Problem 4: ABC Company received an order to make school uniforms and uses the job order costing system. The following transaction occurred during 2021 relating to Job U-101: 1. Purchased raw materials at a cost of P2,000,000 2. Direct materials used for 1,400,000 3. Raw materials were used as indirect materials, P200,000 4. Direct labor hours consumed for P1,500,000 on the job, which was fully paid. 5. Indirect labor hours used costing P500,000 6. Other indirect costs accrued were $1,250,000 7. Manufacturing overhead equal to 100% of direct labor was charged. 8. The cost of U-101 of 24,400,000 (direct materials of P1,400,000 + direct labor cost of P1,500,000 + applied overhead of P1,500,000) was transferred to finished goods on completion. 9. Revenue is recorded at P5,720,000 (P4,400,000 x 130%) 10. Actual manufacturing overheads were P1,950,000 (indirect materials costing P200.000+ indirect labor costing P500.000 and other overheads of P1.250.000).

Problem 4: ABC Company received an order to make school uniforms and uses the job order costing system. The following transaction occurred during 2021 relating to Job U-101: 1. Purchased raw materials at a cost of P2,000,000 2. Direct materials used for 1,400,000 3. Raw materials were used as indirect materials, P200,000 4. Direct labor hours consumed for P1,500,000 on the job, which was fully paid. 5. Indirect labor hours used costing P500,000 6. Other indirect costs accrued were $1,250,000 7. Manufacturing overhead equal to 100% of direct labor was charged. 8. The cost of U-101 of 24,400,000 (direct materials of P1,400,000 + direct labor cost of P1,500,000 + applied overhead of P1,500,000) was transferred to finished goods on completion. 9. Revenue is recorded at P5,720,000 (P4,400,000 x 130%) 10. Actual manufacturing overheads were P1,950,000 (indirect materials costing P200.000+ indirect labor costing P500.000 and other overheads of P1.250.000).

Name: Problem 4: ABC Company received an order to make school uniforms and
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Description: Problem 4: ABC Company received an order to make school uniforms and uses the joborder costing system.The following transaction occurred during 2021 relating to Job U-101:1. Purchased raw materials at a cost of P2,000,0002. Direct materials used for

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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