E-3 Spoilage Valencia Plastics Company uses job order costs system to account for its production costs. During the current period, 1,000 chairs were molded and assembled on job order number 304. The total cost incurred on the job is: Materials Labor (2,500 hours x P20/hr.) Factory Overhead 200% of direct labor cost Total cost of Job No. 304 P120,000 50,000 100.000 P270.000 $270/ chalo Inspection was made at the end of the process and 100 chairs were found to be defective beyond repair, due to excusable negligence on the part of certain workers. The spoiled chairs can be sold at a salvage value of. P100 each. The company maintains a separate Spoiled Goods Inventory for defective product charges the unrecoverable cost of spoilage to Factory Overhead Control.

E-3 Spoilage Valencia Plastics Company uses job order costs system to account for its production costs. During the current period, 1,000 chairs were molded and assembled on job order number 304. The total cost incurred on the job is: Materials Labor (2,500 hours x P20/hr.) Factory Overhead 200% of direct labor cost Total cost of Job No. 304 P120,000 50,000 100.000 P270.000 $270/ chalo Inspection was made at the end of the process and 100 chairs were found to be defective beyond repair, due to excusable negligence on the part of certain workers. The spoiled chairs can be sold at a salvage value of. P100 each. The company maintains a separate Spoiled Goods Inventory for defective product charges the unrecoverable cost of spoilage to Factory Overhead Control.

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Description: E-3SpoilageValencia Plastics Company uses job order costs system to account for itsproduction costs. During the current period, 1,000 cchairs were molded andassembled on job order number 304. The total cost incurred on the job is:MaterialsLabor (2,5

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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