ABC Company purchased a machine for ₱1,260,000 that was placed in service at year-end. The entity incurred additional cost for this machine:Shipping30,000Installation40,000Testing50,000Compute the amount to be reported as machinery.

ABC Company manufactures custom-built conveyor systems for factory and commercial operations. Lisa French is the cost accountant for ABC and she is in the process of educating a new employee, Julie English, about the job order costing system that ABC uses. (The system is based on normal costs; overhead is applied based on direct labor cost and rounded to the next whole peso.) Lisa gathers the following job order cost records for May: Direct Direct Total Job No. Materials Labor Applied OH Cost 667 ₱ 5,901 ₱1,730 ₱ 1,990 ₱ 9,621 669 18,312 1,810 2,082 22,204 670 406 500 575 1,481 671 51,405 9,500 10,925 71,830 672 9,615 550 633 10,798 To explain the missing job number, Lisa informed Julie that Job #668 had been completed in April. She also told her that Job #667 was the only job in process at the beginning of May. At that time, the job had been assigned ₱4,300 for direct material and ₱900 for direct labor. At the end of May, Job #671 had not been completed; all others had. Lisa asked Julie several questions to determine whether she understood the job order system. Required: a. What is the predetermined overhead rate used by ABC Company? b. What was the total cost of beginning Work in Process inventory? c. What was total prime cost incurred for the month of May? d. What was cost of goods manufactured for May?

ABC Company incurred $124,000 of manufacturing overhead in March and applied $120,000 to March production. If ABC produced 16,000 units during March, its predetermined overhead rate being used for the year is $ per unit.

ABC Company uses machine hours to apply manufacturing overhead to units produced. If ABC estimates that it will generate 560,000 machine hours and incur $6,720,000 in manufacturing overhead costs during the year, its predetermined overhead application rate will be $ per hour.

In early January 2023, ABC Company applied for a patent and incurred legal costs of ₱49,000. In January 2024, ABC Company incurred ₱19,000 worth of legal fees in a successful defense of its patent. The company amortizes the patent over 7 years.Compute for the 2023 amortization.

On January 1, 2024, ABC Company purchased natural resources for ₱12,000,000, with a residual value of ₱1,500,000. The company expects the resources to produce 1,200,000 units of product.Compute the depletion expense for the month of January if ABC Company mined and sold 20,000 units.