1.

Work in process inventory of Virgin Company increased P 46,000 from the

beginning to the end of August.Cost incurred during August were P 48,000 for
materials used, P 252,000 for direct labor and P 84,000 forOverhead. What is the
cost of goods manufactured for August?. Single choice.

(2 Points)
a. P 384,000
b. 388,000
c. 340,000
d. 292,000
2.In the Anding Company, costs incurred during September were P 60,000 for
materials purchased, P 160,000 For direct labor, and P200,000 for Overhead.
Materials Inventory decreased by P16,000. If cost of goods manufactured in
September was P396,000 and work in process beginning is P112,000, what is the
ending work in process inventory. Question. Single choice.
(2 Points)
a. P152,000
b. 136,000
c. 120,000
d. 272,000
3.D. Manufacturing Company uses job order costing system. Factory overhead is
applied to production at a predetermined rate of 150% of direct labor cost. Any
over or underapplied factory overhead is closed to cost of goods sold account at
the end of each month. Additional information is available as follows: a. Job 101
was the only job in process at January 31, with accumulated costs of direct
materials, P 16,000; direct labor, P8,000 and applied overhead of P12,000. b. Jobs
102,103, and 104 were started during February. c. Direct materials requisitions for
February totaled P104,000. d. Direct labor cost of P80,000 was incurred in
February. e. Actual factory overhead was P 128,000 for February. f. The only job
still in process on February 28 was Job 104, with costs of P11,200 for direct
materials and P7,200 for direct labor. g. Jobs 101, 102 and 103 were sold in
February. The cost of good sold for February was. Single choice.
(2 Points)
a. P 318,800
b. 302,800
 c. 320,000
d. 310,800
4.Your accounting records for the year 20120 showed the following: Decrease in
raw materials inventory P 67,500 Decrease in work in process 120,000 Increase in
finished goods inventory 225,000 Raw materials purchased 1,935,000 Direct labor
900,000 Factory overhead 1,350,000 Freight In 202,500 The total manufacturing
cost for the 2020 is. Single choice.
(2 Points)
a. P 4,320,000
b. 4,455,000
c. 4,252,500
d. 4,335,000
5.Refer to No. 4 , the cost of goods sold is. Single choice.
(2 Points)
a. P 4,350,000
b. 4,147,500
c. 4,800,000
d. 4,575,000
6.Intravirus company has two service departments (S1 and S2) and two producing
departments (P1 and P2) The Support costs directly identified were P600,00 for
S1 and P600,00 for S2. Information on the consumption of their services follows:
User Department S1 S2 P1 P2 Supplying Department S1 40% 30% 30% S2 25%
25% 50% The Service Department cost Allocated to P1 Department Using Step
method beginning with S1 department costs is. Single choice.
(2 Points)
a. 460,000
b. 580,000
c. 500,000
d. 483,3333
7.Using the data in No. 6. If Service department cost is allocated using the direct
method the service department cost allocated to P2 is. Single choice.
(2 Points)
a. 460,000
b. 600,000
 c. 500,000
d. 700,000
8.Same data as in NO.6. The service department cost allocated to P1 using
algebraic method is. Single choice.
(2 Points)
a. 460,000
b. 580,000
c. 500,000
d. 483,333
9.Levis Manufacturing Corp’s Job 501 for the manufacture of 2,000 denim pants ,
which was completed during August at the unit costs as follows: Direct materials,
P 135; Direct labor, P112; Factory Overhead(includes Allowance for spoilage P4),
P140. Final inspection of Job 501 disclosed 200 spoiled pants which were sold to
local jobber for P230 per unit. If the spoilage is attributable to the exacting
specification of Job 501, the unit cost of good pants. Single choice.
(2 Points)
a. 387
b. 360
c. 400
d. 404.44
10. Same data in No. 9. If the spoilage is normal and common to all jobs, what
was the total sales if gross profit is 1/3 of sales?. Single choice.
(2 Points)
a. 1,200,240
b. 1,161,232
c. 1,044,900
d. 1,080,000
11.Ashly Manufacturing Company produces a variety of products. The company
operates 24 hours per day with three daily shifts. The first shift workers receive
regular pay of P60 per hour. The second shift workers receive 10% pay premium
and the third shift workers receive 20% pay premium. In addition, the company
pays overtime premium of 50% based on the regular pay. All labor premium are
included in the overhead account. The actual payroll for August is as follows:
Total wages 16,000 hours with a total amount of____? Total regular hours work
15,000 (spread equally ) The total amount of payroll for the period is. Single
choice.
(2 Points)
a. 1,120,000
b. 1,260,000
c. 1,080,000
d. 1,211,000
12.Use data in No. 11. The total amount of payroll charged to manufacturing
overhead is. Single choice.
(2 Points)
a. 70,000
b. 120,000
c. 126,000
d. 30,000
13.Ang Tibay Furniture Manufacturing Company makes Iron coffee table. During
December, Ang Tibay purchased 55,000 pounds of iron at P 6 per pound, of
which 44,000 pounds were used to produced 500 tables. Each table requires 90
pounds of iron at a standard cost of P 5 per pound. The material quantity
variance is. Single choice.
(2 Points)
a. 5,000 F
b. 5,000 UF
c. 6,000 F
d. 6,000Uf
14.Accountancy Manufacturing Corp. incurred the following costs on Job BSA for
the manufacture of 2,000 units: Direct materials, P 84,000; Direct labor, P160,000;
Factory overhead (150% of DL), P240,000. Direct cost of reworking 100 units that
are defective are: direct materials per unit P40; Direct labor per unit P100. The
cost per unit of Job BSA if the cost to rework was attributable to exacting
specification of the customer?. Single choice.
(2 Points)
a. 265.50
b. 249
c. 242
 d . 242.16
15.Believing that its traditional cost system may be providing misleading
information, an organization is considering an activity-based costing (ABC)
approach. It now employs a full cost system and has been applying its
manufacturing overhead on the basis of machine hours. The organization plans
on using 50,000 direct labor hours and 30,000 machine hours in the coming year.
The following data show the manufacturing overhead that is budgeted. Activity
Cost Driver Budgeted Activity Budgeted Costs Material Handling No. of parts
handled 6,000,000 P 1,440,000 Setup Costs No. of setups 720 630,000 Machine
costs Machine hours 30,000 1,080,000 Quality control No. of Batches 500 450,000
Cost, sales, and production data for one of the organization’s products for the
coming year are: Direct materials cost per unit, P8.80; Direct labor cost per unit
(.05 DLH @ P30/DLH) P1.50; Expected sales, 20,000 Units; Batch size, 5,000 units;
Setups, 2 per batch; Total parts per finished unit, 5 parts; Machine hours required,
80 MH per batch. If the organization uses the traditional full cost system, the cost
per unit for the product for the coming year will be. Single choice.
(2 Points)
a. 1078
b. 10.88
c. 13.90
d. 12.22
16.Using the information in No. 15. If the organization employs an activity based
costing system the cost per unit for the product described for the coming year
will be:. Single choice.
(2 Points)
a. 12
b. 12.59
c. 6.16
d. 6.42
17.Mae UY Manufacturing Company makes only one product. The company has a
normal capacity of 32,000 units annually. Mae UY expecting to produce 30,000
units next year but during the year, it actually produced 31,000 units. The
company accountant has budgeted the following factory overhead costs for the
coming year: Indirect materials P 2 per unit Indirect labor 144,000 plus P2 per unit
Plant utilities 60,000 plus P0.04 per unit Repairs for the plant 20,000 plus P0.34
per unit Material handling costs 16,000 plus P0.12 per unit Depreciation plant
assets 210,000 per year Rent of plant building 50,000 per year Insurance on plant
building 12,000 per year The total budgeted factory overhead is. Single choice.
(2 Points)
a. 651,000
b. 656,000
c. 502,000
d. 653,000
18.Using the information in N0.17 the most appropriate overhead application
based, the applied factory overhead for the year is. Single choice.
(2 Points)
a. 635,000
b. 672,700
c. 653,480
d. 672,700
19.QuNoli Koh Company has a cycle of days, uses Raw and in Process (RIP)
Inventory account, and charges all conversion costs to cost of goods sold. At the
end of the month, all inventories are counted, their conversion costs component
are estimated, and inventory account balances are adjusted. Raw material cost is
backflush from RIP to Finished goods and to cast of goods sold. The following
information is available for August: RIP, beg. Including P 14,000 conversion costs
………………….. P 35,000 RIP, end including conversion costs of P12,000…………………
48,000 FG, beg. Including P 8,500 conversion costs……………………… 52,000 FG, end
including P 10,000 of conversion costs………………. 60,000 Raw materials purchases
for the period ………………………….. 750,000 Conversion costs for the period
……………………………………… 900,000 The cost of goods manufactured for the period
amounts to. Single choice.
(2 Points)
a. 1,589,000
b. 1,595,000
c. 1,597,000
d. 1,589,500
20.Same information in No. 19 . The cost of goods sold for the period is . Single
choice.
(2 Points)
a. 1,629,00
b. 1,595,000
c. 1,597,000
d. 1,589,000