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Work-in-process of Alonzo Corporation in July 1, 2019 (per general ledger) is P22,800. Per cost sheets: Direct Materials Direct Labor P6,000 8,000 Job 101 P3,000 Job 102 2,500 Amount charged to work-in-process for July 2019: Direct materials Direct labor P3,000 2,000 6,000 4,500 P1,000 Job 101 Job 102 Job 103 Job 104 1,500 2,600 2,000 Factory overhead is applied to production based on direct labor cost. Jobs 1õ1 and 103 are completed during the month. Cost of goods put into process must be:

Work-in-process of Alonzo Corporation in July 1, 2019 (per general ledger) is P22,800. Per cost sheets: Direct Materials Direct Labor P6,000 8,000 Job 101 P3,000 Job 102 2,500 Amount charged to work-in-process for July 2019: Direct materials Direct labor P3,000 2,000 6,000 4,500 P1,000 Job 101 Job 102 Job 103 Job 104 1,500 2,600 2,000 Factory overhead is applied to production based on direct labor cost. Jobs 1õ1 and 103 are completed during the month. Cost of goods put into process must be:

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 is already answered, I wanted to know where and how did the 60% of Factory Overhead rate is found? Thankyou!

Work-in-process of Alonzo Corporation in July 1, 2019 (per general ledger) is P22,800. Per cost sheets: Direct Materials Direct Labor Job 101 P6,000 8,000 P3,000 2,500 Job 102 Amount charged to work-in-process for July 2019: Direct materials Direct labor P1,000 1,500 2,600 2,000 Job 101 P3,000 2,000 6,000 4,500 Job 102 Job 103 Job 104 Factory overhead is applied to production based on direct labor cost. Jobs 101 and 103 are completed during the month. Cost of goods put into process must be:
Transcribed Image Text:Work-in-process of Alonzo Corporation in July 1, 2019 (per general ledger) is P22,800. Per cost sheets: Direct Materials Direct Labor Job 101 P6,000 8,000 P3,000 2,500 Job 102 Amount charged to work-in-process for July 2019: Direct materials Direct labor P1,000 1,500 2,600 2,000 Job 101 P3,000 2,000 6,000 4,500 Job 102 Job 103 Job 104 Factory overhead is applied to production based on direct labor cost. Jobs 101 and 103 are completed during the month. Cost of goods put into process must be:
Per cost sheets Job 101 Job 102 P8,000 2,500 ТОTAL 14,000 5,500 3.300 Direct Materials P6,000 Direct labor Factory Overhead 3,000 1,800 10,800 1,500 TOTAL WORK IN PROCESS 12,000 22,800 Amount charged to Work in process for July of the current year: Job 101 Job 102 Job 103 Job 104 Direct materials 4,500 2,000 1200 7.700 26,860 Factory overhead is applied to production based on direct labor cost. Jobs 101 and 103 are 3,000 1,000 600 4.600 2,000 6,000 Direct labor Factory OH (60%) 1,500 900 4.400 2,600 1560 ТОTAL 10.160 completed during the month.
Transcribed Image Text:Per cost sheets Job 101 Job 102 P8,000 2,500 ТОTAL 14,000 5,500 3.300 Direct Materials P6,000 Direct labor Factory Overhead 3,000 1,800 10,800 1,500 TOTAL WORK IN PROCESS 12,000 22,800 Amount charged to Work in process for July of the current year: Job 101 Job 102 Job 103 Job 104 Direct materials 4,500 2,000 1200 7.700 26,860 Factory overhead is applied to production based on direct labor cost. Jobs 101 and 103 are 3,000 1,000 600 4.600 2,000 6,000 Direct labor Factory OH (60%) 1,500 900 4.400 2,600 1560 ТОTAL 10.160 completed during the month.
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