH had a return of 48.48%. In 2018, KOCH had a return of -5.34%.
|
|
Interpret the company degree operating leverage
: The manufacturing and distribution costs per unit of paint is Re 0.20. The company has fixed operating cost of Rs 5,500 and fixed financing cost of Rs 4000.
|
|
Construct an altar to honor a deceased family member
: Research the traditions of Dia de los Muertos to discover some of the traditional crafts, food, and activities associated with the holiday.
|
|
What is the cost of goods manufactured
: Jobs No. 101 and 102 were completed and transferred to finished goods during year 2016. What is the cost of goods manufactured for 2016
|
|
Create a schedule of expected cash collections for the month
: Create a schedule of expected cash collections for the month of December. Experience has shown that 50% percent of the sales of Geraghty Company sales
|
|
What is the slope of the cal
: Given an optimal risky portfolio with expected return 15%, standard deviation 30%, and risk-free rate4%:
|
|
Identify and critically analyse taxation issues
: Identify and critically analyse taxation issues - Interpret the relevant taxation legislations and case law and Apply taxation principles to real life problems
|
|
Weighted average cost of capital-fisheries ltd
: Fisheries Ltd has a target debt to equity ratio of 50%. Currently, its book debt to equity ratio is 70%, which is considered to be a temporary state
|