ibni s4,500,000003,600,000.Purchases on accountIssuance to productionFactory overhead:ole000.081220,000125,000145,000230,000105,000600,000fe DepreciationMaintenanceUtilitiesIndirect materialsMiscellaneous overheadIndirect laborWork in process:Beginning inventoryEnding inventoryherw of720,000650,000Compute for the following:a) Total factory costs assuming factory overhead is applied at 70% of direct laborcosts.b) Cost of sales assuming finished goods inventory is increased by P186,000 Problem 1-7. Jansport Manufacturing Company currently uses normal costingmethod in accumulating the cost of production. The following data wereprovided for the current year:Factory Labor:Total Factory payrollRaw Materials:P2,700,000Inventory, Jan 1450,000

Name: ibni s4,500,000003,600,000.Purchases on accountIssuance to production
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Description: ibni s4,500,000003,600,000.Purchases on accountIssuance to productionFactory overhead:ole000.081220,000125,000145,000230,000105,000600,000fe DepreciationMaintenanceUtilitiesIndirect materialsMiscellaneous overheadIndirect laborWork in process:Beginn

Cost sheet is the statement which is prepared for the purpose of depicting the costs incurred on the…

Business

Accounting

Problem 1-7. Jansport Manufacturing Company currently uses normal costing method in accumulating the cost of production. The following data were provided for the current year: Factory Labor: Total Factory payroll Raw Materials: P2,700,000 Inventory, Jan 1 450,000

Problem 1-7. Jansport Manufacturing Company currently uses normal costing method in accumulating the cost of production. The following data were provided for the current year: Factory Labor: Total Factory payroll Raw Materials: P2,700,000 Inventory, Jan 1 450,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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