Julius Inc. is employing normal costing for its job orders. The overhead is applied using a predetermined overhead rate. The following information relates to the Julius Inc. for the year ended December 31, 2020: Job No. 915 Job No. 916 Job No. 917 Job in process, January 1, 2020: Direct Materials Direct Labor Factory Overhead 40,000 60,000 30,000 30,000 40,000 20,000 Costs added during 2020: Materials 20,000 100.000 ? 10,000 200,000 ? 100,000 400,000 Labor Factory Overhead Additional information: 1. Actual overhead for the year 2020 amounted to P350,000. 2. Job Nos. 915 and 916 were completed and transferred to finished goods during year 2020. 3. Job No. 915 was sold during year 2020., 4. The gross profit rate is 20% hased on cost.
Julius Inc. is employing normal costing for its job orders. The overhead is applied using a predetermined overhead rate. The following information relates to the Julius Inc. for the year ended December 31, 2020: Job No. 915 Job No. 916 Job No. 917 Job in process, January 1, 2020: Direct Materials Direct Labor Factory Overhead 40,000 60,000 30,000 30,000 40,000 20,000 Costs added during 2020: Materials 20,000 100.000 ? 10,000 200,000 ? 100,000 400,000 Labor Factory Overhead Additional information: 1. Actual overhead for the year 2020 amounted to P350,000. 2. Job Nos. 915 and 916 were completed and transferred to finished goods during year 2020. 3. Job No. 915 was sold during year 2020., 4. The gross profit rate is 20% hased on cost.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
Show the solution in good accounting form. Thank you!
1. What is the total
2. What is the cost of goods manufactured for 2020?
3. What is the cost of goods sold for 2020?
4. What is the gross profit for 2020?
5. What is the cost of work in process on December 31, 2020?
6. What is the cost of finished goods on December 31, 2020?
Transcribed Image Text:Julius Inc. is employing normal costing for its job orders. The overhead is applied using a
predetermined overhead rate. The following information relates to the Julius Inc. for the year
ended December 31, 2020:
Job No. 915
Job No. 916
Job No. 917
Job in process, January 1, 2020:
Direct Materials
40,000
60,000
30,000
30,000
40,000
20,000
Direct Labor
Factory Overhead
Costs added during 2020:
Materials
20,000
100.000
?
10,000
200,000
?
100,000
400,000
?
Labor
Factory Overhead
Additional information:
1. Actual overhead for the year 2020 amounted to P350,000.
2. Job Nos. 915 and 916 were completed and transferred to finished goods during year 2020.
3. Job No. 915 was sold during year 2020.,
4. The gross profit rate is 20% based on cost.
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 5 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