Problem 8 The following data relate to Cornerstone Company for the month of July, 2022: In process, July 1 Materials Labor Overhead Cost added in July Materials Labor Job No. 101 Job No.102 P 50,000 P 37,500 75,000 50,000 93,750 62,500 68,750 100,000 100,000 118,750 Job No. 103 115,000 143,750 Actual overhead incurred in July amounted to P 468,750. Job No. 101 and 102 were completed and transferred to finished goods warehouse in July. Overhead is applied using a predetermined overhead rate. Job 101 was sold for P 687,500.. Requirements: Compute for the following - 1. Work in process, July 1 2. Overhead assigned to production in July assuming same factory OH rate 3. Cost of goods manufactured 4. Cost of goods sold (actual) 5. Finished goods inventory, July 31

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Problem 8
The following data relate to Cornerstone Company for the month of July, 2022:
In process, July 1
Materials
Labor
Overhead
Cost added in July
Materials
Labor
Job No. 101
Job No.102
Job No. 103
P 50,000
P 37,500
75,000
50,000
93,750
62,500
68,750
100,000
115,000
100,000
118,750
143,750
Actual overhead incurred in July amounted to P 468,750. Job No. 101 and 102
were completed and transferred to finished goods warehouse in July. Overhead is
applied using a predetermined overhead rate. Job 101 was sold for P 687,500..
Requirements: Compute for the following-
1. Work in process, July 1
2. Overhead assigned to production in July assuming same factory OH rate
3. Cost of goods manufactured
4. Cost of goods sold (actual)
5. Finished goods inventory, July 31
Transcribed Image Text:Problem 8 The following data relate to Cornerstone Company for the month of July, 2022: In process, July 1 Materials Labor Overhead Cost added in July Materials Labor Job No. 101 Job No.102 Job No. 103 P 50,000 P 37,500 75,000 50,000 93,750 62,500 68,750 100,000 115,000 100,000 118,750 143,750 Actual overhead incurred in July amounted to P 468,750. Job No. 101 and 102 were completed and transferred to finished goods warehouse in July. Overhead is applied using a predetermined overhead rate. Job 101 was sold for P 687,500.. Requirements: Compute for the following- 1. Work in process, July 1 2. Overhead assigned to production in July assuming same factory OH rate 3. Cost of goods manufactured 4. Cost of goods sold (actual) 5. Finished goods inventory, July 31
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