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[Trapezohedron]

I'm having problems with the following exercises:

Spoiler: 1 (click to show/hide)

The Work in Process of Bangerz Company showed the following:

_________________________________________
Materials             38,750| Finished Goods 93,750
Direct Labor         36,875|
Factory Overhead 29,500|

Materials charged to the only job still in process amounted to ₱8,000. Factory overhead is applied at a predetermined percentage of direct labor cost.

Determine the:
1. predetermined factory overhead rate.
2. direct labor cost contained in Finished Goods inventory account.
3. factory overhead included in Finished Goods inventory account.

Spoiler: 2 (click to show/hide)

On December 1, Neil Company had the following inventories: materials, ₱60,000; work in process, ₱30,000; and finished goods, ₱90,000. During the month, materials purchases totaled ₱140,000. Direct Labor for December was ₱1000,000, at a uniform wage of ₱6.40 per hour. Marketing and Administrative expenses for the month amounted to 10% of net sales. Inventories on December 31, were as follows; Materials, ₱50,000; Work in Process, ₱20,000; and Finished Goods, ₱100,000. Net sales for December totaled ₱500,000. Factory overhead is applied at ₱8.00 per direct labor hour.

Determine the following:
1. Prime Costs incurred for the month.
2. Conversion costs incurred for the month.

Spoiler: 3 (click to show/hide)

Code: [Select]

                                                             Total Cost of Job
Job No.     Date Started     Date Finished     Date Sold         at June 30
230     May 18      June 12        June 20 ₱6,000
231     May 20      June 19        June 21 4,000
232     June 7      July 5        July 12 7,000
233     June 10      June 28        July 1 6,500
234     June 19      July 16        July 25 8,000Compute the:
1. WIP inventory at June 30
2. Finished Goods inventory at June 30
3. Cost of Goods Sold in June

Spoiler: 4 (click to show/hide)

Code: [Select]

Job #100 Job #101 Job #102
Costs Charged in Prior Month        ₱100,000        ₱37,500        ₱      0
Costs Added in February:
Direct Materials 87,500 112,500 137,500
Direct Labor 112,500 100,000 87,500
Factory OH (₱50 per MH) ? ? ?
Machine Hours (MH) used in February 1,800 1,600 1,400Prepare the appropriate journal entry to record each of the following February transactions:
1. Direct materials were issued from the storeroom to work in process.
2. The distribution of payroll to work in process
3. Factory overhead was applied to February production.
4. Job #101 and Job #102 were completed and transferred to the storeroom.

Feel free to solve, but I'd prefer if there were clear-cut explanations for it, because my accounting professor is an idiot who just reiterates what is written on the book, not explaining anything.

[gimlet]

One tip I have is to find other texts and read the sections there that are stumping you.  No one book explains every topic perfectly for every person, I know I had to search out alternative explanations and problem sets in various courses.  Look em over in the library, and if you find a good one you might even see if you can find a cheap used copy from someplace like alibris or abebooks...

[Tellemurius]

why can't we just use averages with deviation? Statistics man, sorry im stumped.