What prime cost should be reported for october

Assignment Help Accounting Basics

Reference no: EM132859829

Beginning Ending

Direct materials P67,000 P60,000
Work in process 145,000 170,000
Finished goods 85,000 70,000

Production data for the same month are:

Direct labor P220,000
Actual factory overhead 145,200
Direct materials purchased 179,300
Transportation in 4,400
Purchase returns and allowances 2,200

Matrix uses one factory overhead control account and charges factory overhead to production at 70% of direct labor cost. The company does not formally recognize over or underapplied overhead until year-end

Question 1: What prime cost should be reported for October?

a. 408,500
b. 365,000
c. 188,500
d. 181,500

Question 2: What were the total manufacturing costs incurred during October?

a. 553,700
b. 569,500
c. 408,500
d. 562,500

Reference no: EM132859829

Questions Cloud

What is the value today : What is the value today (at t=0) of the superannuation fund's promise given the above assumptions

What amount of cost should be treated to specific products : What amount of cost should be treated to specific products in the production process? Mill Co.'s production costs for October, Direct materials 100,000

What kay cost of goods sold is : There was no work in process inventory at the beginning or end of the year. Kay's cost of goods sold is? Kay Co's accounting records for the year ended December

Impact of social perception in the healthcare setting : Describe the impact of social perception in the healthcare setting.

What prime cost should be reported for october : What were the total manufacturing costs incurred during October? Matrix uses one factory overhead control account and charges factory overhead to production.

Determine whether Tony Hawk should accept the supplier offer : Determine whether Tony Hawk Inc. should accept the supplier's offer to provide 20,000 tackle boxes at $54 per box

Classic pyramid organizational structure : Research the classic pyramid organizational structure, and share a link for the discussion.

Demonstrated operational excellence : Select an organization that has a Global platform (they operate in more than one country), that has demonstrated operational excellence.

What is the amount of direct materials purchase during year : What is the amount of direct materials purchase during the year? Materials used P326,000. Total manufacturing costs charged to production during the year

User Account

All Pages