PROBLEM 2: ALCOGIN CORP inventories for the month of March were as follows: March 1 March 31 Direct Materials 217,750 471,250 276,250 201,500 555,750 253,500 Work in Process Finished Goods Production data for the month: Direct labor cost incurred 650,000 Direct labor hours 81,250 429,000 Actual FOH cost incurred Direct materials purchased. 536,250 The company applied factory overhead cost to jobs based on direct labor hours and the predetermined rate is P5.75 per direct labor hour. The company does not close the under or over- applied FOH to COGS until the end of the year. 12. What is the amount of Cost of Goods Manufactured? 13. What is the total manufacturing costs? 14. What is the cost of goods sold under, actual costing?
PROBLEM 2: ALCOGIN CORP inventories for the month of March were as follows: March 1 March 31 Direct Materials 217,750 471,250 276,250 201,500 555,750 253,500 Work in Process Finished Goods Production data for the month: Direct labor cost incurred 650,000 Direct labor hours 81,250 429,000 Actual FOH cost incurred Direct materials purchased. 536,250 The company applied factory overhead cost to jobs based on direct labor hours and the predetermined rate is P5.75 per direct labor hour. The company does not close the under or over- applied FOH to COGS until the end of the year. 12. What is the amount of Cost of Goods Manufactured? 13. What is the total manufacturing costs? 14. What is the cost of goods sold under, actual costing?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:PROBLEM 2: ALCOGIN CORP inventories for the month of March were as follows:
March 1
March 31
Direct Materials
217,750
471,250
276,250
201,500
Work in Process
555,750
Finished Goods
253,500
Production data for the month:
Direct labor cost incurred
650,000
Direct labor hours
81,250
Actual FOH cost incurred
429,000
Direct materials purchased.
536,250
The company applied factory overhead cost to jobs based on direct labor hours and the
predetermined rate is P5.75 per direct labor hour. The company does not close the under or over-
applied FOH to COGS until the end of the year.
12. What is the amount of Cost of Goods Manufactured?
13. What is the total manufacturing costs?
14. What is the cost of goods sold under, actual costing?
15. The over or under-applied FOH cost:
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