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Exercise 5: USE OF COST SHEETS Siboney Furniture, Inc. started its operation in 200C and has requested for your assistance in costing the different jobs it processed during the first two months of the year. Based on estimated factory overhead figures, the same should be charged at the rate of P25 per direct labor hour. Desired gross profit is 33-1/3 % of selling price. The jobs worked on in January and February and the corresponding direct charges are as follows: January, 200M Jobs accepted: Job Order No. 001: 250 narra chairs for Lauro Miguel Ordered January 5 and needed on February 10 Date started: January 7 Date finished: February 8 Job Order No. 002: Ten (10) of mahogany bar stools for Delia Ruiz Ordered January 8 and needed on January 30 Date started: January 10 Date finished: January 26 February, 200M

Exercise 5: USE OF COST SHEETS Siboney Furniture, Inc. started its operation in 200C and has requested for your assistance in costing the different jobs it processed during the first two months of the year. Based on estimated factory overhead figures, the same should be charged at the rate of P25 per direct labor hour. Desired gross profit is 33-1/3 % of selling price. The jobs worked on in January and February and the corresponding direct charges are as follows: January, 200M Jobs accepted: Job Order No. 001: 250 narra chairs for Lauro Miguel Ordered January 5 and needed on February 10 Date started: January 7 Date finished: February 8 Job Order No. 002: Ten (10) of mahogany bar stools for Delia Ruiz Ordered January 8 and needed on January 30 Date started: January 10 Date finished: January 26 February, 200M

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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COST ACCOUNTING

 

D cost_problems.docx.pdf -> O File | C:/Users/acer/Downloads/cost_problems.docx.pdf Direct Labor costs per time tickets Date Job Order No. Labor Hours P 1,800 1,200 Jan. 6-12 001 50 002 30 13-19 001 100 3,000 002 120 4,600 20-26 001 80 2,700 002 3,800 1,600 P 29,000 200 27-28 001 50 630 Feb. 3-9 001 120 4,100 10-16 003 210 4,050 004 10 400 160 5,800 4,300 17-23 003 004 120 24-28 003 70 2,500 1,950 P 23,100 004 55 745 Required: a. Cost sheets b. T-accounts for work-in process for January and February,200c c. Proof of work in process inventory, January 31, 200M d. Statement of cost of goods manufactured for February, 200M (supported by job order costs) e. Proof of work in process inventory, February 28, 200M 7:50 pm W G 4») ENG 20/04/2022
Transcribed Image Text:D cost_problems.docx.pdf -> O File | C:/Users/acer/Downloads/cost_problems.docx.pdf Direct Labor costs per time tickets Date Job Order No. Labor Hours P 1,800 1,200 Jan. 6-12 001 50 002 30 13-19 001 100 3,000 002 120 4,600 20-26 001 80 2,700 002 3,800 1,600 P 29,000 200 27-28 001 50 630 Feb. 3-9 001 120 4,100 10-16 003 210 4,050 004 10 400 160 5,800 4,300 17-23 003 004 120 24-28 003 70 2,500 1,950 P 23,100 004 55 745 Required: a. Cost sheets b. T-accounts for work-in process for January and February,200c c. Proof of work in process inventory, January 31, 200M d. Statement of cost of goods manufactured for February, 200M (supported by job order costs) e. Proof of work in process inventory, February 28, 200M 7:50 pm W G 4») ENG 20/04/2022
D cost_problems.docx.pdf -> O File C:/Users/acer/Downloads/cost_problems.docx.pdf Exercise 5: USE OF COST SHEETS Siboney Furniture, Inc. started its operation in 200C and has requested for your assistance in costing the different jobs it processed during the first two months of the year. Based on estimated factory overhead figures, the same should be charged at the rate of P25 per direct labor hour. Desired gross profit is 33-1/3% of selling price. The jobs worked on in January and February and the corresponding direct charges are as follows: January. 200M Jobs accepted: Job Order No. 001: 250 narra chairs for Lauro Miguel Ordered January 5 and needed on February 10 Date started: January 7 Date finished: February 8 Job Order No. 002: Ten (10) of mahogany bar stools for Delia Ruiz Ordered January 8 and needed on January 30 Date started: January 10 Date finished: January 26 February, 200M Jobs accepted: Job Order No. 003: 10 narra sala sets for Interiors Supreme, Inc. Ordered February 10 and needed on March 20 Date started: February 12 5 mahogany and narra beds for Milan Furniture, Inc. Ordered February 15 and needed on March 31 Job Order No. 004: Date started: February 16 Direct Materials issued: Requisition No. Job Order No. IT: Date Jan. 7 R-001 R-003 R-004 Amount P 12, 000 6,000 001 10 002 12 001 8,000 26 R-006 002 3,000 29,000 Feb. 5 R-009 001 5,500 12 R-012 03 15,500 8,200 16 R-015 004 21 R-018 04 2,600 5,800 P 37, 600 28 R-029 003 7:50 pm W G 4») ENG 20/04/2022
Transcribed Image Text:D cost_problems.docx.pdf -> O File C:/Users/acer/Downloads/cost_problems.docx.pdf Exercise 5: USE OF COST SHEETS Siboney Furniture, Inc. started its operation in 200C and has requested for your assistance in costing the different jobs it processed during the first two months of the year. Based on estimated factory overhead figures, the same should be charged at the rate of P25 per direct labor hour. Desired gross profit is 33-1/3% of selling price. The jobs worked on in January and February and the corresponding direct charges are as follows: January. 200M Jobs accepted: Job Order No. 001: 250 narra chairs for Lauro Miguel Ordered January 5 and needed on February 10 Date started: January 7 Date finished: February 8 Job Order No. 002: Ten (10) of mahogany bar stools for Delia Ruiz Ordered January 8 and needed on January 30 Date started: January 10 Date finished: January 26 February, 200M Jobs accepted: Job Order No. 003: 10 narra sala sets for Interiors Supreme, Inc. Ordered February 10 and needed on March 20 Date started: February 12 5 mahogany and narra beds for Milan Furniture, Inc. Ordered February 15 and needed on March 31 Job Order No. 004: Date started: February 16 Direct Materials issued: Requisition No. Job Order No. IT: Date Jan. 7 R-001 R-003 R-004 Amount P 12, 000 6,000 001 10 002 12 001 8,000 26 R-006 002 3,000 29,000 Feb. 5 R-009 001 5,500 12 R-012 03 15,500 8,200 16 R-015 004 21 R-018 04 2,600 5,800 P 37, 600 28 R-029 003 7:50 pm W G 4») ENG 20/04/2022
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