JPB Company has only one job in process on January 1, 2022, Job No. 97 for 75 units, carried at a cost of P78,400. During the 6 months period January to June 2022 JC accepted two more jobs, Job No. 98 for 200 units and Job No. 99 for 100 units. Actual data for the period is as follows: Direct Materials used, P2,800,000 distributed as: Job No. 97, 20%; Job No. 98, 45%; Job No. 99, 35%. Direct Labor cost, P2,175,000 distributed as: Job No. 97, 25%; Job No. 98, 50%; Job No. 99, 25%. Various overhead incurred, P2,878,000 Purchases of Raw Materials, P3,200,000 The company's annual budgeted overhead is P5,460,000 while the annual budgeted direct labor costs is P4,200,000. Overhead is applied to production on the bases of direct labor costs. Jobs 97 and 98 were completed and sold while Job 99 is still in process at the end of June. Any variance is considered immaterial. The adjusted cost of goods sold for the period ended is:
JPB Company has only one job in process on January 1, 2022, Job No. 97 for 75 units, carried at a cost of P78,400. During the 6 months period January to June 2022 JC accepted two more jobs, Job No. 98 for 200 units and Job No. 99 for 100 units. Actual data for the period is as follows: Direct Materials used, P2,800,000 distributed as: Job No. 97, 20%; Job No. 98, 45%; Job No. 99, 35%. Direct Labor cost, P2,175,000 distributed as: Job No. 97, 25%; Job No. 98, 50%; Job No. 99, 25%. Various overhead incurred, P2,878,000 Purchases of Raw Materials, P3,200,000 The company's annual budgeted overhead is P5,460,000 while the annual budgeted direct labor costs is P4,200,000. Overhead is applied to production on the bases of direct labor costs. Jobs 97 and 98 were completed and sold while Job 99 is still in process at the end of June. Any variance is considered immaterial. The adjusted cost of goods sold for the period ended is:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
Please show the computation. Thank you!
Transcribed Image Text:JPB Company has only one job in process on January 1, 2022, Job No. 97 for 75 units, carried
at a cost of P78,400. During the 6 months period January to June 2022 JC accepted two more
jobs, Job No. 98 for 200 units and Job No. 99 for 100 units. Actual data for the period is as
follows:
Direct Materials used, P2,800,000 distributed as: Job No. 97, 20%; Job No. 98, 45%; Job No. 99,
35%.
Direct Labor cost, P2,175,000 distributed as: Job No. 97, 25%; Job No. 98, 50%; Job No. 99,
25%.
Various overhead incurred, P2,878,000
Purchases of Raw Materials, P3,200,000
The company's annual budgeted overhead is P5,460,000 while the annual budgeted direct
labor costs is P4,200,000. Overhead is applied to production on the bases of direct labor costs.
Jobs 97 and 98 were completed and sold while Job 99 is still in process at the end of June.
Any variance is considered immaterial.
The adjusted cost of goods sold for the period ended is:
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education