Question
In: Accounting
The following transactions relate to the AKHTER CORP. for the month of November 2015:
The following transactions relate to the AKHTER CORP. for the month of November 2015:
|
|
Product - A |
Product – B |
|
Production |
10,000 units |
8,000 units |
|
Beginning Inventory |
1,000 units |
900 units |
|
Ending Inventory |
2,000 units |
100 units |
Unit Cost applicable to inventories and Production
|
Direct Material |
Rs. 4 per unit |
Rs. 3 per unit |
|
Direct Labour |
Rs. 10 per unit |
Rs. 20 per unit |
|
Factory Overhead |
Rs. 7 per unit |
Rs. 14 per unit |
Actual FOH was Rs. 182,400, under or over applied factory overhead is to be adjusted in Cost of Goods Sold.
Calculate Prime Cost.
Solutions
Expert Solution
|
Particulars |
Product A |
Product B |
|
Direct material cost |
10000*4 = $40,000 |
8000*3 = $24,000 |
|
Direct labour cost |
10000*10 = $100,000 |
8000*20 = $160,000 |
|
Prime cost |
$140,000 |
$184,000 |
Prime costs of Product A is $140,000 and Prime costs of Product B is $184,000.
Prime costs = Direct material cost + Direct labour cost
DEEPIKA GOYAL answered 3 years agoRelated Solutions
In the 3-month period November 1, 2014, through January 31, 2015, Hess Corp. (HES) stock decreased...
In the 3-month period November 1, 2014, through January 31,
2015, Hess Corp. (HES) stock decreased from $80 to $64 per share,
and Exxon Mobil (XOM) stock decreased from $96 to $80 per share. If
you invested a total of $26,880 in these stocks at the beginning of
November and sold them for $22,080 3 months later, how many shares
of each stock did you buy?
Hess Corp. (HES) stock shares
Exxon Mobil (XOM) stock
In the 3-month period November 1, 2014, through January 31, 2015, Hess Corp. (HES) stock decreased...
In the 3-month period November 1, 2014, through January 31,
2015, Hess Corp. (HES) stock decreased from $80 to $64 per share,
and Exxon Mobil (XOM) stock decreased from $96 to $80 per share.†
If you invested a total of $25,920 in these stocks at the beginning
of November and sold them for $21,120 3 months later, how many
shares of each stock did you buy?
Bailer Company's record of transactions for the month of November was the following: Purchases: Nov 1....
Bailer Company's record of transactions for the month of
November was the following:
Purchases:
Nov 1.
525 @ $7.00
5
1400 @ $7.20
8
750 @ $7.35
14
1,250 @ $7.42
21
825 @ $7.55
29
610 @ $7.80
Total units sold : 5,360
Sales
Nov 6.
550 @ $10
9
1,320 @ $10
10
625 @ 12
22
1,100 @ 12
28
850 @ 13
#1 - Assume periodic inventory records are kept in units only.
Compute the inventory on...
The following business transactions relate to Sarah Simone for her first month of business operations in...
The following business transactions relate to Sarah Simone for
her first month of business operations in January 2017. All
relevant transactions include 10% GST.
2017
January
1
Commenced business operations with a $300 000 cash injection of
personal funds.
2
Paid monthly rent $1650.
4
Purchased office stationery $2200 on credit from WorksOffice.
7
Purchased office equipment on credit from Supplies Inc. $11000.
9
Sent invoice to client M. Lewis for services $3300.
11
Purchased...
Molly Restaurant had the following transactions for the month of May, 2015: i. Purchased stove...
Molly Restaurant had the following transactions for the month of
May, 2015:
i.
Purchased stove for $3,000
ii.
Purchased Mixers for $1000
iii.
Petrol cost for Delivery Vehicles, $800
iv.
Paid $300 to add Spoiler to Delivery Van and $200 for repairs.
v.
Purchased another stove for $5,000
vi.
Incurred expenses of $400,000 to add a room to the restaurant
vii.
Repainted the restaurant for $300
Management would like to better understand the...
The Following Information is available for the Tierney Company for the month of November. *On November...
The Following Information is available for the Tierney Company
for the month of November.
*On November 30, after all transactions have been recorded, the
balance in the company's Cash account has a balance of $27,202.
*The company's bank statement shows a balance on November 30th
of $29,279.
*Outstanding checks at November 30 incude check #3030 in the
amount of $1,525 and check #3556 in the amount of $1,459.
*Included with the bank statement was a credit memo in the
amount...
ADC Studios was organized on January 1 2015. During the month the following transactions were carried...
ADC Studios
was organized on January 1 2015. During the month the following
transactions were carried out by ADC Studios:
Jan
01Sold
capital stock to investors
for
$40,000.
Jan
03Paid
$1200 in advance for 3 months rent of an office.
Jan
12Purchased
equipment for $6,000; made a 50% cash
down payment
with the balance due in 30 days.
Jan
15Performed
filming for a fee of $400;
will be
paid
in 3
weeks.
Jan
18Made a
payment of $500 on the...
ADC Studios was organized on January 1 2015. During the month the following transactions were carried...
ADC Studios
was organized on January 1 2015. During the month the following
transactions were carried out by ADC Studios:
Jan
01Sold
capital stock to investors
for
$40,000.
Jan
03Paid
$1200 in advance for 3 months rent of an office.
Jan
12Purchased
equipment for $6,000; made a 50% cash
down payment
with the balance due in 30 days.
Jan
15Performed
filming for a fee of $400;
will be
paid
in 3
weeks.
Jan
18Made a
payment of $500 on the...
During the month of January 2015 the following transactions took place: Jan. 20 Michael McBryan and...
During the month of January 2015 the following
transactions took place:
Jan. 20 Michael McBryan and family invested
$80,000 cash in exchange for capital stock.
Jan. 21 On January 21, Overnight Auto Service
(Michael McBryan) purchased the land from the city for $52,000
cash.
Jan. 22 Overnight completed the acquisition of
its business location by purchasing the abandoned building from the
MTA. The purchase price was $36,000; Overnight made a $6,000 cash
down payment and issued a 90-day, non-interest-bearing note...
Problem 5-2A Sheffield Corp. completed the following merchandising transactions in the month of May. At the...
Problem 5-2A
Sheffield Corp. completed the following merchandising
transactions in the month of May. At the beginning of May, the
ledger of Sheffield Corp. showed Cash of $5,000 and Common Stock of
$5,000.
May 1
Purchased merchandise on account from Gray's Wholesale Supply
$4,300, terms 2/10, n/30.
2
Sold merchandise on account $2,300, terms 1/10, n/30. The cost
of the merchandise sold was $1,200.
5
Received credit from Gray's Wholesale Supply for merchandise
returned $250.
9
Received collections in full,...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Why does a particular codon represent only one specific amino acid?
- Write a function template sort that takes two references to generic objects and switches them if...
- What 2 things happen to the melting point of a solid when an impurity is present?
- How Can Hominin Evolution be characterized as " mosaic evolution" Use examples of species from the...
- Absorption and Variable Costing Income Statements for Two Months and Analysis During the first month of...
- Mobile and wireless devices are being increasingly used in the Business Administration and Management Industry. write...
- What are the options that might be considered in relation to introducing flexible work practices? What...
ADVERTISEMENT