PAMELA Manufacturing Company uses a job order cost system. The following debits (credits) appeared in Work in Process for the month of August: August 1 P40,500 Charges during August: Direct materials 243,000 Direct labor 162,000 Factory overhead 129,600 Debits to Finished goods 486,000 PAMELA Manufacturing applies overhead to production at a predetermined rate of 80% of direct labor cost Job XXX, which was started during August and is the only job still in process at the end of August, has been charged direct labor of P20,250. The amount of direct materials charged to Job XXX is

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Topic Video
Question
PAMELA Manufacturing Company uses a job order cost system. The following debits
(credits) appeared in Work in Process for the month of August:
August 1
P40,500
Charges during August:
Direct materials
243,000
Direct labor
162,000
Factory overhead
129,600
Debits to Finished goods
486,000
PAMELA Manufacturing applies overhead to production at a predetermined rate of 80%
of direct labor cost Job XXX, which was started during August and is the only job still in
process at the end of August, has been charged direct labor of P20,250.
The amount of direct materials charged to Job XXX is
Transcribed Image Text:PAMELA Manufacturing Company uses a job order cost system. The following debits (credits) appeared in Work in Process for the month of August: August 1 P40,500 Charges during August: Direct materials 243,000 Direct labor 162,000 Factory overhead 129,600 Debits to Finished goods 486,000 PAMELA Manufacturing applies overhead to production at a predetermined rate of 80% of direct labor cost Job XXX, which was started during August and is the only job still in process at the end of August, has been charged direct labor of P20,250. The amount of direct materials charged to Job XXX is
The GSM company uses job order costing system and provides you the following data for the
current period:
Direct materials issued to production
Indirect materials issued to production
P180,000
16,000
214,000
226,000
250,000
Direct labor cost
Manufacturing overhead cost - applied
Manufacturing overhead cost - actual
There was no beginning and ending work in process and finished goods inventory. The
company uses actual cost system.
Based on the above information, what is the cost of goods manufactured of GSM
Company?
Transcribed Image Text:The GSM company uses job order costing system and provides you the following data for the current period: Direct materials issued to production Indirect materials issued to production P180,000 16,000 214,000 226,000 250,000 Direct labor cost Manufacturing overhead cost - applied Manufacturing overhead cost - actual There was no beginning and ending work in process and finished goods inventory. The company uses actual cost system. Based on the above information, what is the cost of goods manufactured of GSM Company?
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Costing Systems
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.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education