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unsold, how much is the profit to be eliminated in the share of Helping Hand
Corporation?
P40.00
5% of production
0.475 yard
P1.00/yard
P0.90 /scarf
3%
2%
The allowance for rejected scarf is not part of the 0.475 yard of cloth per scarf.
Rejects have no market value. Materials are used at the start of production.
Calculate the standard cost of cloth per scarf that The Originals Company
should use in its cost sheets.
gross sales. Ross Co. incurred direct cost of P930,564 and indirect costs of
P167,400. Mike Inc. started operations on July 1, 2013 and was able to generate
sales of P1,240,000 for 2013. The first installment payment was made in due
date. Assuming collectability of the note is not reasonably assured and the
franchisor used installment sales method, how much is the net income of the
franchisor for the year ended December 31, 2013? (Round off PV factors to 4
decimal places and GP % to whole %)
Actual results
Units produced
7,800 units
Direct material purchased32,000 pounds at P2.40
Direct material used
UNKNOWN
Direct Labor
P362,670
Variances
Materials Quantity Variance
P1,100 Favorable
Materials Price Variance P6,400 Unfavorable
Labor Rate Variance
P9,420 Unfavorable
Based on the foregoing, what is the actual direct labor hours used and the
materials used price variance (indicate if favorable or unfavorable)?
Carrying
Amount
P
200,000
400,00
0
Building
600,00
0
Goodwill
300,00
0
P
1,500,000
It was estimated that the value in use of the CGU is P800,000 and its fair
value less costs to sell is P900,000.
The buildings fair value less costs to sell is P510,000.
Determine the carrying value of the Investment property after impairment testing.