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11. Hamilton Company uses job order costing' Factory overhead is applied to production at a determined rate of 150% of direct-labor cost. Any over or underapplied factory overhead is closed to the cost of goods sold account at the end of each month. Additional information is available as follows: • Job 101 was the only job in process at January 31, 2011, with accumulated costs as follows: Direct materials P4,000 2,000 3,000 9.000 Jobs 102, 103 and 104 were started during February Direct materials requisitions for February totaled P26,000 Direct-labor cost of P20,000 was incurred for February Actual factory overhead was P32,000 for February Direct labor Applied factory overhead The only job still in process at February 28, 2011 was Job 104, with costs of P2,800 for direct materials and P1,800 for direct labor The cost of goods manufactured for February 2011 was C. P79,700 A. P77,700 B. P78,000 D. P85,000

11. Hamilton Company uses job order costing' Factory overhead is applied to production at a determined rate of 150% of direct-labor cost. Any over or underapplied factory overhead is closed to the cost of goods sold account at the end of each month. Additional information is available as follows: • Job 101 was the only job in process at January 31, 2011, with accumulated costs as follows: Direct materials P4,000 2,000 3,000 9.000 Jobs 102, 103 and 104 were started during February Direct materials requisitions for February totaled P26,000 Direct-labor cost of P20,000 was incurred for February Actual factory overhead was P32,000 for February Direct labor Applied factory overhead The only job still in process at February 28, 2011 was Job 104, with costs of P2,800 for direct materials and P1,800 for direct labor The cost of goods manufactured for February 2011 was C. P79,700 A. P77,700 B. P78,000 D. P85,000

FINANCIAL ACCOUNTING
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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11. Hamilton Company uses job order costing' Factory overhead is applied to production at a determined rate of 150% of direct-labor cost. Any over or underapplied factory overhead is closed to the cost of goods sold account at the end of each month. Additional information is available as follows: Job 101 was the only job in process at January 31, 2011, with accumulated costs as follows: P4,000 Direct materials 2,000 3.000 9,000 Jobs 102, 103 and 104 were started during February Direct materials requisitions for February totaled P26,000 Direct-labor cost of P20,000 was incurred for February Actual factory overhead was P32,000 for February Direct labor Applied factory overhead The only job still in process at February 28, 2011 was Job 104, with costs of P2,800 for direct materials and P1,800 for direct labor The cost of goods manufactured for February 2011 was C. P79,700 A. P77,700 B. P78,000 D. P85,000 12. Using the same information in No. 11, any over or under-applied factory overhead should be closed to the cost of goods sold account at February 28, 2011, in the amount of A. P700 overapplied B. P1,000 overapplied C. P1,700 underapplied D. P2,000 underapplied
Transcribed Image Text:11. Hamilton Company uses job order costing' Factory overhead is applied to production at a determined rate of 150% of direct-labor cost. Any over or underapplied factory overhead is closed to the cost of goods sold account at the end of each month. Additional information is available as follows: Job 101 was the only job in process at January 31, 2011, with accumulated costs as follows: P4,000 Direct materials 2,000 3.000 9,000 Jobs 102, 103 and 104 were started during February Direct materials requisitions for February totaled P26,000 Direct-labor cost of P20,000 was incurred for February Actual factory overhead was P32,000 for February Direct labor Applied factory overhead The only job still in process at February 28, 2011 was Job 104, with costs of P2,800 for direct materials and P1,800 for direct labor The cost of goods manufactured for February 2011 was C. P79,700 A. P77,700 B. P78,000 D. P85,000 12. Using the same information in No. 11, any over or under-applied factory overhead should be closed to the cost of goods sold account at February 28, 2011, in the amount of A. P700 overapplied B. P1,000 overapplied C. P1,700 underapplied D. P2,000 underapplied
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