Boone Manufacturing had worked on two jobs, Job 101 and Job 102 last year. The estimated manufacturing overhead for last year was P 30,000 (fixed) and P5.00 per direct labor hour (variable) and estimated 2,000 direct labor hours. The factory overhead control account has a balance of P 37,000. Actual hours used for Job 101 was 1,200 and for Job 102 was 1,000.

Boone Manufacturing had worked on two jobs, Job 101 and Job 102 last year. The estimated manufacturing overhead for last year was P 30,000 (fixed) and P5.00 per direct labor hour (variable) and estimated 2,000 direct labor hours. The factory overhead control account has a balance of P 37,000. Actual hours used for Job 101 was 1,200 and for Job 102 was 1,000.

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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Chrome File Edit View History Bookmarks Profiles Tab Window Help Project Chapters 5-7 Content WP NWP Assessme X 2,041 Content OCT 26 education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=36ec0bd6-8a4b-4bac-8fcd-95120acedb08#/question/0 Question 1 of 1 View Policies Show Attempt History Current Attempt in Progress Cash On December 1, 2022, Sheffield Corp. had the following account balances. Notes Receivable Accounts Receivable Inventory Prepaid Insurance Equipment Dec. 7 1. × 2. 12 (a) 17 19 22 26 31 Adjustment data: terms 1/10 n/30 × bExplain the appl X During December, the company completed the following transactions. > Debit $18,100 2,500 7,800 tv 15,500 1,500 28,100 $73,500 Accumulated Depreciation-Equipment Accounts Payable Common Stock Retained Earnings Depreciation was $210 per month. Insurance of $400 expired in December. Your answer is partially correct. Credit $3,100 6,000 loc 50,300 Received $3,600 cash from customers in payment of account (no discount allowed).…
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