COBALLES CO. had the following account balances as of March 1, 2022: Raw Material (direct and...

 

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COBALLES CO. had the following account balances as of March 1, 2022: Raw Material (direct and indirect) Inventory Work in Process Inventory Finished Goods Inventory 45,675 15,750 40,500 During March, the company incurred the following factory costs: 1. Purchased P369,000 of raw material on account. 2. Issued P405,000 of raw material to production. Of this amount, P301,500 was for direct material. 3. Accrued P198,000 in factory payroll costs; P58,500 was for indirect labor. 4. Accrued P15,750 of utility costs; of this amount, P12,150 was variable. 5. Accrued P4,500 of property taxes on the factory. 6. Recorded the expiration of P3,600 of prepaid insurance on factory equipment. 7. Recorded P90,000 of straight-line depreciation on factory equipment. 8. Applied overhead to production. 9. Transferred goods costing P720,000 to Finished Goods Inventory. 10. Recorded total sales of P1,575,000; of these, P1,237,500 were on account. 11. Recoded cost of goods sold for P742,500. 12. Recorded selling and administrative costs of P630,000 and credited to "Various Accounts". The company applies overhead based on 250% of direct labor cost. Code 358 - Cost Accounting and PRELIMS_COST-ACTNG.pdf ← → Cusl-tuguegarao.neolms.com/student_take_quiz_assignment/start/31097576 Code 358 - Cost Accounting and Control 0. Appled overneau to production. 9. Transferred goods costing P720,000 to Finished Goods Inventory. 10. Recorded total sales of P1,575,000; of these, P1,237,500 were on account. A □ Get Help (4) Messenger 11. Recoded cost of goods sold for $742,500. 12. Recorded selling and administrative costs of P630,000 and credited to "Various Accounts". The company applies overhead based on 250% of direct labor cost. Required: 1. Determine the prime cost during March. I 2. How much is the total manufacturing cost? 3. How much is the under/overapplied overhead during the month? (e.g. 10000 underapplied) 4. Determine the balance of the following accounts at the end of the month? 1. Raw Materials Inventory 2. Work in Process Inventory 3 Finished Goods Inventory 5. Determine the net income during March assuming that 1. over/underapplied overhead is material 2. over/underapplied overhead is immaterial < Previous ▬▬▬ OPEN. no rush pls || link unlock X + Continue> ? Q Marion Tombaga O 0 11:06 AM 2/22/2022 X : COBALLES CO. had the following account balances as of March 1, 2022: Raw Material (direct and indirect) Inventory Work in Process Inventory Finished Goods Inventory 45,675 15,750 40,500 During March, the company incurred the following factory costs: 1. Purchased P369,000 of raw material on account. 2. Issued P405,000 of raw material to production. Of this amount, P301,500 was for direct material. 3. Accrued P198,000 in factory payroll costs; P58,500 was for indirect labor. 4. Accrued P15,750 of utility costs; of this amount, P12,150 was variable. 5. Accrued P4,500 of property taxes on the factory. 6. Recorded the expiration of P3,600 of prepaid insurance on factory equipment. 7. Recorded P90,000 of straight-line depreciation on factory equipment. 8. Applied overhead to production. 9. Transferred goods costing P720,000 to Finished Goods Inventory. 10. Recorded total sales of P1,575,000; of these, P1,237,500 were on account. 11. Recoded cost of goods sold for P742,500. 12. Recorded selling and administrative costs of P630,000 and credited to "Various Accounts". The company applies overhead based on 250% of direct labor cost. Code 358 - Cost Accounting and PRELIMS_COST-ACTNG.pdf ← → Cusl-tuguegarao.neolms.com/student_take_quiz_assignment/start/31097576 Code 358 - Cost Accounting and Control 0. Appled overneau to production. 9. Transferred goods costing P720,000 to Finished Goods Inventory. 10. Recorded total sales of P1,575,000; of these, P1,237,500 were on account. A □ Get Help (4) Messenger 11. Recoded cost of goods sold for $742,500. 12. Recorded selling and administrative costs of P630,000 and credited to "Various Accounts". The company applies overhead based on 250% of direct labor cost. Required: 1. Determine the prime cost during March. I 2. How much is the total manufacturing cost? 3. How much is the under/overapplied overhead during the month? (e.g. 10000 underapplied) 4. Determine the balance of the following accounts at the end of the month? 1. Raw Materials Inventory 2. Work in Process Inventory 3 Finished Goods Inventory 5. Determine the net income during March assuming that 1. over/underapplied overhead is material 2. over/underapplied overhead is immaterial < Previous ▬▬▬ OPEN. no rush pls || link unlock X + Continue> ? Q Marion Tombaga O 0 11:06 AM 2/22/2022 X :

Answer rating: 100% (QA)

1 Prime Cost during March Direct Material Direct Labor Prime Cost P301500 Direct Material P198000 Di... View the full answer