NFL. Company produces sport's equipment made to customer's specifications. The following data pertain to Job 101. * 6-month ending June 30, 2020 6-month ending 12/31/2020 Materials- Dept. Direct labor rate - Dept. 1 Labor hours used- Dept. 1 Direct labor rate- Dept. 2 Labor hours used - Dept. 2 Machine hours used - Dept. 2 P100,000 P10/hour 4,000 hours P20/hour 1,000 hours 2,000 hours P200,000 P15/hour 2,000 hours P30 3,000 hours 1,000 hours dditional data: a. NFL Inc. determined that the amount of operating expenses is 10% of full production cost of job. b. The company has provided a net profit mark up of 20% based on sales. C. Applied factory overhead: Department I P5.00 per direct labor hour Department 2 P2.00 per machine hour What is the net profit of Job 101 was completed and sold in vear 2020?
NFL. Company produces sport's equipment made to customer's specifications. The following data pertain to Job 101. * 6-month ending June 30, 2020 6-month ending 12/31/2020 Materials- Dept. Direct labor rate - Dept. 1 Labor hours used- Dept. 1 Direct labor rate- Dept. 2 Labor hours used - Dept. 2 Machine hours used - Dept. 2 P100,000 P10/hour 4,000 hours P20/hour 1,000 hours 2,000 hours P200,000 P15/hour 2,000 hours P30 3,000 hours 1,000 hours dditional data: a. NFL Inc. determined that the amount of operating expenses is 10% of full production cost of job. b. The company has provided a net profit mark up of 20% based on sales. C. Applied factory overhead: Department I P5.00 per direct labor hour Department 2 P2.00 per machine hour What is the net profit of Job 101 was completed and sold in vear 2020?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:NFL. Company produces
sport's equipment made to
customer's specifications. The
following data pertain to Job
101. *
6-month ending 12/31/2020
P200,000
P15/hour
2,000 hours
P30
3,000 hours
1,000 hours
6-month ending June 30, 2020
Materials-Dept. 1
Direct labor rate - Dept. 1
Labor hours used - Dept. 1
Direct labor rate- Dept. 2
Labor hours used – Dept. 2
Machine hours used - Dept. 2
P100,000
P10/hour
4,000 hours
P20/hour
1,000 hours
2,000 hours
Additional data:
a. NFL Inc. determined that the amount of operating expenses is 10% of full production cost of
job.
b. The company has provided a net profit mark up of 20% based on sales.
c. Applied factory overhead:
Department 1 P5.00 per direct labor hour
Department 2 P2.00 per machine hour
What is the net profit of Job 101 was
completed and sold in year 2020?
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