On January 1, there were two jobs in process at Fifo Company. Details of the jobs are: Job A-15: DM - 8,700; DL - 3,200 Job A-38: DM - 1,600; DL - 4,200 Materials inventory at January 1 totaled P46,000 and P5,800 in materials were purchased during the month. A requisition for P800 in supplies was filed. On January 1, finished goods inventory consisted of two jobs: Job No. A-07 costing P19,600 and Job No. A-21 costing P7,900. Both jobs were sold during the month. Also during January, Job Nos. a-15 and A-38 were completed. Completing Job No. A-15 required additional P3,400 in direct labor and P1,500 in direct materials. The Job No. A-38 completion costs included an additional P5,400 in direct materials and P10,000 in direct labor. Job No. A-40 was started during the period but was not finished. A total of P15,700 of direct materials were brought from the storeroom during the period and total direct labor costs for the period amounts to P20,400. Factory overhead was applied at 150% of direct labor costs to all of the jobs. What is the cost of job completed in January?
On January 1, there were two jobs in process at Fifo Company. Details of the jobs are:
Job A-15: DM - 8,700; DL - 3,200
Job A-38: DM - 1,600; DL - 4,200
Materials inventory at January 1 totaled P46,000 and P5,800 in materials were purchased during the month. A requisition for P800 in supplies was filed. On January 1, finished goods inventory consisted of two jobs: Job No. A-07 costing P19,600 and Job No. A-21 costing P7,900. Both jobs were sold during the month. Also during January, Job Nos. a-15 and A-38 were completed. Completing Job No. A-15 required additional P3,400 in direct labor and P1,500 in direct materials. The Job No. A-38 completion costs included an additional P5,400 in direct materials and P10,000 in direct labor. Job No. A-40 was started during the period but was not finished. A total of P15,700 of direct materials were brought from the storeroom during the period and total direct labor costs for the period amounts to P20,400. Factory
What is the cost of job completed in January?
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
