1. What is the gross profit for 2020 Job No. 101Job No. 102Job No. 103Job in Process, January 1, 2020:Direct MaterialsLaborFactory Overhead40,00060,00030,00030,00040,00020,000Costs added during 2020:MaterialsLabor20,000100,00010,000200,000,?100,000400,000??Factory OverheadAdditional information:1. Actual overhead for the year 2020 amounted to P350,000.2.. Jobs No. 101 and 102 were completed and transferred to finished goodsduring year 2020.3. Job No. 101 was sold during year 2020.4. The gross profit rate is 20% based on cost.

Solution: Total cost of Job 101 = Job 101 Cost in process on January 1 + Costs added for Job 101 =…

Answered: hat is the gross profit for 2020

Business

Accounting

hat is the gross profit for 2020

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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Question

1. What is the gross profit for 2020

Job No. 101
Job No. 102
Job No. 103
Job in Process, January 1, 2020:
Direct Materials
Labor
Factory Overhead
40,000
60,000
30,000
30,000
40,000
20,000
Costs added during 2020:
Materials
Labor
20,000
100,000
10,000
200,000,
?
100,000
400,000
?
?
Factory Overhead
Additional information:
1. Actual overhead for the year 2020 amounted to P350,000.
2.. Jobs No. 101 and 102 were completed and transferred to finished goods
during year 2020.
3. Job No. 101 was sold during year 2020.
4. The gross profit rate is 20% based on cost.

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