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Suppose that the company sold all of its completed jobs, adding 40% mark up on its cost. How much is the sales revenue?

Suppose that the company sold all of its completed jobs, adding 40% mark up on its cost. How much is the sales revenue?

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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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 P7,000.00 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 P1,050,000.00. (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?
Transcribed Image Text: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 P7,000.00 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 P1,050,000.00. (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?
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