Items 3 and 4 are based on the following data: LESUE COMPANY uses job-order-costing. Factory overhead is applied to production at a pre determined rate of 150% of direct labor cost. Any over or under-aplied factory overhead is closed to the cost of goods sold account at the end of each month. Additional information is available as follows: JOB 101 was the only job in process at January 31, wih accumulated costs as follows: Direct materials P 4,000 Direct labor 2,000 Applied factory overhead 3,000 9,000 JOB 101, 103 and 104 were started during February Direct materials requisitions for February totaled P 26,000 Direct labor cost of P 20,000 was incurrs for February Actual factory overhead was P 32,000 for February The only job still in process on February 28 was Job 104, with costs of P 2,800 for direct materials and P 1,800 direct labor The cost of goods manufactured for February was: A P77,700 3. B P 78,000 С Р9,700 D P85,000 4 Over or under-applied factory overhead should be closed to the cost of goods sold account at Feb. 28 in the amount of: A P 700 overapplied P 1,000 overapplied C P1,700 underapplied D P2,000 underapplied
Items 3 and 4 are based on the following data: LESUE COMPANY uses job-order-costing. Factory overhead is applied to production at a pre determined rate of 150% of direct labor cost. Any over or under-aplied factory overhead is closed to the cost of goods sold account at the end of each month. Additional information is available as follows: JOB 101 was the only job in process at January 31, wih accumulated costs as follows: Direct materials P 4,000 Direct labor 2,000 Applied factory overhead 3,000 9,000 JOB 101, 103 and 104 were started during February Direct materials requisitions for February totaled P 26,000 Direct labor cost of P 20,000 was incurrs for February Actual factory overhead was P 32,000 for February The only job still in process on February 28 was Job 104, with costs of P 2,800 for direct materials and P 1,800 direct labor The cost of goods manufactured for February was: A P77,700 3. B P 78,000 С Р9,700 D P85,000 4 Over or under-applied factory overhead should be closed to the cost of goods sold account at Feb. 28 in the amount of: A P 700 overapplied P 1,000 overapplied C P1,700 underapplied D P2,000 underapplied
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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HI KINDLY ANSWER ON THE ATTACHED FILE. THANK YOU SO MUCH :)
Transcribed Image Text:Items 3 and 4 are based on the following data:
LESUE COMPANY uses job-order-costing. Factory overhead is applied to production at a pre determined rate of
150% of direct labor cost. Any over or under-aplied factory overhead is closed to the cost of goods sold account
at the end of each month. Additional information is available as follows:
JOB 101 was the only job in process at January 31, wih accumulated costs as follows:
Direct materials
4,000
Direct labor
2,000
Applied factory overhead
3,000
9,000
JOB 101, 103 and 104 were started during February
Direct materials requisitions for February totaled P 26,000
Direct labor cost of P 20,000 was incurrs for February
Actual factory overhead was P 32,000 for February
The only job still in process on February 28 was Job 104, with costs of P 2,800 for direct materials and P 1,800
direct labor
The cost of goods manufactured for February was:
A P77,700
3.
P 78,000
С Р79,700
D P85,000
4
Over or under-applied factory overhead should be closed to the cost of goods sold account at Feb. 28 in the
amount of:
A P 700 overapplied
P 1,000 overapplied
C P1,700 underapplied
D P2,000 underapplied
B
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