Pasig Corp uses job order costing to produce its products. It applied a factory overhead at P18.00 per DL hour. Workers earn P12.00 per hour. The ollowing data relates to job worked in August 2020. Job 12 Job 13 Beginning Inventory Cost Materials P51,000.00 P15,000.00 Labor 72,000.00 12,000.00 Factory overhead 135,000.00 22,500.00 Total P258,000.00 P49,500.00 Cost incurred in August Job 12 Job 13 Job 14 Job 15 Materials 16,500.00 69,000.00 90,000.00 13,500.00 Labor 24,000.00 48,000.00 78,000.00 18,000.00 Jobs 12, 13 and 14 were completed and only Job 14 were sold. Job 15 was not finished at the end of August. Total Factory overhead cost incurred during August amounted to P318,000.00 Joh 12 Joh 12 Joh 14 Joh 15

Pasig Corp uses job order costing to produce its products. It applied a factory overhead at P18.00 per DL hour. Workers earn P12.00 per hour. The ollowing data relates to job worked in August 2020. Job 12 Job 13 Beginning Inventory Cost Materials P51,000.00 P15,000.00 Labor 72,000.00 12,000.00 Factory overhead 135,000.00 22,500.00 Total P258,000.00 P49,500.00 Cost incurred in August Job 12 Job 13 Job 14 Job 15 Materials 16,500.00 69,000.00 90,000.00 13,500.00 Labor 24,000.00 48,000.00 78,000.00 18,000.00 Jobs 12, 13 and 14 were completed and only Job 14 were sold. Job 15 was not finished at the end of August. Total Factory overhead cost incurred during August amounted to P318,000.00 Joh 12 Joh 12 Joh 14 Joh 15

Name: Fill in the blanks:Pasig Corp uses job order costing to produce its p
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Fill in the blanks:Pasig Corp uses job order costing to produce its products. It applied a factory overhead at P18.00 per DL hour. Workers earn P12.00 per hour. Thefollowing data relates to job worked in August 2020.Job 12Job 13Beginning Inventory C

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The Fielder manufacturing company uses job order costing system. The company usesmachine hours to apply overhead cost to jobs. At the beginning of 2020, the companyestimated that 7,850 machine hours would be worked and $1,256,000 overhead cost wouldbe incurred during 2020.The following activities took place in the work in process inventory during February: WIP Inventory A/CDebit - February 1 Bal. b/f 51,250Debit- Direct Materials Used 256,400 Other transactions incurred:- Indirect material issued to production was $38,000- Total manufacturing labour incurred in February was $345,000, 80% of this amountrepresented direct labour.- Other manufacturing overhead costs incurred for February amounted to $340,750.- Two jobs were completed with total costs of $324,000 & $240,000 respectively. Theywere sold on account at a margin of 40% on sales. Required: 1) State the journal entries necessary to record the above transactions in the generaljournal:a) For direct materials used in…
Fill in the blanks: Lapuz Company uses the Job order costing. On January 1, 2020, Job no. 101 was the only job in process last year having costs of P78,750.00. Direct Materials Used and Direct Labor incurred during the month of January were: Job DM DL 101 97,000.00 P21,000.00 102 31,500.00 35,000.00 103 49,000.00 28,000.00 Job no. 103 was the only job in production as of January 31. Required: Assume the company uses Direct Labor cost as its cost driver to determine its factory overhead rate. If the budgeted amounts of direct labor and factory overhead are estimated to be P700,000.00 and P1,050,000.0o. (XX.XX%) a b Compute the work in process end Compute the cost of Goods Manufactured d Suppose that the company sold all of its completed jobs, adding 40% mark up on its cost. How much is the sales revenue? vpe here to search 28°C Mostly sunny
Mama Co. Employs the job order cost system. Data for the month just ended are summarized below: Work in Process, Beg P100,000 Direct Materials used for the month P200,000 Direct labor cost for the month P160,000 Factory overhead applied P120,000(Set rate based on direct labor) Goods completed and transferred to stock P501,800 Ending Work in Process reffered to Jobs 105 and 107 The company charged Job 105 with direct labor cost of P12,000 and Job 107 charged with overhead of 9,600. 1. Cost of direct materials charged to Job 105 and 107 a. 40,400b. 34,800c. 78,200 d. 121,600
Solt Corporation uses a job-order costing system and has provided the following partially completed T-account summary for the past year. Debit Balance 1/1 Debits Balance 12/31 Multiple Choice $453,000 $415,000 $403,000 Finished Goods The Cost of Goods Manufactured for the year was $415,000. The unadjusted Cost of Goods Sold for the year was: $503,000 38,000 Credits ? 50,000 Credit ?
Why was 66.66% was used in question h instead of 33.33%
Answer i
Starbird Manufacturing makes accessories for kitchens and home offices. Their Work-In-Process Inventory account had a debit balance of $32,500 on February 1. Also on February 1, Starbird’s job cost sheets reported these amounts: Customer/Job Geller Thomas Easton Direct materials $7300 $4100 $400 Direct labor 5500 3600 250 Mfg overhead 6500 4400 450 Totals: 19300 12100 1100 During the month of February, Starbird purchased $13,000 of raw materials on account, and on February 29 they paid all of their employees’ wages for hours worked in February. They also incurred miscellaneous overhead costs of (meaning they received the bills for) $8,400 on account. Their February materials requisition slips and employee time tickets showed: Materials Customer/Job Requisition Slips Time tickets Thomas $900 $1100 Macintosh 2200 1400 Easton 500 750 Geller 3500 2800 Total direct 7100 6050 Total indirect 1750 1400 $8850 $7450 Starbird applied…
The billing price for job no. 100 per unit amounted to ________
The cost of goods manufactured for the month was:
Morant, Inc. uses a job order costing system and applies overhead on the basis of 125% of direct labor cost. On June 1, 2024, the balance in the work in process inventory account was $197,100. During June, Morant had the following transactions: Raw materials purchased Raw materials used Direct labor costs incurred Actual manufacturing overhead costs incurred Cost of completed jobs $50,200 $50,800 $48,200 $63,700 $87,000 Assume all raw materials are direct materials. What is the balance in Morant's work in process inventory account at June 30? (Hint: The slide with the fire trucks... what affects the work in process account?] 1
based on the attached what is the answer?
E20-8 Garnett Printing Corp. uses a job order cost system. The following data summarize the operations related to the first quarter's production. 1. Materials purchased on account $192,000 and factory wages incurred $87,300. 2. Materials requisitioned and factory labor used by job: Job Number Materials Factory Labor A20 $ 35,240 $18,000 22,000 A21 42,920 A22 36,100 15,000 39,270 4,470 $158,000 A23 25,000 7,300 $87,300 General factory use (indirect) 3. Manufacturing overhead costs incurred on account $39,500. 4. Depreciation on machinery and equipment $14,550. 5. Manufacturing overhead rate is 80% of direct labor cost. 6. Jobs completed during the quarter: A20, A21, and A23. Instructions Prepare entries to record the operations summarized above. (Prepare a schedule showing the individual cost elements and total cost for each job in item 6.) 140%-