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  • Ans - Midterm - Prob. 2

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    JULLIE CARMELLE H. CHATTO
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    The document shows a company's billed prices, costs, and allocated overhead (ALOBI) for beginning inventory, sales, cost of goods sold, and ending inventory over a period. It then provides calculations of gross profit and expenses based on the cost information, identifies an overstatement of cost of goods sold by $50,800, and provides adjusted ending ALOBI of $15,200.

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    Ans -Midterm -Prob. 2

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    The document shows a company's billed prices, costs, and allocated overhead (ALOBI) for beginning inventory, sales, cost of goods sold, and ending inventory over a period. It then provides calculations of gross profit and expenses based on the cost information, identifies an overstatement of cost of goods sold by $50,800, and provides adjusted ending ALOBI of $15,200.

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    © All Rights Reserved
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    12 views1 page

    Ans - Midterm - Prob. 2

    Uploaded by

    JULLIE CARMELLE H. CHATTO
    The document shows a company's billed prices, costs, and allocated overhead (ALOBI) for beginning inventory, sales, cost of goods sold, and ending inventory over a period. It then provides calculations of gross profit and expenses based on the cost information, identifies an overstatement of cost of goods sold by $50,800, and provides adjusted ending ALOBI of $15,200.

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    of 1

    BILLED PRICE COST ALOBI

    BEG. INV. 30,000 24,000 6,000


    SFHO/STB 300,000 240,000 60,000
    COGAS 330,000 264,000 66,000
    ENDING INV. 76,000 60,800 15,200
    COST OF GOODS SOLD 254,000 203,200 50,800

    1. SALES 1,920,000
    CGS:
    BI (30,000+42,000) 72,000
    PURCHASES 1,200,000
    COGAS 1,272,000
    ENDING INV. (150,000+76,800) 226,800 1,045,200
    GROSS PROFIT 874,000
    EXPENSES 400,000
    COMBINED NET INCOME 474,800

    2. CGS OVERSTATMENT P50,800


    3. BEG. INV. FROM HO @ BILLED PRICE P30,000
    4. ENDING INVENTORY @ COST P76,800
    5. SHIPMENTS IN TRANSIT @COST P16,000
    6. ADJUSTED ALOBI/ENDING ALOBI P15,200

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