Bounty Hunter Corporation has the following transaction for the month of February and uses Job order costing system: 1. Materials purchased for cash P40,000. 2. Materials and labor used: Job No. Materials Labor 2,600 1,900 301 4,200 3,600 2,200 1,800 2,800 302 1,200 4,300 303 304 General factory use 4,200 3. Factory overhead cost incurred, P9,500. 4. Depreciation of factory machine, P4,000. 5. ACTUAL overhead was applied to production on the basis of DIRECT labor costs. 6. Jobs completed are: Jobs 302 and 304. 7. Job 304 is sold at 180% mark-up on cost. Determine the following: 1. material inventory, end 2. materials issued to production 3. total direct materials
Bounty Hunter Corporation has the following transaction for the month of February and uses Job order costing system: 1. Materials purchased for cash P40,000. 2. Materials and labor used: Job No. Materials Labor 2,600 1,900 301 4,200 3,600 2,200 1,800 2,800 302 1,200 4,300 303 304 General factory use 4,200 3. Factory overhead cost incurred, P9,500. 4. Depreciation of factory machine, P4,000. 5. ACTUAL overhead was applied to production on the basis of DIRECT labor costs. 6. Jobs completed are: Jobs 302 and 304. 7. Job 304 is sold at 180% mark-up on cost. Determine the following: 1. material inventory, end 2. materials issued to production 3. total direct materials
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Bounty Hunter Corporation has the following transaction for the month of February and
uses Job order costing system:
1. Materials purchased for cash P40,000.
2. Materials and labor used:
Job No.
Materials
Labor
2,600
1,900
301
4,200
3,600
2,200
1,800
2,800
302
1,200
4,300
303
304
General factory use
4,200
3. Factory overhead cost incurred, P9,500.
4. Depreciation of factory machine, P4,000.
5. ACTUAL overhead was applied to production on the basis of DIRECT labor costs.
6. Jobs completed are: Jobs 302 and 304.
7. Job 304 is sold at 180% mark-up on cost.
Determine the following:
1. material inventory, end
2. materials issued to production
3. total direct materials
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