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    Ma 1

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    Jade Ballado-Tan
    This document contains a quiz on cost accounting and control with questions about materials and labor accounting. It includes multiple choice and problems questions covering topics like: 1. The importance of materials in manufacturing, considerations for choosing materials, and systems for recording inventories. 2. Major forms used in materials accounting from requisition to payment and their purposes. 3. Just-in-time manufacturing including its advantages and disadvantages. 4. Calculating inventory levels, materials issued to production, and journal entries using FIFO and weighted average costing methods. 5. Computing employee earnings including deductions, overtime pay, and holiday pay.

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    Ma 1

    Uploaded by

    Jade Ballado-Tan
    32 views2 pages
    This document contains a quiz on cost accounting and control with questions about materials and labor accounting. It includes multiple choice and problems questions covering topics like: 1. The importance of materials in manufacturing, considerations for choosing materials, and systems for recording inventories. 2. Major forms used in materials accounting from requisition to payment and their purposes. 3. Just-in-time manufacturing including its advantages and disadvantages. 4. Calculating inventory levels, materials issued to production, and journal entries using FIFO and weighted average costing methods. 5. Computing employee earnings including deductions, overtime pay, and holiday pay.

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    Sample quiz in Cost Accounting

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    MA 1

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    This document contains a quiz on cost accounting and control with questions about materials and labor accounting. It includes multiple choice and problems questions covering topics like: 1. The importance of materials in manufacturing, considerations for choosing materials, and systems for recording inventories. 2. Major forms used in materials accounting from requisition to payment and their purposes. 3. Just-in-time manufacturing including its advantages and disadvantages. 4. Calculating inventory levels, materials issued to production, and journal entries using FIFO and weighted average costing methods. 5. Computing employee earnings including deductions, overtime pay, and holiday pay.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    32 views2 pages

    Ma 1

    Uploaded by

    Jade Ballado-Tan
    This document contains a quiz on cost accounting and control with questions about materials and labor accounting. It includes multiple choice and problems questions covering topics like: 1. The importance of materials in manufacturing, considerations for choosing materials, and systems for recording inventories. 2. Major forms used in materials accounting from requisition to payment and their purposes. 3. Just-in-time manufacturing including its advantages and disadvantages. 4. Calculating inventory levels, materials issued to production, and journal entries using FIFO and weighted average costing methods. 5. Computing employee earnings including deductions, overtime pay, and holiday pay.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    MA 1- COST ACCOUNTING AND CONTROL

    Quiz No. 3: Materials and Labor Accounting

    Name: _______________________________ Year/ Section: ___________________Score: ____________/________Rating: ______

    PART I. THEORIES.

    1. Why are materials considered as the heart of business operations 6. What are the considerations in the computation of reorder point?
    in a manufacturing industry? (5 points) Explain.
    2. What are the considerations in choosing materials? (5 points) 7. Explain IDLE time and its accounting treatment. (5 points)
    3. What are the systems of recoding inventories? Briefly explain 8. Explain the difference between a payroll register and pay slip. (5
    each. (5 points) points)
    4. What are the major forms used in materials accounting (from 9. In a private establishment, what are the usual statutory
    requisition to payment). Explain the purpose of each form. (10 deductions from an employee salary? (5 points)
    points) 10. What are the benefits that can be availed by an employee if
    5. What is JIT? What are its advantages and disadvantages. (10 he/she works for 10 hours on his/her rest day which at the
    points) same time is a regular holiday? (10 points

    PART II. PROBLEMS

    Problem 1
    P1 Factory buys and used a component for production at P10 per piece. Annual requirement is 2,000 numbers. Carrying cost of inventory
    is 10% per annum and ordering cost is P40 per order. The purchase manager argues that as the ordering cost is very high, it is
    advantageous to place a single order for the entire annual requirement. He also says that if we order 2,000 pieces at a time we can get a
    3% discount from the supplier. Evaluate this proposal and makes your recommendations. (10 points)

    Problem 2

    P2 Manufacturing provided you the following information: Requirement:


    1. Prepare the inventory stock card assuming that
    Sept 1- Beginning inventory, 2,500 units @P55 a. FIFO is used b. Weighted average is used
    Sept 4 - Purchased 3,500 units @P50 2. What is the materials balance under
    Sept 7 - Issued 2,000 units to production a. FIFO method b. Weighted average method
    Sept 10- Issued 2,500 units to production 3. What is the total amount of materials issued to production
    Sept 13- Purchased 500 at P58 per unit under:
    Sept 17- Purchase additional 1,500 at P60 per unit a. FIFO method b. Weighted average method
    Sept 20- Issued 50% of the remaining units to production 4. Prepare the necessary journal entries assuming FIFO method
    is used.
    Problem 3

    A. Compute the net earnings of the following employees B. Compute the TOTAL DAILY WAGE of an employee who
    with a monthly total gross pay of: works under the following conditions:
    1. Mr A, P17,500 1. Mr F, paid P530 daily, worked 2 hours overtime on
    2. Mr B, P65,350 a special holiday.
    3. Mr C. P 34,790 2. Mr. G who is paid P370 daily, worked on his rest
    4. Mr D, P156,234 day and at the same time a regular holiday. Also, 2
    5. Mr. E, P85,840 hours night differential was granted.
    3. Mr H, paid P670 daily, worked on a regular day,
    Granted 3 hours overtime and 4 hours night
    differential.

    Problem 4
    Lime Corporation is a manufacturing company that employs six people on an hourly basis. The following data related to the week ended
    October 31, 2021.
    EMPLOYE Hours Worked HOURLY Requirements:
    E Mon Tues Wed Thurs Fri Sat RATE 1. Compute net earnings of each employee for the week,
    Jin, R 8 8 8 8 8 - P 24 assuming the following deductions:
    Bon, L 8 9 8 8 9 4 36 Income Tax 15% SSS 6.2%
    Shin, H 8 10 8 8 9 - 27.50 Philhealth 1.5% Pag-ibig 1.5%
    Kang, S 8 10 8 8 9 - 20.30 Union dues P10 per employee
    Hyun, B 8 8 8 9 8 4 18.50 Employees are paid one and half-times regular rate for hours
    Park, J 8 8 8 8 8 - 33.00 worked over 40.
    2. Prepare the necessary journal entries.

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