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Problent 3 Assume the following relates to the Candy Corporation for the month of July Job No. 101 Job No.102 Job No. 103 In process, July 1 Materials Labor P 40,000 60,000 75,000 P 30,000 40,000. 50,000 Overhead Cost added in July 55,000 80,000 92,000 115,000 Materials 80,000 95,000 Labor, Actual overhead incurred in July amounted to P 375,000. Job No. 101 and 102 were completed and transferred to finished goods warehouse in July. Overhead i: applied using a predetermined overhead rate. Job 101 was sold for P 550,000. 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

Problent 3 Assume the following relates to the Candy Corporation for the month of July Job No. 101 Job No.102 Job No. 103 In process, July 1 Materials Labor P 40,000 60,000 75,000 P 30,000 40,000. 50,000 Overhead Cost added in July 55,000 80,000 92,000 115,000 Materials 80,000 95,000 Labor, Actual overhead incurred in July amounted to P 375,000. Job No. 101 and 102 were completed and transferred to finished goods warehouse in July. Overhead i: applied using a predetermined overhead rate. Job 101 was sold for P 550,000. 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
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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Problem 8

4. Gross profit Problem 8 Assume the following relates to the Candy Corporation for the month of July Job No. 101 Job No.102 Job No. 103 In process, July 1 Materials Labor P 40,000 60,000 75,000 P 30,000 40,000 50,000 Overhead Cost added in July 92,000 115,000 Materials 55,000 80,000 80,000 95,000 Labor, Actual overhead incurred in July amounted to P 375,000. 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 550,000. 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:4. Gross profit Problem 8 Assume the following relates to the Candy Corporation for the month of July Job No. 101 Job No.102 Job No. 103 In process, July 1 Materials Labor P 40,000 60,000 75,000 P 30,000 40,000 50,000 Overhead Cost added in July 92,000 115,000 Materials 55,000 80,000 80,000 95,000 Labor, Actual overhead incurred in July amounted to P 375,000. 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 550,000. 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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