Job 213 required direct materials costing P20,000 and direct labor costing P5,000 (300 hrs.) Additionally factory overhead of P0.80 per direct labor hour cost is charged to the job. It was discovered that the labor cost shown was 125% of the correct amount due to erroneous overtime premiums. 25. The correct cost of Job 213 ▼ a. P 24,240 b. P 27,200 c. P28,000 d. P 28,000

Job 213 required direct materials costing P20,000 and direct labor costing P5,000 (300 hrs.) Additionally factory overhead of P0.80 per direct labor hour cost is charged to the job. It was discovered that the labor cost shown was 125% of the correct amount due to erroneous overtime premiums. 25. The correct cost of Job 213 ▼ a. P 24,240 b. P 27,200 c. P28,000 d. P 28,000

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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The following cost data are available for Honesty Co. for its first month of operations: Job 201 Job 202 Job 203Direct materials 60,000 90,000 56,000Direct labor cost at 40 per hour 18,000 36,000 38,000Overhead is applied at the rate of 32 per direct labor hour. Job no. 201 and 202 were completed. Job no. 201 was sold, and job no. 203 remained incomplete at the end of the month. Honesty Co. incurred the following costs for the month: Direct material purchases, 300,000; Direct and indirect labor costs, 96,000; Factory overhead excluding indirect labor and indirect materials, 59,200; Indirect materials, 4,000.How much is the cost of goods manufactured for the month?
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