21. The entry to dispose of the under- or overapplied overhead cost for the month would include:a. a debit of P50 to Cost of Goods Sold.b. a debit of P50 to Manufacturing Overhead.c. a debit of P5,500 to Manufacturing Overhead.d. a credit of P5,500 to Cost of Goods Sold.22. The balance in the March I in the Raw Materials inventory was:a. P10,500.b. P9,500.c. P6,500.d. P8,500.PROBLEM 16Summit Company has provided the following inventory balances and manufacturing cost data for the month ofJanuary:January 1P30,000Inventories:Direct materialsWork in process .Finished goods.January 31P40,000P20,000P50,000P15,000P65,000Cost of goods manufactured..Manufacturing overhead applied.Direct materials used.Actual manufacturing overhead .Month of JanuaryP515,000P150,000P190,000P144,000Under Summit's job-order costing system, any over or underapplied overhead is closed to the Cost of Goods Soldaccount at the end of the calendar year (i.e., December 31).23. What was the total amount of direct material purchases during January?a. P180,000b. P190,000c. P195,000d. P200,00024. How much direct labor cost was incurred during January?a. P170,000b. P175,000c. P180,000d. P186,000PROBLEM 17Dowan Company uses a predetermined overhead rate based on direct labor hours to apply manufacturingoverhead to jobs. Last year Dowan Company incurred PI56,600 in actual manufacturing overhead cost. TheManufacturing Overhead account showed that overhead was underapplied by P12,600 for the year.25. If the predetermined overhead rate is P6.00 per direct labor hour, how many hours did the company workduring the year?a. 26,000 hoursb. 24,000 hoursc. 28,200 hoursd. 25,000 hours PROBLEM 14Wayne company uses a job costing system and applies overhead to jobs using a predetermined overhead ratebased on direct labor-hours. The company had the following inventories at the beginning and end of March:Direct Materials.Work in Process.Finished Goods...March 1P36,00018,00054,000March 31P30,00012,00072,000The following additional data pertain to operations during March:Direct materials purchased.Direct labor cost..P84,000P60,000Direct labor rate..Overhead rate.....P7.50 per direct labor-hourP10.00 per direct labor-hour17. During March total debits to Work in Process were:a. P84,000.b. Р220,000.c. P144,000.d. P230,000.18. The Cost of Goods Manufactured for March was:a. P212,000.b. P218,000.c. P230,000.d. P236,000.PROBLEM 15Mallet Company has only Job 844 in process on March I of the current year. The job has been charged withP2,000 of direct material cost, P2,500 of direct labor cost, and P1,750 of manufacturing overhead cost. Thecompany assigns overhead cost to jobs at a predetermined rate of 70% of direct labor cost. Any under- oroverapplied overhead cost is closed to Cost of Goods Sold at the end of the month.During March, the following activity and amounts were recorded by the company:Raw materials (all direct materials):Purchased during the monthUsed in productionP29,500P30,500Labor:Direct labor hours worked during the month...Direct labor cost incurredIndirect labor costs incurred2,500P26,500P 5,500Manufacturing overhead costs incurred (total)P18,500Inventories:Raw materials (all direct) March 31Work in process, March 31P 7,500P14,500Work in process inventory contains P5,500 of direct labor cost.19. The amount of direct materials cost in the March 31 work in process inventory account was:a. P5,150.b. P9,350.c. P9,000.d. P3,850.20. The cost of goods manufactured for March was:a P67,300b. P67,250c. P81,800d. P75,55021. The entry to dispose of the under- or overapplied overhead cost for the month woukd include:a. a debit of PS0 to Cost of Goods Sold.b. a debit of P50 to Manufacturing Overhead.c. a debit of P5,500 to Manufacturing Overhead.d. a credit of PS,500 to Cost of Goods Sold.22 The belonge in he Menoh Lin the Potoriele inuontomun

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PROBLEM 14 Wayne company uses a job costing system and applies overhead to jobs using a predetermined overhead rate based on direct labor-hours. The company had the following inventories at the beginning and end of March: March 1 P36,000 18,000 54,000 March 31 Direct Materials.. Work in Process.. Finished Goods. P30,000 12,000 72,000 The following additional data pertain to operations during March: Direct materials purchased... Direct labor cost... Direct labor rate.. Overhead rate. P84,000 P60,000 P7.50 per direct labor-hour P10.00 per direct labor-hour 17. During March total debits to Work in Process were: a. P84,000. b. P220,000. c. P144,000. d. P230,000. 18. The Cost of Goods Manufactured for March was: a. P212,000. b. P218,000. c. P230,000. d. P236,000.

PROBLEM 14 Wayne company uses a job costing system and applies overhead to jobs using a predetermined overhead rate based on direct labor-hours. The company had the following inventories at the beginning and end of March: March 1 P36,000 18,000 54,000 March 31 Direct Materials.. Work in Process.. Finished Goods. P30,000 12,000 72,000 The following additional data pertain to operations during March: Direct materials purchased... Direct labor cost... Direct labor rate.. Overhead rate. P84,000 P60,000 P7.50 per direct labor-hour P10.00 per direct labor-hour 17. During March total debits to Work in Process were: a. P84,000. b. P220,000. c. P144,000. d. P230,000. 18. The Cost of Goods Manufactured for March was: a. P212,000. b. P218,000. c. P230,000. d. P236,000.

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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Entry for Factory Labor Costs The weekly time tickets indicate the following distribution of labor hours for three direct labor employees: Job 301 Work in Process Job 302 17 13 13 Factory Overhead Wages Payable Landon Vincent Fahad Hamad Ivory Argo The direct labor rate earned per hour by the three employees is as follows: $24 19 22 10 18 Hours 17 Job 303 7 16 Process Improvement 9 5 2 Landon Vincent Fahad Hamad Ivory Argo The process improvement category includes training, quality improvement, and other indirect tasks. 5 a. Journalize the entry to record the factory labor costs for the week. If an amount box does not require an entry, leave it blank.
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Entry for Jobs Completed; Cost of Unfinished Jobs The following account appears in the ledger prior to recognizing the jobs completed in March: Work in Process Line Item Description Amount Balance, March 1 $9,950 Direct materials 80,890 Direct labor 87,260 Factory overhead 45,870 Jobs finished during March are summarized as follows: Line Item Description Amount Job 459 $40,310 Job 510 24,640 Job 512 47,030 Job 523 82,870 Question Content Area a. Journalize the entry to record the jobs completed. If an amount box does not require an entry, leave it blank. blankAccountDebitCredit blank Question Content Area b. Determine the cost of the unfinished jobs at March 31. fill in the blank 1 of 1$