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 Direct labor per hour Overhead applied based on direct labor cost P19.00 125% 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

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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
Direct labor per hour
Overhead applied based on direct labor cost
P19.00
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.
523,700
468,075
484,700
394,700
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 Direct labor per hour Overhead applied based on direct labor cost P19.00 125% 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. 523,700 468,075 484,700 394,700
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