Assuming only Job# 2 and 3 were completed and sold, what is the cost of goods sold at year end? Triple V Company uses a job-order costing system and the following information is available from its records. The company has three jobs in process: #1, #2, and #3. Raw material used P260,000 P19.00 Direct labor per hour Overhead applied based on direct labor cost 125% Of the raw materials used, total of 85% were traceable to the specific jobs (Job #1: 25%; Job #2: 30%; Job #3: 30%) and the balance of the requisitions was considered indirect. Direct labor hours per job are 2,800; 3,300; and 4,000; respectively. Indirect labor is P90,000. Other actual overhead costs totaled P100,000.
Assuming only Job# 2 and 3 were completed and sold, what is the cost of goods sold at year end? Triple V Company uses a job-order costing system and the following information is available from its records. The company has three jobs in process: #1, #2, and #3. Raw material used P260,000 P19.00 Direct labor per hour Overhead applied based on direct labor cost 125% Of the raw materials used, total of 85% were traceable to the specific jobs (Job #1: 25%; Job #2: 30%; Job #3: 30%) and the balance of the requisitions was considered indirect. Direct labor hours per job are 2,800; 3,300; and 4,000; respectively. Indirect labor is P90,000. Other actual overhead costs totaled P100,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Assuming only Job# 2 and 3 were completed and sold, what is the cost of goods sold at year end?
Triple V Company uses a job-order costing system and the following information is
available from its records. The company has three jobs in process: #1, #2, and #3.
Raw material used
P260,000
P19.00
Direct labor per hour
Overhead applied based on direct labor cost
125%
Of the raw materials used, total of 85% were traceable to the specific jobs (Job #1: 25%;
Job #2: 30%; Job #3: 30%) and the balance of the requisitions was considered indirect.
Direct labor hours per job are 2,800; 3,300; and 4,000; respectively. Indirect labor is
P90,000. Other actual overhead costs totaled P100,000.
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