Problem Number 3: The following data relates to the Aahil& co. for the month of June 2013. Company using job order costing system Job Numbers Direct Labor 50000 Direct Material 30000 20000 30000 15000 FOH applied 80% of the direct labor to each. Job No. 1, 2 and Job No. 3 were completed. Job No. 2 was sold 45% above the cost. 2 3 40000 25000 4 10000 Required: Calculate the following requirements. a. COGM. b. WIP ending. c. COGS. d. FG ending. e. Gross profit. f. Selling price.

Problem Number 3: The following data relates to the Aahil& co. for the month of June 2013. Company using job order costing system Job Numbers Direct Labor 50000 Direct Material 30000 20000 30000 15000 FOH applied 80% of the direct labor to each. Job No. 1, 2 and Job No. 3 were completed. Job No. 2 was sold 45% above the cost. 2 3 40000 25000 4 10000 Required: Calculate the following requirements. a. COGM. b. WIP ending. c. COGS. d. FG ending. e. Gross profit. f. Selling price.

Name: Problem Number 3:The following data relates to the Aahil& co. for the
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Problem Number 3:The following data relates to the Aahil& co. for the month of June 2013. Company using job order costingsystemJob NumbersDirect MaterialDirect Labor13000050000220000400003000015000FOH applied 80% of the direct labor to each.Job No.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Fill in the blanks: Lapuz Company uses the Job order costing. On January 1, 2020, Job no. 101 was the only job in process last year having costs of P78,750.00. Direct Materials Used and Direct Labor incurred during the month of January were: Job DM DL 101 97,000.00 P21,000.00 102 31,500.00 35,000.00 103 49,000.00 28,000.00 Job no. 103 was the only job in production as of January 31. Required: Assume the company uses Direct Labor cost as its cost driver to determine its factory overhead rate. If the budgeted amounts of direct labor and factory overhead are estimated to be P700,000.00 and P1,050,000.0o. (XX.XX%) a b Compute the work in process end Compute the cost of Goods Manufactured d Suppose that the company sold all of its completed jobs, adding 40% mark up on its cost. How much is the sales revenue? vpe here to search 28°C Mostly sunny
Premium Company is a manufacturing firm that uses job-order costing. The company's inventory balanceswere as follows at the beginning and end of the year: Beginning Balance Ending Balance Raw materials ........ P14,000 22,000 Work in process ...... 27,000 9,000 Finished goods ....... 62,000 77,000The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. Atthe beginning of the year, the company estimated that it would work 33,000 machine-hours and incurP231,000 in manufacturing overhead cost. The following transactions were recorded for the year:• Raw materials were purchased, P315,000.• Raw materials were requisitioned for used in production,P307,000 (P281,000 direct and P26,000 indirect).• The following employee costs were incurred: direct labor,P377,000; indirect labor,96,000; and administrativesalaries, P172,000.Selling costs, P147,000.• Factory utility costs, P10,000. • Depreciation for the year was P127,000 of which P120,000 is related to…
16. Krissy Company uses job order cost system. The following transactions were completed in January, which was the first month of operations: Received direct materials and supplies costing P20,000 Materials and supplies were requisitioned as follows: Direct materials Job 1 Р3,000 4,000 1,000 Job 2 P8,000 1,000 Factory payroll was distributed as follows: Job 3 Indirect materials Direct labor P2,000 3,000 4,000 2,000 Other indirect manufacturing costs totaled Job 1(200 hrs) Job 2(300 hrs) Job 3(400 hrs) 9,000 Indirect labor Р3,000 Indirect manufacturing costs are applied on the basis of direct labor hours. The budget for 2020 included 9,000 direct labor hours and a total overhead budget of P63,000. What is the factory overhead under or over applied?
Your company uses an activity-based costing system for its overhead costs. Thefollowing data is from its activity-based costing system. Activity Cost Pools Activity Rate Construction ........... $35.50 Per DLH Office support....... $580.00 Per Order Customer Support........ $250.00 Per Customer Revenue related to job $35,000.00 Number of orders 5 Traceable costs........ $7,500 DLH used 635 What is customer margin for this client? (Round to the nearest dollar if necessary.) Group of answer choices $25,693 $1,808 $9,308 $2,058
Please I want to learn how to make these problems with a good explanation. One of those there is the possible answer. I need only question 16 Thank you
Haresh
Why was 66.66% was used in question h instead of 33.33%
Anderson Enterprises uses a job costing system. Record the following transactions in Anderson Enterprises' generaljournal for the current month: g) Cost of finished goods sold, $112,000; selling price, $162,000 (all sales on account)
! Required information [The following information applies to the questions displayed below.] At the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three jobs. At June 30 Direct materials Direct labor Overhead applied Additional Information Job 5 $ 18,200 11, 200 5,600 Job 6 $ 34,600 17,400 8,700 Job 7 $ 28,600 24, 200 12,100 a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $7,600; direct labor, $3,400; and applied overhead, $2,500. Job 5 was finished in June. Direct materials requisitioned in June b. Job 6 and Job 7 were started in June; Job 6 was finished in June, and Job 7 is to be completed in July. c. Overhead cost is applied with a predetermined rate based on direct labor cost. The predetermined overhead rate did not change across these months. Required 1. What is the total cost of direct materials requisitioned in June?
kindly answer and provide solution
Solve Only part D of Problem Number 4 and Solve Only Part A and B of Problem Number 3
I need the answer as soon as possible