p2 2b cogm and cogs managerial accounting

Problem 4 The data given are available from the records of Quicksilver Company A Direct materials used Direct labor Manufacturing overhead Total manufacturing costs Work in process, beg Work in process, end Sales Sales discounts Cost of goods manufactured Finished goods, beg Goods available for sale Cost of goods sold Finished goods, end Gross profit Operating expense Net incomeī 41,500 15,000 30,000 (a) 86 500 5,000 (b) 12 500 112,500 7,500 79,000 (j) 7 500 86,500 (k) 80 500 6,000 (e) 24 500 13,500 (m) 18 500ĭetermine the answer to the unknown with your supporting computation a. Compute the prime cost charged to work in process = DMU + DL = 104 000 = 160 000 = 264 000 3. Prepare a schedule of cost of goods manufactured Merton Company Cost of Goods Sold Statement For the month of March Direct Materials Used Direct Materials, beg Purchases Available for use Direct Materials, end Direct Labor Factory Overhead Manufacturing Cost WIP, March 1 Cost of goods put into process WIP, March 31 COGM Finished goods, March 1 Goods available for sale Finished goods, March 31 COGSĢ. Other information pertaining to Merton Company’s inventories and production for March is as follows: Beginning Ending Finished Goods 102,000 105,000 Work in Process 50,000 46,000 Direct Materials 20,000 26,000 Required: 1. Factory overhead was 50% of direct labor cost. Problem 3 Merton Company’s purchases of materials during March totaled P110,000 and the cost of goods sold for March was P345,000. Work in process was P15,000 on July 1 and P25,000 on July 31. Calculate the cost of goods sold = COGM + Finished goods, beg – Finished goods, end = 386 000 + 27 000 – 26 000 = 387 000 Problem 2 For July, Beerton Company had cost of goods manufactured equal to P50,000 direct materials used, P16,000 cost of goods sold, P60,000 direct labor, P24,000 purchases of materials, P25,00 cost of goods available for sale, P70,000.

Calculate the costs of goods manufactured = Direct Materials Used + Direct Labor Used + WIP, beg – WIP, end = 154 000 = 120 000 = 108 000 = 61 500 – 57 500 = 386 000 2.

Inventories were costed as follows:įinished Goods Work in Process Direct Materials Problem 1: Valleydale Company incurred the following costs during the month: Direct Labor, P120,000 Factory Overhead, P108,000 and Direct Materials Purchases, P160,000.

P2 2b cogm and cogs managerial accounting