Homework Help is Here – Start Your Trial Now!
Business
Accounting
. Sale of completed units and Cost of sales 2. Over- or underapplied factory overhead (Not closed out until the end of the year)

. Sale of completed units and Cost of sales 2. Over- or underapplied factory overhead (Not closed out until the end of the year)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

1. Sale of completed units and Cost of sales
2. Over- or underapplied factory overhead (Not closed out until the end of the year)

During the month of July, the company worked on four orders, three of which were completed. Job 702 P 52,500 P 58,400 45,000 There was no beginning work in process in July. The company applies factory overhead to production at the rate of 90% of direct labor cost. Actual overhead for the month amounted to P186,720. Jobs 701, 702, and 703 were completed. Jobs 701 and 702 were delivered and the Costs and other pertinent data in connection with these orders are: Job 701 P 30,000 P 85,100 50,000 Job 704 P 22,600 P 28,600 Job 703 P 45,300 P 42,500 Direct materials Direct labor Direct labor hours 15,000 12,000 customers billed in the amounts of P210,700 and P180,200 respectively.
Transcribed Image Text:During the month of July, the company worked on four orders, three of which were completed. Job 702 P 52,500 P 58,400 45,000 There was no beginning work in process in July. The company applies factory overhead to production at the rate of 90% of direct labor cost. Actual overhead for the month amounted to P186,720. Jobs 701, 702, and 703 were completed. Jobs 701 and 702 were delivered and the Costs and other pertinent data in connection with these orders are: Job 701 P 30,000 P 85,100 50,000 Job 704 P 22,600 P 28,600 Job 703 P 45,300 P 42,500 Direct materials Direct labor Direct labor hours 15,000 12,000 customers billed in the amounts of P210,700 and P180,200 respectively.
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS