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Problem Solving Quiz 1

1. The document provides a cost accounting quiz with 10 multiple choice problems calculating manufacturing costs, cost of goods sold, work in process, and conversion costs based on given financial data. 2. It lists accounting terms and financial figures for various expenses like depreciation, wages, materials, rent, and more to be used in solving the problems. 3. Students are asked to calculate totals for costs incurred, goods sold, goods manufactured, beginning and ending inventory amounts, materials used and available based on the data presented.

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Cherry Derramas
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168 views1 page

Problem Solving Quiz 1

1. The document provides a cost accounting quiz with 10 multiple choice problems calculating manufacturing costs, cost of goods sold, work in process, and conversion costs based on given financial data. 2. It lists accounting terms and financial figures for various expenses like depreciation, wages, materials, rent, and more to be used in solving the problems. 3. Students are asked to calculate totals for costs incurred, goods sold, goods manufactured, beginning and ending inventory amounts, materials used and available based on the data presented.

Uploaded by

Cherry Derramas
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Fernandez Colleges

College of Business Administration and Accountancy


First Semester, School Year 2021 - 2022
Cost Accounting and Control
Quiz # 2 – Problem Solving (5 points each)

1. The following cost data were taken from the records of a manufacturing company:

Depreciation on factory equipment P 1,000


Depreciation on sales office 500
Advertising 7,000
Freight - In (shipping) 3,000
Wages of production workers 28,000
Raw materials used 47,000
Sales salaries and commission 10,000
Factory Rent 2,000
Factory Insurance 500
Materials handling 1,500
Administrative salaries 2,000

Based on the above information, compute for the manufacturing costs incurred during the year.

2. Mo Lian Cheng Company has the following data pertaining to the year ended December 31:
Purchases P450,000
Beginning inventory 170,000
Ending inventory 210,000
Freight – in 50,000
Freight – out 75,000

How much is the cost of goods sold?

3. If Beginning work in process is P90, and P100 of direct labor cost, P200, of overhead cost, and P250 of
material costs are incurred during the period, what is the cost of goods manufactured if Ending work in
process is P50?

4. Given that the total of the debits to the manufacturing account (including BWIP) was P740 during the
period and the cost of goods manufactured was P630, what was the cost of incomplete goods (EWIP) at
the end of the period.
Use the information below to answer questions 5 through 8.

Direct materials purchase P50,000


Ending direct materials inventory 35,000
Beginning work in process inventory 90,000
Ending work in process inventory 110,000
Cost of goods manufactured 120,000
Conversion costs 100,000

Compute for the following:


5. Total manufacturing costs
6. Direct materials used
7. vale of the beginning direct materials inventory
8. amount of materials available for production

9. If the ending work in process inventory is P20,000 greater than the beginning work in process
inventory, and if cost of goods sold manufactured is P100,000, what are the total manufacturing costs?

10. If beginning work in process inventory is P30,000, ending work in process inventory is P40,000, cost
of goods manufactured is P100,000 and direct materials used are P25,000. What are the conversion
cost?

Note: Please present your solutions clearly.

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