1. X Corp purchased raw materials from a supplier with Invoice price of 100,000. Trade discount is 20% and 10%. Credit terms is 2/10 , n/45. The company paid the supplier within the discount period. Freight out per records is 10,000 while freight in is 12,000. What is the net cost of materials to be recognized in the books of X Corp?

2. Data are as follows: July 1 Balance, 500 units @ P10 ; July 2 Purchased 1,000 units at P10.50 per unit; July 3 Issued 900 units to Dept. 1 July 5 Purchased 700 units at P10.40. Under FIFO, what is the amount debited to WIP?

3. Data are as follows: July 1 Balance, 500 units @ P10 ; July 2 Purchased 1,000 units at P10.50 per unit; July 3 Issued 900 units to Dept. 1 July 5 Purchased 700 units at P10.40. Under weighted Average (moving average), what is the amount debited to WIP?

4. The following information relates to production of MARCELO CORP for the month of Oct 2011:Direct Materials used 10,000; Direct labor rate per hour 5.00 ; Overhead cost 2,300.00 ; Direct labor hours employed 500.00 ; Gross Profit rate 25% based on selling price; Increase in WIP 1,100.00 ; Ending inventory of Finished goods is 30% of its beginning balance; Total sales 50,000.00. What is the ending inventory of Finished goods of the company?

5. Data are as follows: Purchases of raw materials of 100,000; Beginning Raw materials is 10,000; Freight in is 30,000; Raw materials increased to 15,000; Payroll of the employees totaled 400,000 (includes payroll for Selling and admin expense of 100,000 and Indirect labor of 50,000); Rent-overhead of 10,000; utility (50% from production) 30,000; Indirect materials used is 20,000; WIP decreased by 5,000; Finished goods beginning is 40,000 and Finished Good inventory increased by 8,000. What is the cost of sales?

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Lets break down each question 1 Net cost of materials Invoice price 100000 Trade discounts 20 10 30 ... View the full answer