San Sebastian College Recoletos

Cost Accounting I

Seatwork
July 28, 2017
1. MALAYA Co., a manufacturer of heating units, summarized the following information for
the year 19x7:
a) Materials cost of P270,000 includes indirect materials and supplies of P75,000;
b) Labor cost of P360,000 includes direct labor of P240,000;
c) Factory overhead of P120,000 represents power and light;
d) Selling and administrative overhead total P180,000.
Conversion costs for 19x7 amounted to - P555,000.

2. Herrick, Inc. recently had a fire in its accounting office destroying most of its records. Only
the following information could be salvaged for 1995:
Direct labor P200,000
Factory overhead 100,000
Cost of goods sold 400,000
Work-in-process, January 1 40,000
Finished goods, January 1 80,000
Direct materials, December 31 50,000
Finished goods, December 31 60,000
The cost of direct materials used in production during 1995 is - 90,000

3. Assume the following information:

cost of goods manufactured 470,000
labor cost 100,000
factory overhead 50,000
finished goods, beg. 30,000
finished goods, end 20,000
cost of goods sold 480,000
raw materials used 500% of work in process,end
work-in-process, end 75% of work in process,beg.
The raw materials used is - 300,000

4. BREEZY Production Co. has provided the following statistics for the year 19x7:
Raw materials purchases P135,000
Opening raw materials inventory 100,000
Closing raw materials inventory 75,000
Total manufacturing costs 560,000
Factory overhead (including P20,000 of indirect
materials and P50,000 of indirect labor) 175,000
Direct labor amounted to - P245,000

5. CADENA Products, Inc. summarized the following information for the year 19x7:
Direct materials consumed P130,000
Direct labor cost incurred 148,000
Opening work in process 62,000
Closing work in process 75,360
Opening finished goods 92,000
Closing finished goods 44,000
Total costs and expenses 452,000

If selling and general expenses are 18% of the total cost and expenses, the factory overhead
incurred was - P58,000

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