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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Problem 8
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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