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: P2,700,000 450,000 Inventory, Jan 1 4,500,000 3,600,000 Purchases on account Issuance to production Factory overhead: Depreciation Maintenance 220,000 125,000 145,000 230,000 105,000 600,000 Utilities Indirect materials Miscellaneous overhead Indirect labor Work in process: Beginning inventory Ending inventory 720,000 650,000 Compute for the following: a) Total factory costs assuming factory overhead is applied at 70% of direct labor costs. b) Cost of sales assuming finished goods inventory is increased by P186,000

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: P2,700,000 450,000 Inventory, Jan 1 4,500,000 3,600,000 Purchases on account Issuance to production Factory overhead: Depreciation Maintenance 220,000 125,000 145,000 230,000 105,000 600,000 Utilities Indirect materials Miscellaneous overhead Indirect labor Work in process: Beginning inventory Ending inventory 720,000 650,000 Compute for the following: a) Total factory costs assuming factory overhead is applied at 70% of direct labor costs. b) Cost of sales assuming finished goods inventory is increased by P186,000

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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