4. As of Sept. 1, 2018, there are two(2) jobs in process with accumulated prime costs asfollows:359J ob No. 71Job No. 72Number of units6,0005,000Direct materialsP5,000P4,000Direct laborP2,000P1,800Job Order No. 72 is special because of its strict specifications. Factory overheadis charged at PO.40 per unit and includes a PO.03 provision for defective work.The prime cost incurred in Sept., 2018 are as follows:Job No. 71Job No. 762,000Job No. 72Job No. 75Number of units3,000Direct materialsP3,000P4,500P2,500P5,0003,000Direct labor2,0002,0001,500Some units are found to have imperfections and the corresponding prime costsincurred in reprocessing are as follows:Job No. 71 Job No. 72Job No. 75Number of units with imperfections508040Prime costs in reprocessing:Direct materialsP500P1,500P300Direct labor200800100Jobs No. 71, 72, and 75 were completed.The unit cost in each completed job must be:Job No. 71Job No. 72Job No. 75a.P2.40P3.60P2.57b.P2.37P3.13P2.54c.P2.49P3.60P2.57d.None of the above; answer is

Name: 4. As of Sept. 1, 2018, there are two(2) jobs in process with accumul
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Description: 4. As of Sept. 1, 2018, there are two(2) jobs in process with accumulated prime costs asfollows:359J ob No. 71Job No. 72Number of units6,0005,000Direct materialsP5,000P4,000Direct laborP2,000P1,800Job Order No. 72 is special because of its strict sp

The following calculations are done as the data related to the completed jobs in the production…

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4. As of Sept. 1, 2018, there are two(2) jobs in process with accumulated prime costs as follows: 359 J ob No. 71 Job No. 72 Number of units 6,000 5,000 Direct materials P5,000 P4,000 Direct labor P2,000 P1,800 Job Order No. 72 is special because of its strict specifications. Factory overhead is charged at PO.40 per unit and includes a PO.03 provision for defective work. The prime cost incurred in Sept., 2018 are as follows: Job No. 71 Job No. 72 Job No. 75 Job No. 76 Number of units 3,000 2,000 Direct materials P4,500 P2,500 P3,000 2,000 P5,000 Direct labor 3,000 2,000 1,500 Some units are found to have imperfections and the corresponding prime costs incurred in reprocessing are as follows: Job No. 71 Job No. 72 Job No. 75 Number of units with imperfections Prime costs in reprocessing: 50 80 40 Direct materials P500 P1,500 P300 Direct labor 200 800 100 Jobs No. 71, 72, and 75 were completed. The unit cost in each completed job must be: Job No. 71 Job No. 72 Job No. 75 P2.40 P3.60 a. P2.57 b. P2.37 P3.13 P2.54 c. P2.49 P3.60 P2.57 d. None of the above; answer is

4. As of Sept. 1, 2018, there are two(2) jobs in process with accumulated prime costs as follows: 359 J ob No. 71 Job No. 72 Number of units 6,000 5,000 Direct materials P5,000 P4,000 Direct labor P2,000 P1,800 Job Order No. 72 is special because of its strict specifications. Factory overhead is charged at PO.40 per unit and includes a PO.03 provision for defective work. The prime cost incurred in Sept., 2018 are as follows: Job No. 71 Job No. 72 Job No. 75 Job No. 76 Number of units 3,000 2,000 Direct materials P4,500 P2,500 P3,000 2,000 P5,000 Direct labor 3,000 2,000 1,500 Some units are found to have imperfections and the corresponding prime costs incurred in reprocessing are as follows: Job No. 71 Job No. 72 Job No. 75 Number of units with imperfections Prime costs in reprocessing: 50 80 40 Direct materials P500 P1,500 P300 Direct labor 200 800 100 Jobs No. 71, 72, and 75 were completed. The unit cost in each completed job must be: Job No. 71 Job No. 72 Job No. 75 P2.40 P3.60 a. P2.57 b. P2.37 P3.13 P2.54 c. P2.49 P3.60 P2.57 d. None of the above; answer is

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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Julius Inc. is employing normal costing for its job orders. The overhead is applied using a predetermined overhead rate. The following information relates to the Julius Inc. for the year ended December 31, 2020: Job No. 915 Job No. 916 Job No. 917 Job in process, January 1, 2020: Direct Materials 40,000 60,000 30,000 30,000 40,000 20,000 Direct Labor Factory Overhead Costs added during 2020: Materials 20,000 100.000 ? 10,000 200,000 ? 100,000 400,000 ? Labor Factory Overhead Additional information: 1. Actual overhead for the year 2020 amounted to P350,000. 2. Job Nos. 915 and 916 were completed and transferred to finished goods during year 2020. 3. Job No. 915 was sold during year 2020., 4. The gross profit rate is 20% based on cost. Required: (1) Prepare the entry for the costs added during 2020 and costs transferred to finished goods when using periodic and perpetual methods. |
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BK Corporation estimated its overhead rate for the year to be SAR 140 per direct labor hour. Job Direct labor cost. SAR 2,800 Direct material cost. SAR 3,650 Direct labor hours. 25 Machine hours. 20 The total cost for Job 46B would be O A. SAR 2,800 O B. SAR 3,500 O C. SAR 9,250 O D. SAR 9,950
The billing price for job no. 100 per unit amounted to ________
45.
Assume that a company pays a 5% sales commission. Also, assume (1) a company's plantwide predetermined overhead rate is $13.00 per direct labor-hour, and (2) its job cost sheet for Job X shows that this job used 18 direct labor-hours and incurred direct materials and direct labor charges of $500 and $360, respectively. What is the total cost of Job X? O $1,105.70 O $734.00 O $1148.70 O $1094.00
The cost of goods manufactured for the month was:
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