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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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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