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Question 1 of 3
1. Question
Marawi Company employs normal costing for its production. The following data are provided during the current year:
Net purchases of raw materials during the year
P500,000
Total labor costs during the year
800,000
Depreciation of factory assets during the year
100,000
Utilities on the factory during the year
300,000
Beginning
Ending
Raw materials inventory
P200,000
P300,000
Work in process inventory
500,000
200,000
Finished goods inventory
600,000
300,000
- The entity uses a single account for its direct material and indirect materials
- The indirect labor cost is 1/8 of the total labor costs.
- The overhead application rate is 80% of direct labor costs
- Any over or under application of overhead is considered material
What is the cost of goods manufactured during the current year?
CorrectIncorrect -
Question 2 of 3
2. Question
Marawi Company employs normal costing for its production. The following data are provided during the current year:
Net purchases of raw materials during the year
P500,000
Total labor costs during the year
800,000
Depreciation of factory assets during the year
100,000
Utilities on the factory during the year
300,000
Beginning
Ending
Raw materials inventory
P200,000
P300,000
Work in process inventory
500,000
200,000
Finished goods inventory
600,000
300,000
- The entity uses a single account for its direct material and indirect materials
- The indirect labor cost is 1/8 of the total labor costs.
- The overhead application rate is 80% of direct labor costs
- Any over or under application of overhead is considered material
What is the over or under application of overhead?
CorrectIncorrect -
Question 3 of 3
3. Question
Marawi Company employs normal costing for its production. The following data are provided during the current year:
Net purchases of raw materials during the year
P500,000
Total labor costs during the year
800,000
Depreciation of factory assets during the year
100,000
Utilities on the factory during the year
300,000
Beginning
Ending
Raw materials inventory
P200,000
P300,000
Work in process inventory
500,000
200,000
Finished goods inventory
600,000
300,000
- The entity uses a single account for its direct material and indirect materials
- The indirect labor cost is 1/8 of the total labor costs.
- The overhead application rate is 80% of direct labor costs
- Any over or under application of overhead is considered material
What is the total manufacturing cost during the current year?
CorrectIncorrect