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    Chapter 2-PROBLEMS: Wilson Company

    Uploaded by

    Jenny Bernardino
    The document provides information about various companies and their inventory balances, costs of goods sold, manufacturing costs, and other financial details for the purpose of solving multiple choice problems. It includes data about Wilson Company's raw materials used, manufacturing costs, inventories, and cost of goods sold for the year. It also provides inventory balances for Brandt Company in June 2001 and financial details to calculate its manufacturing costs and cost of goods sold for that month. Finally, it gives inventory balances and additional financial information for Sharp Enterprises in March to solve problems related to its prime costs, conversion costs, and cost of goods manufactured.

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    © All Rights Reserved
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    Chapter 2-PROBLEMS: Wilson Company

    Uploaded by

    Jenny Bernardino
    498 views3 pages
    The document provides information about various companies and their inventory balances, costs of goods sold, manufacturing costs, and other financial details for the purpose of solving multiple choice problems. It includes data about Wilson Company's raw materials used, manufacturing costs, inventories, and cost of goods sold for the year. It also provides inventory balances for Brandt Company in June 2001 and financial details to calculate its manufacturing costs and cost of goods sold for that month. Finally, it gives inventory balances and additional financial information for Sharp Enterprises in March to solve problems related to its prime costs, conversion costs, and cost of goods manufactured.

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    QUIZ#2

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    The document provides information about various companies and their inventory balances, costs of goods sold, manufacturing costs, and other financial details for the purpose of solving multiple choice problems. It includes data about Wilson Company's raw materials used, manufacturing costs, inventories, and cost of goods sold for the year. It also provides inventory balances for Brandt Company in June 2001 and financial details to calculate its manufacturing costs and cost of goods sold for that month. Finally, it gives inventory balances and additional financial information for Sharp Enterprises in March to solve problems related to its prime costs, conversion costs, and cost of goods manufactured.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    498 views3 pages

    Chapter 2-PROBLEMS: Wilson Company

    Uploaded by

    Jenny Bernardino
    The document provides information about various companies and their inventory balances, costs of goods sold, manufacturing costs, and other financial details for the purpose of solving multiple choice problems. It includes data about Wilson Company's raw materials used, manufacturing costs, inventories, and cost of goods sold for the year. It also provides inventory balances for Brandt Company in June 2001 and financial details to calculate its manufacturing costs and cost of goods sold for that month. Finally, it gives inventory balances and additional financial information for Sharp Enterprises in March to solve problems related to its prime costs, conversion costs, and cost of goods manufactured.

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    © All Rights Reserved
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    Chapter 2-PROBLEMS

    Wilson Company

    The following information has been taken from the cost records of Wilson Company for the past year:

    Raw material used in production P326


    Total manufacturing costs charged to production during the year (includes direct 686
    material, direct labor, and overhead equal to 60% of direct labor cost)
    Cost of goods available for sale 826
    Selling and Administrative expenses 25

    Inventories Beginning Ending


    Raw Material P75 P 85
    Work in Process 80 30
    Finished Goods 90 110

    1. Refer to Wilson Company. The cost of raw material purchased during the year was
    a. P316.
    b. P336.
    c. P360.
    d. P411.

    2. Refer to Wilson Company. Direct labor cost charged to production during the year was
    a. P135.
    b. P216.
    c. P225.
    d. P360.
    3. Refer to Wilson Company. Cost of Goods Manufactured was
    a. P636.
    b. P716.
    c. P736.
    d. P766.

    4.Refer to Wilson Company. Cost of Goods Sold was


    a. P691.
    b. P716.
    c. P736.
    d. P801.

    Brandt Company.

    Brandt Company manufactures wood file cabinets. The following information is available for June
    2001:

    Beginning Ending
    Raw Material Inventory P 6,000 P 7,500
    Work in Process Inventory 17,300 11,700
    Finished Goods Inventory 21,000 16,300

    16
    5.Refer to Brandt Company. Direct labor is P9.60 per hour and overhead for the month was P9,600. Compute
    total manufacturing costs for June, if there were 1,500 direct labor hours and P21,000 of raw material
    was purchased.
    a. P58,500
    b. P46,500
    c. P43,500
    d. P43,100
    6.Refer to Brandt Company. Direct labor is paid P9.60 per hour and overhead for the month was P9,600.
    What are prime costs and conversion costs, respectively if there were 1,500 direct labor hours and
    P21,000 of raw material was purchased?
    a. P29,100 and P33,900
    b. P33,900 and P24,000
    c. P33,900 and P29,100
    d. P24,000 and P33,900

    7.Refer to Brandt Company. Direct labor is paid P9.60 per hour and overhead for the month was P9,600. If
    there were 1,500 direct labor hours and P21,000 of raw material purchased, Cost of Goods
    Manufactured is:
    a. P49,100.
    b. P45,000.
    c. P51,000.
    d. P49,500.
    8.Refer to Brandt Company. Direct labor is paid P9.60 per hour and overhead for the month was P9,600. If
    there were 1,500 direct labor hours and P21,000 of raw material purchased, how much is Cost of
    Goods Sold?
    a. P64,500.
    b. P59,800.
    c. P38,800.
    d. P53,800.

    9.Davis Company manufacturers desks. The beginning balance of Raw Material Inventory was P4,500; raw
    material purchases of P29,600 were made during the month. At month end, P7,700 of raw material
    was on hand. Raw material used during the month was
    a. P26,400.
    b. P34,100.
    c. P37,300.
    d. P29,600.

    10.Urban Company manufacturers tables. If raw material used was P80,000 and Raw Material Inventory at
    the beginning and end of the period, respectively, was P17,000 and P21,000, what was amount of raw
    material was purchased?
    a. P76,000
    b. P118,000
    c. P84,000
    d. P101,000

    11.Putnam Company manufacturers computer stands. What is the beginning balance of Finished Goods
    Inventory if Cost of Goods Sold is P107,000; the ending balance of Finished Goods Inventory is
    P20,000; and Cost of Goods Manufactured is P50,000 less than Cost of Goods Sold?
    a. P70,000

    17
    b. P77,000
    c. P157,000
    d. P127,000

    Sharp Enterprises

    Inventories: March 1 March 31


    Raw material P18,000 P15,000
    Work in process 9,000 6,000
    Finished goods 27,000 36,000

    Additional information for March:


    Raw material purchased P42,000
    Direct labor payroll 30,000
    Direct labor rate per hour 7.50
    Overhead rate per direct labor hour 10.00

    12 Refer to Sharp Enterprises. For March, prime cost incurred was


    a. P75,000.
    b. P69,000.
    c. P45,000.
    d. P39,000.

    13.Refer to Sharp Enterprises. For March, conversion cost incurred was


    a. P30,000.
    b. P40,000.
    c. P70,000.
    d. P72,000.

    14.Refer to Sharp Enterprises. For March, Cost of Goods Manufactured was


    a. P118,000.
    b. P115,000.
    c. P112,000.
    d. P109,000.

    18

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