Have a question?
Message sent Close

COST101 COST ACCOUNTING Concepts And Classification Saint Xavier University

0
0 reviews
  • Description
  • Full Document
Blur-Preview

Saint Xavier University

COST101 COST ACCOUNTING Concepts And Classification Saint Xavier University

COST ACCOUNTING
2014 EDITION
DE LEON
Chapter 1
TRUE/FALSE
1. TRUE 6. FALSE
2. TRUE 7. TRUE
3. FALSE 8. FALSE
4. TRUE 9. TRUE
5. TRUE 10.TRUE
MULTIPLE CHOICE
1. B 6. D 11. D
2. C 7. A 12. B
3. A 8. A 13. B
4. C 9. B 14. A
5. C 10.D 15. D
Chapter 2 – Costs – Concepts and classification
Problem 1- Ram Corporation
1. Manufacturing overhead
2. Manufacturing overhead
3. Direct materials
4. Direct labor
5. Manufacturing overhead
6. Manufacturing overhead
7. Direct materials
8. Manufacturing overhead
9. Manufacturing overhead
10. Manufacturing overhead
Problem 2
1. Manufacturing 6. Manufacturing
2. Selling 7. Administrative
3. Manufacturing 8. Seling
4. Selling 9. Administrative
5. Administrative 10.Selling
Problem 3-Rocco Product Cost Period Cost
Direct mat. Direct labor Mfg. OH Selling
Adm
1. DM 220,000
2. Factory rent 50,000
3. Direct labor 180,000
4. Factory utilities 8,500
5. Supervision 60,000
6. Depreciation-FE 20,000
7. Sales Commission 57,000
8. Advertising 47,000
9. Depreciation-OE 10,000
10. Salary – pres. 250,000
1. TOTAL PRODUCT CST = 220,000 + 180,000 + 138,500
2. TOTAL PERIOD COST = 57,000 + 307,000
3. COST PER UNIT = 538,500/ 40,000 units
= P 13,4625
Problem 4 – Bug Company
1. Fixed Period 6. Variable Period
2. Fixed Inventoriable 7. Variable Inventoriable
3. Fixed Inventoriable 8. Fixed Inventoriable
4. Variable Inventoriable 9. Fixed Period
5. Fixed Inventoriable 10. Fixed Inventoriable
Problem 5 – Mighty Muffler, Inc.
a. P 50,000
b. P 50,000
c. P 60,000 = P120/muffler x 400 = P 48,000
500
d. P 120 x 800 = P 96,000
e. P 50,000 + P 48,000 = P 98,000
f. P 50,000 + P 96,000 = P 146,000
g. P 50,000/ 400 = P 125
h. P 50,000/500 = P 100
I, P 50,000/800 = P 62.50
j. P 48,000/400 = P 120
k. P 60,000/500 = P 120
l. P 96,000/800 = P 120
m. P 125 + P 120 = P 245
n. P 100 + P 120 = P 220
o. P 62.50 + P 120 = P 182.50
Problem 6 – Marvin Desk
1. DM 8. OH
2. OH 9. OH
3. OH 10. DL
4. OH 11. OH
5. DL 12. OH
6. OH 13, OH
7. OH 14. OH
15. DM
Problem 7 – Mother Goose Company
1. Prime costs – 530,000
2. Conversion cost – 575,000
3 Inventoriable cost – 860,000
4. Total period costs – 305,000
Problem 8 –
a. c – fixed (total amount is constant)
b. a – variable (4,480/3,200 = 1.40; 6,300/4,500 = 1.40 per unit is constant)
c. d – mixed ( 3,950/3,200 = 12.34; 5,250/4,500 = 1.16) total amount and amount per unit
varies in relation to units sold)
Problem 9 – Blanche Corporation
` 1. Direct materials used P 32.00
Direct labor 20.00
Variable manufacturing overhead 15.00
Variable marketing 3.00
Total variable cost per unit 70.00
X No. of units produced and sold 12,000
Total variable costs per month P 840,000
2. Fixed manufacturing overhead P 6.00
Fixed marketing costs 4.00
Total fixed cost per unit 10.00
X No. of units produced and sold 12,000
Total fixed costs per month P 120,000
Problem 10
1. Direct materials P 60.00
Direct labor 30.00
Variable manufacturing overhead 9.00
Total variable manufacturing cost per unit P 99.00
` 2. Total variable manufacturing cost per unit P 99.00
Variable marketing and administrative 6.00
Total variable costs per unit 105.00
3. Total variable manufacturing cost per unit P 99,00
Fixed manufacturing overhead (30,000/1,200) 25.00
Full manufacturing cost per unit 124.00
4. Full manufacturing cost per unit 124.00
Variable marketing and administrative 6.00
Fixed marketing and administrative 20.00
Full cost to make and sell per unit 150.00
Problem 11 – Johnson Corporation
1. Variable cost per machine hour = 35,600 – 20,000
4,000 – 2,000
= 7.80 per machine hour
2. 4,000 hours 2000 hours
Total electricity expense 35,600 20,000
Less: Variable costs
( 4,000 x 7.80) 31,200
( 2000 x 7.80) ______ 15,600
Fixed cost 4,400 4,400
3. Fixed cost 4,400
Variable cost ( 4,500 x 7.50) 35,100
Totl manufacturing costs 39,500
Problem 12 – Valdez Motors Co.
1. Variable cost per machine hour = 5,475 – 3,975
210 – 145
= 23.08 per machine hour
2. 210 hours 145 hours
Total overhead costs 5,475 3,975
Less: Variable costs
( 210 x 23.08) 4,847
( 145 x 23.08) _____ 3,347
Fixed cost 628 628
Problem 13 – Marco Company
Department A Department B
1. Direct materials P 400,000 P 700,000
Direct labor 350,000 600,000
Factory supplies 10,000 24,000
Direct variable costs P 760,000 P 1,324,000
2. Controllable direct fixed costs
Supervisory salaries P 45,000 P 55,000
3. Uncontrollable direct fixed costs:
Depreciation – machinery and
Equipment P 100,000 P 180,000
4. Controllable direct fixed cost P 45,000 P 55,000
Uncontrollable direct fixed cost 100,000 180,000
Total direct fixed cost P 145,000 P 235,000
5. Allocated costs from headquarters P 120,000 P 180,000
Allocated repairs & maintenance 40,000 80,000
Allocated factory rent – bldg. 60,000 140,000
Allocated plant executive’s salaries 140,000 210,000
Total indirect costs P 360,000 P 610,000
6. Allocated costs from headquarters P 120,000 P 180,000
Allocated factory rent – bldg. 60,000 140,000
Allocated plant executive’s salaries 140,000 210,000
Depreciation- mach. & equipment 100,000 180,000
Total unavoidable costs P 420,000 P 710,000
True/False Questions
1. False 6. True 11. False 16. True
2. False 7. False 12. False 17. False
3. True 8. True 13. True 18. True
4. False 9. False 14. False 19. False
5. False 10. True 15. False 20. True
Multiple choice
1. B 11. C 21. A
2. C 12. D 22. C
3. B 13. C 23. A
4. C 14. B 24. C
5. D 15. A 25. D
6. A 16. B 26. B
7. D 17. B 27. A
8. D 18. A 28. B
9. B 19. D 29. C
10. C 20. B 30. B
CHAPTER 3 – COST ACCOUNTING CYCLE
Problem 1
1. A
2. A
3. A, C
4. A
5. A
6. B
7. A
8. A, C
9. A
10. A
11. A
12. C
13. A
14. A
15. C
Problem 2 – Marvin Manufacturing Company
Marvin Manufacturing Company
Cost of Goods Sold Statement
For the year ended December 31, 2014
Direct materials used
Materials, January 1 175,000
Purchases 250,000
Total available for use 425,000
Less> Materials, December 31 125,000 300,000
Direct labor 270,000
Factory overhead 324,000
Total manufacturing costs 894,000
Work in process, January 1 90,000
Cost of goods put into process 984,000
Less: Work in process, December 31 120,000
Cost of goods manufactured 864,000
Finished goods, January 1 100,000
Total goods available for sale 964,000
Less: Finished goods, December 31 80,000
Cost of goods sold 884,000
Problem 3 – Donna Company
Donna Company
Cost of Goods Sold Statement
For the month of May, 2014
Direct materials used
Materials, May 1 124,000
Purchases 107,800
Total available 231,800
Less> Material – May 31 115,000 116,800
Direct labor 160,000
Factory overhead 240,000
Total manufacturing costs 516,800
Work in process, May 1 129,200
Cost of goods put into process 646,000
Less: Work in process, May 31 124,000
Cost of goods manufactured 522,000
Finished goods – May 1 150,000
Total goods available for sale 672,000
Less: Finished goods – May 31 122,000
Cost of goods sold 550,000
Problem 4 – Ram Company
1, Entries
a. Materials 150,000
Accounts payable 150,000
b. Payroll 75,000
Withholding taxes payable 11,200
SSS Premiums payable 2,400
Phil Health contributions payable 375
Pag-ibig funds contributions payable 1,620
Accrued payroll 59,405
Work in process 56,000
Factory overhead control 19,000
Payroll 75,000
c. Materials 20,000
Accounts payable 20,000
d. Factory overhead control 5,595
SSS premiums payable 3,600
Phil Health contributions payable 375
Pag-ibig funds contributions payable 1.620
e. Work in process 120,000
Factory overhead control 10,000
Materials 130,000
f. Accounts payable 2,000
Materials 2,000
g. Accounts payable 148,300
Accrued payroll 59,405
Cash 207.705
h. Factory overhead control 24,900
Miscellaneous accounts 24,900
i. Work in process 67,200
Factory OH Applied (56,000 x 120%) 67,200
j. Finished goods 175.000
Work in process 175,000
k. Accounts receivable 2200,000
Sales 2200,000
Cost of goods sold 140,000
Finished goods 140,000
2. Statement of cost of goods sold
. Direct materials used
Purchases 170,000
Less: Purchase returns 2,000
Total available for use 168,000
Less: Ind. Mat. used 10,000
Mat.- October 31 38,000 48,000 120,000
Direct labor 56,000
Factory overhead 67,200
Total manufacturing costs 243,200
Less: Work in process, October 31 68,200
Cost of goods manufactured 175,000
Less: Finished goods – March 31 35,000
Cost of goods sold, normal 140,000
Less: OA-FO 7,705
Cost of goods sold, actual 132,295
Actual factory overhead (FO Control ) 59,495
Less: Applied factory overhead 67,200
Over applied factory overhead ( 7,705)
Problem 5 – Darvin Company
1. Entries
a. Materials 200,000
Accounts payable 200,000
b. FOControl 35,000
Accounts payable 35,000
c. Payroll 210,000
W/Taxes payable 18,520
SSS Premium payable 8,400
Phil Health contributions payable 1,125
PFC payable 6,300
Accrued payroll 175,655
Work in process 140,000
Factory Overhead control 30,000
Selling expense control 25,000
Adm. expense control 15,000
Payroll 210,000
d. Accrued payroll 175,000
Cash 175,000
e. FO Control 14,200
Selling expense control 2,375
Adm. Expense control 1,350
SSS prem. Payable 10,500
MC payable 1,125
PFC payable 6,300
f. Work in process 185,000
FO Control 35,000
Materials 220,000
g. Work in process 112,000
FO Applied (140,000×80%) 112,000
h. Finished goods 410,000
Work in process 410,000

Preview

COST101 COST ACCOUNTING Concepts And Classification Saint Xavier University

NOTE: Please check the details before purchasing the document.

error: