Work-in-process of Alonzo Corporation in July 1,2019 (per general ledger) is P22,800. Per costsheets:Direct Materials Direct LaborJob 101P6,0008,000P3,0002,500Job 102Amount charged to work-in-process for July 2019:Direct materials Direct laborP1,0001,5002,6002,000Job 101P3,0002,0006,0004,500Job 102Job 103Job 104Factory overhead is applied to production basedon direct labor cost. Jobs 101 and 103 arecompleted during the month.Cost of goods put into process must be:

The cost of goods sold refers to the direct costs of manufacturing the commodities supplied by a…

Answered: work-in-process of Alonzo Corporation…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Discussion Question _Job Costing IThe Harriott manufacturing company uses job order costing system. The company uses machinehours to apply overhead cost to jobs. At the beginning of 2020, the company estimated that 31,400machine hours would be worked and $5,024,000 overhead cost would be incurred during 2020.The following activities took place in the work in process inventory during February: WIP Inventory A/CNovember 1 Bal. b/f $51,250Direct Materials Used $256,400Other transactions incurred:▪ Indirect material issued to production was $40,360▪ Total manufacturing labour incurred in November was $368,000, 75% of this amountrepresented direct labour.▪ Other manufacturing overhead costs incurred for November amounted to $340,490.▪ Two jobs were completed with total costs of $384,000 & $270,000 respectively. They weresold on account at a margin of 33⅓% on sales.Required: iii) Calculate the manufacturing overhead…
1. What is the gross profit for 2020
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20. Ethel Company's job order system, manufacturing overhead is applied to work in process using a predetermined annual overhead rate. During January 2020, Ethel's transactions included the following: Direct materials issued to production Indirect materials issued to production 8,000 Manufacturing overhead incurred Manufacturing overhead applied Direct labor costs P 90,000 125,000 113,000 107,000 Ethel had neither beginning nor ending work-in process inventory, What was the cost of jobs completed in January 2020?
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
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In January 2023, Spartans Inc. allocated $30,700 and manufacturing overhead to job 167. in December when actual cost were known the actual amount for job 167 was $32,750. Overhead was ( overapplied-under applied- or correctly applied) by ( $3400-$1750-$2450-$0-$2050-$3800-$1550)
Question (2 Points) During January 2021, LOBO Company worked on three jobs, under normal cost system. Data relating to these three jobs follows: JOB NO. 101 3,000 JOB NO. 100 JOB NO. 103 Units in each order 1,800 4,500 Raw Materials requisitioned P32,000 P42,000 P45,000 Direct labor hours 1,000 1,500 2,000 Direct labor rate per hour P60 P70 P60 Actual Indirect materials used 5,000 3,000 2,000 Overhead is applied at 80% of direct labor cost. During January, Job no. 100 was completed & delivered to customer at 25% markup based on cost. Job no. 103 was placed in stock. Job no. 101 was the only unfinished job at the end of the month. The billing price for Job No. 100 per unit amounted to Enter your answer 62 These are costs that an in upit ORD F12 PriSc Delc 3 5. 6. RI T U SO G N M Alt Cirl
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The following manufacturing costs data are available for Division 911; Work in process, January 1, 2018: Job No. Factory Ouerhead Total P145,000 Materials Labor 156 P35,000 PG0,000 P44,000 Costa for 2018 Incurred by Jobe Total P16,000 158.000 42.000 10.000 Materials Labor Other 156 157 158 159 P- P2,000 52,000 24,000 8,000 P14,000 106,000 18,000 2.000 Not Incurred by Joba Indirect materials and sagddns Employee beneits Depreciation Supervision 30,000 30,000 106,000 46,000 24.000 40,000 Indirect labor 106,000 46,000 24,000 40,000 Factory overhead for 2018: Budgeted Manufacturing Overhead: Variable - Indirect materials and supplies Indirect labor Employee benefits Depreciation Supervision P 32,000 112,000 48,000 24,000 40,000 Fixed Total P256,000 Budgeted Direct Labor Costs P160,000 Manufacturing Overhead rate per direct labor cost (P256,000/P160,000) 160% Compute the actual manufacturing overhead. Compute the applied manufacturing overhead. Compute the net overhead variance (indicate…
Jupiter Manufacturing began business on January 1. During its first year of operation, Jupiter worked on five industrial jobs and reported the following information at year-end: Direct Materials Direct Labor Allocated Mfg. Overhead Job completed Job sold Jul 10 Revenues $25,000 What was the balance in Work-in-Process OA. $2,400 OB. $1,100 OC. $2,800 OD. $2,100 Job 1 $1,000 12,000 1,500 Click to select your answer Jun 30 Job 2 $7,500 20,000 6,000 Job 3 $4,000 13,000 2,500 Sep 1 Sep 12 $39,000 Inventory at year-end? Oct 15 Not sold N/A Job 4 $3,500 12,000 7,500 Job 5 $1,700 Not sold N/A 700 400 Not Nov 1 completed N/A N/A

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