Adams Co. uses a job order costing system and the following information is available from its records. The company has 3 jobs in process: #5, #8, and #12. Raw materials used P120,000 Direct labor per hour P8.50 Overhead applied based on direct labor cost 120% Direct material was requisitioned as follows for each job respectively: 30 percent, 25 percent, and 25 percent; the balance of the requisitions was considered indirect. Direct labor hours per job are 2,500; 3,100; and 4,200, respectively. Indirect labor is P33,000. Other actual overhead costs totaled P36,000. What is the total amount of actual overhead? How much overhead is applied to Work in Process? If Job #12 is completed and transferred, what is the balance of Work in Process Inventory at the end of the period if overhead is applied at the end of the period?
Adams Co. uses a job order costing system and the following information is available from its records. The company has 3 jobs in process: #5, #8, and #12. Raw materials used P120,000 Direct labor per hour P8.50 Overhead applied based on direct labor cost 120% Direct material was requisitioned as follows for each job respectively: 30 percent, 25 percent, and 25 percent; the balance of the requisitions was considered indirect. Direct labor hours per job are 2,500; 3,100; and 4,200, respectively. Indirect labor is P33,000. Other actual overhead costs totaled P36,000. What is the total amount of actual overhead? How much overhead is applied to Work in Process? If Job #12 is completed and transferred, what is the balance of Work in Process Inventory at the end of the period if overhead is applied at the end of the period?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Adams Co. uses a
Raw materials used P120,000
Direct labor per hour P8.50
Direct material was requisitioned as follows for each job respectively: 30 percent, 25 percent, and 25 percent; the balance of the requisitions was considered indirect. Direct labor hours per job are 2,500; 3,100; and 4,200, respectively. Indirect labor is P33,000. Other actual overhead costs totaled P36,000.
- What is the total amount of actual overhead?
- How much overhead is applied to Work in Process?
- If Job #12 is completed and transferred, what is the balance of Work in Process Inventory at the end of the period if overhead is applied at the end of the period?
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