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Forgiven and Free, Inc. is engaged in manufacturing of Product Save and employed and efficient cost accounting system. The company purchased direct materials, 30,000 pieces at P1.40 per piece. The inventories on June 1 Inventories Finished goods Job No. 1000 Amount P 12,000.00 Work in Process 1,400.00 1001 Direct Materials 4,500.00 Additional costs incurred for the month are as follows. Manufacturing overhead costs are charged to the jobs on the basis of P35 per direct labor hour used. The actual manufacturing overhead cost for the month totaled P35,300. At the end of June, Job Order numbers 1003 and 1006 were still in process. Only Job Order numbers 1001 and 1005 were left unsold. Gross profit rate is 40% based on sales. Direct Direct Direct Labor Job No. Materials Labor Cost Hours 1001 4,100 P 3,000 50 1002 9,150 9,000 150 1003 11,150 21,000 350 1004 3,400 12,000 200 1005 6,450 15,000 250 1006 2,700 4,800 80

Forgiven and Free, Inc. is engaged in manufacturing of Product Save and employed and efficient cost accounting system. The company purchased direct materials, 30,000 pieces at P1.40 per piece. The inventories on June 1 Inventories Finished goods Job No. 1000 Amount P 12,000.00 Work in Process 1,400.00 1001 Direct Materials 4,500.00 Additional costs incurred for the month are as follows. Manufacturing overhead costs are charged to the jobs on the basis of P35 per direct labor hour used. The actual manufacturing overhead cost for the month totaled P35,300. At the end of June, Job Order numbers 1003 and 1006 were still in process. Only Job Order numbers 1001 and 1005 were left unsold. Gross profit rate is 40% based on sales. Direct Direct Direct Labor Job No. Materials Labor Cost Hours 1001 4,100 P 3,000 50 1002 9,150 9,000 150 1003 11,150 21,000 350 1004 3,400 12,000 200 1005 6,450 15,000 250 1006 2,700 4,800 80

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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Forgiven and Free, Inc. is engaged in manufacturing of Product Save and employed and efficient cost accounting system. The company purchased direct materials, 30,000 pieces at P1.40 per piece. The inventories on June 1 Inventories Finished goods Job No. 1000 Amount P 12,000.00 Work in Process 1,400.00 1001 Direct Materials 4,500.00 Additional costs incurred for the month are as follows. Manufacturing overhead costs are charged to the jobs on the basis of P35 per direct labor hour used. The actual manufacturing overhead cost for the month totaled P35,300. At the end of June, Job Order numbers 1003 and 1006 were still in process. Only Job Order numbers 1001 and 1005 were left unsold. Gross profit rate is 40% based on sales. Direct Direct Direct Labor Job No. Materials Labor Cost Hours 1001 4,100 P 3,000 50 1002 9,150 9,000 150 1003 11,150 21,000 350 1004 3,400 12,000 200 1005 6,450 15,000 250 1006 2,700 4,800 80
Transcribed Image Text:Forgiven and Free, Inc. is engaged in manufacturing of Product Save and employed and efficient cost accounting system. The company purchased direct materials, 30,000 pieces at P1.40 per piece. The inventories on June 1 Inventories Finished goods Job No. 1000 Amount P 12,000.00 Work in Process 1,400.00 1001 Direct Materials 4,500.00 Additional costs incurred for the month are as follows. Manufacturing overhead costs are charged to the jobs on the basis of P35 per direct labor hour used. The actual manufacturing overhead cost for the month totaled P35,300. At the end of June, Job Order numbers 1003 and 1006 were still in process. Only Job Order numbers 1001 and 1005 were left unsold. Gross profit rate is 40% based on sales. Direct Direct Direct Labor Job No. Materials Labor Cost Hours 1001 4,100 P 3,000 50 1002 9,150 9,000 150 1003 11,150 21,000 350 1004 3,400 12,000 200 1005 6,450 15,000 250 1006 2,700 4,800 80
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