1. Actual overhead costs inccured during October amounted to P33,5002. Completed jobs: 001, 002, 003, and 0043. Sales for a month of October amounted to P105,000. All units produced on Jobs101, 102, and 103 were sold.How much is the cost of goods sold for October? The Kamandag Corporation, began operations on October 1. It employs a job ordercosting system. Overhead is charged at a normal rate of P2.50 per direct labor hour.The actual operations for the month of October are summarized as follows:1. Purchase of raw material, 25,000 pieces @ P1.20/piece2. Material and labor costs charged to production:Job No.UnitsMaterialDirect labor cost Direct laborhours00110,000P4,000P6,0003,0000028,8003,6005,4002,70000316,0007,0009,0004,5000048,0003,2004,8002,40000520,0008,0003,6001,8001. Actual overhead costs inccured during October amounted to P33,5002. Completed jobs: 001, 002, 003, and 0043. Sales for a month of October amounted to P105.000. All units produced on Jobs101, 102, and 103 were sold.

The cost of goods sold includes the cost of goods that are sold during the period.

Answered: 1. Actual overhead costs inccured…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1. Actual overhead costs inccured during October amounted to P33,500 2. Completed jobs: 001, 002, 003, and 004 3. Sales for a month of October amounted to P105.000. All units produced on Jobs 101, 102, and 103 were sold. How much is the cost of goods sold for October?