1. What is the cost of finished Goods on December 31, 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.

Management accounting: The act of distinguishing, investigating, , measuring, interpreting, and…

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 Factory Overhead 20,000 100,000 10,000 200,000, 100,000 400,000 ? ? 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.

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 Factory Overhead 20,000 100,000 10,000 200,000, 100,000 400,000 ? ? 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.

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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