What is the gross profit per job assuming a markup on cost of 40%. (Please show step by step solutions with explanation) Two jobs are in process at the beginning of the year and three more were startedduring the 6-months period ended June 30.Sunshine Company applies overhead in the Assembly department based on directlabor hours and based on machine hours in the Finishing department. Below isthe summary of cost incurred for each job and their status at the end of June. Directlabor cost is P5.50 per hour.Job EchoJobAlphaP35,000JobCharlieJob DeltaJob BetaBal. 1/1P50,000Assembly Department:8,0001,500P25,000Finishing Department:1,8004,0003,200P25,000DL hrs14,0002,500P30,0009,0003,000P40,0006,0002,800P50,000Mach hrsMaterials3,50010,000P30,000Sold CompletedDL Hrs3,2002,00011,000P25,000Sold2,8003,000P5,000incomplete7,500P2,000Mach hrs6,500P12,000SoldMaterialsJob Status& on hand

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What is the gross profit per job assuming a markup on cost of 40%. (Please show step by step solutions with explanation)

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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