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During January 2021, LOBO Company worked on three jobs, under normal cost system. Data relating to these three jobs follows: Units in each order Raw Materials requisitioned Direct labor hours Direct labor rate per hour Actual Indirect materials used JOB NO. 100 JOB NO. 101 JOB NO. 103 4,500 P45,000 2,000 1,800 3,000 P42,000 1,500 P70 3,000 P32,000 1,000 Р60 5,000 P60 2,000 Overhead is applied at 80% of direct labor cost. During January, Job no. 100 was complet & delivered to customer at 25% markup based on cost. Job no. 103 was placed in stock. J no. 101 was the only unfinished job at the end of the month. The billing price for Job No. 100 per unit amounted to

During January 2021, LOBO Company worked on three jobs, under normal cost system. Data relating to these three jobs follows: Units in each order Raw Materials requisitioned Direct labor hours Direct labor rate per hour Actual Indirect materials used JOB NO. 100 JOB NO. 101 JOB NO. 103 4,500 P45,000 2,000 1,800 3,000 P42,000 1,500 P70 3,000 P32,000 1,000 Р60 5,000 P60 2,000 Overhead is applied at 80% of direct labor cost. During January, Job no. 100 was complet & delivered to customer at 25% markup based on cost. Job no. 103 was placed in stock. J no. 101 was the only unfinished job at the end of the month. The billing price for Job No. 100 per unit amounted to

FINANCIAL ACCOUNTING
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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During January 2021, LOBO Company worked on three jobs, under normal cost system. Data relating to these three jobs follows: Units in each order Raw Materials requisitioned Direct labor hours Direct labor rate per hour Actual Indirect materials used JOB NO. 100 JOB NO. 101 JOB NO. 103 1,800 P32,000 1,000 Р60 5,000 3,000 P42,000 4,500 P45,000 1,500 2,000 Р60 2,000 P70 3,000 Overhead is applied at 80% of direct labor cost. During January, Job no. 100 was completed & delivered to customer at 25% markup based on cost. Job no. 103 was placed in stock. Job no. 101 was the only unfinished job at the end of the month. The billing price for Job No. 100 per unit amounted to
Transcribed Image Text:During January 2021, LOBO Company worked on three jobs, under normal cost system. Data relating to these three jobs follows: Units in each order Raw Materials requisitioned Direct labor hours Direct labor rate per hour Actual Indirect materials used JOB NO. 100 JOB NO. 101 JOB NO. 103 1,800 P32,000 1,000 Р60 5,000 3,000 P42,000 4,500 P45,000 1,500 2,000 Р60 2,000 P70 3,000 Overhead is applied at 80% of direct labor cost. During January, Job no. 100 was completed & delivered to customer at 25% markup based on cost. Job no. 103 was placed in stock. Job no. 101 was the only unfinished job at the end of the month. The billing price for Job No. 100 per unit amounted to
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