How do i compute for the work in process ending inventory of the job 203 and job 206? like what amounts and accounts do i need to include for the computation of wip ending inventory of job 203 and job 206? Job Order Costing - Problem 1Wizard Com pany uses job order cost accum ulation and applies overhead based on direct labor hours.Any underapplie d or overapplied overhead is adjusted directly to Cost of Goods Sold atthe end of eachmonth. On April 1, job cost sheets indicated the following:Job 201Job 202Job 203Job 204Direct MaterialsP1,480P3,5902,7002,160P2,0001,5001,200P2,0001,200Direct LaborApplied OverheadB00960On April 30, Finished Goods contained only Job 204 and 207, which had the following total costsJob 204Job 207Direct MaterialP2,9702,2001,760P2,4501,900Direct LaborApplied Overhead1,520Besides working on Jobs 204 and 207 in April, the company continued work on Jobs 202 and 203 andstarted work on jobs 205 and 206. A summary of direct materials used and direct labor hours worked onjobs 202, 203, 205, and 206 during April showed the following:Job 202Job 203Job 205Job 205Direct MaterialsP1,250P555P2,500P1,980Direct Labor Hours1007510550Other Information:(a) On April 30, the only job still in process were 203 and 205(b) All workers are paid P20 per hour Wage rates have been stable throughout the year(c) The company maintains only one raw materials account from which is issues both direct andindirect materials. The balance in this account was P2,700 on April 1(d) All sales are billed on account at 150% of total cost(e) Other items in April:Depreciation, Factory EquipmentP1,375Raw Materials Purchases11,5502,5002,700Indirect LaborFactory Rent and UtilitiesIndirect Materials used2,790Required:1. Determine the April 30 balances for Raw Materials Inventory and for work in process2. Prepare all journal entries required for Job 202 in April3. Calculate the cost of goods manufactured in April. Required:1. Determine the April 30 balances for Raw Materials Inventory and for work in process2. Prepare all journal entries required for Job 202 in April3. Calculate the cost of goods manufactured in April.4. Calculate the overapplied or underapplied overhead for April5. Calculate gross profit for April

Work in progress describes the partially finished goods which are awaiting for its completion. In…

Job Order Costing - Problem 1 Wizard Company uses job order cost accum ulation and applies overhead based on direct labor hours. Any underapplied or overapplied overhead is adjusted directly to Cost of Goods Sold atthe end of each wwww w www w month. On April 1, job cost sheets indicated the following: Job 201 Job 202 Job 203 Job 204 Direct Materials P2,000 P3,590 2,700 P2,000 1,500 1,200 P1,480 Lo00 Direct Labor 1,200 Applied Overhead 2,160 B00 960 On April 30, Finished Goods contained only Job 204 and 207, which had the following total costs Job 204 P2,970 Job 207 P2,450 1,900 1,520 Direct Material Direct Labor 2,200 Applied Overhead 1,760 Besides working on Jobs 204 and 207 in April, the company contin ued work on Jobs 202 and 203 and started work on jobs 205 and 206. A summary of direct materials used and direct labor hours worked on jobs 202, 203, 205, and 205 during April showed the following: Job 202 Job 203 Job 205 Job 205 P2,500 Direct Materials P1,250 P555 P1,980 Direct Labor Hours 100 75 105 50 Other Information: (a) On April 30, the only job still in process were 203 and 205 (b) All workers are paid P20 per hour Wage rates have been stable throughout the year (c) The company maintains only one raw materials account from which is issues both direct and indirect materials. The balance in this account was P2,700 on April 1 (d) All sales are billed on account at 150% of total cost (e) other items in April: Depreciation, Factory Equipment P1,375 11,550 2,500 2,700 Raw Materials Purchases Indirect Labor Factory Rent and Utilities Indirect Materials Used 2,790

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q