4. Katherine, owner of KCO Supply Company in Cebu, which manufactures Chopsticks for restaurants, has recently decided to implement a Just-in-Time Costing system. Transactions for August are as follows: a. Raw materials were purchased at the cost of P950,000. b. All materials purchased were requisitioned for production. c. Direct labor costs of P2,500,000 were incurred. d. Actual factory overhead costs amounted to P6,000,000. e. Applied conversion costs totaled P8,100,000. This included P2,500,000 of direct labor. f. All units were competed

4. Katherine, owner of KCO Supply Company in Cebu, which manufactures Chopsticks for restaurants, has recently decided to implement a Just-in-Time Costing system. Transactions for August are as follows: a. Raw materials were purchased at the cost of P950,000. b. All materials purchased were requisitioned for production. c. Direct labor costs of P2,500,000 were incurred. d. Actual factory overhead costs amounted to P6,000,000. e. Applied conversion costs totaled P8,100,000. This included P2,500,000 of direct labor. f. All units were competed

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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G. Bello, a general manager of a highly automated coffee production plant in Cavite, has provided the following information for transactions that occurred during March. The production plant uses a JIT costing system. (a) Raw materials costing P300,000 were purchased. (b) All materials purchased were requisitioned for production. (c) Direct labor costs of P200,000 were incurred. (d)Actual factory overhead costs amounted to P995,000. (e) Applied conversion costs totaled P1,300,000. This includes the direct labor cost. (f) All units are completed and immediately sold. __________1. What amount will be debited to the Materials inventory account in (a)? __________2.Journal entry to record the transaction in (b) __________3.How much is the actual conversion cost? __________4.How much is the applied conversion cost __________5.Determine the amount to be backflushed from Raw and in Process account to Finished Goods account (include materials and conversion cost).
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