Ethel Corporation has provided the following information for transactions that occurred during April. This Corporation uses a JIT costing system Raw materials were purchased at a total cost of P291,000.All materials purchased were requisitioned for production.Direct labor costs of P231,000 were incurred.Actual factory overhead costs amounted to P675,000Applied conversion costs totalled P900,000. This included P231,000 of direct labor.All units were completed.Question:1. The balance of conversion cost on April was:2. The balance of finished goods was:3. The amount of factory overhead was:4. The amount of direct labor to be back-flushed was

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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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Ethel Corporation has provided the following information for transactions that occurred during April.

This Corporation uses a JIT costing system

Raw materials were purchased at a total cost of P291,000.
All materials purchased were requisitioned for production.
Direct labor costs of P231,000 were incurred.
Actual factory overhead costs amounted to P675,000
Applied conversion costs totalled P900,000. This included P231,000 of direct labor.
All units were completed.

Question:

1. The balance of conversion cost on April was:

2. The balance of finished goods was:

3. The amount of factory overhead was:

4. The amount of direct labor to be back-flushed was

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