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 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: Per cost sheetsJob 101Job 102P8,0002,500ТОTAL14,0005,5003.300Direct MaterialsP6,000Direct laborFactory Overhead3,0001,80010,8001,500TOTAL WORK IN PROCESS12,00022,800Amount charged to Work in process for July of the current year:Job 101Job 102Job 103Job 104Direct materials4,5002,00012007.70026,860Factory overhead is applied to production based on direct labor cost. Jobs 101 and 103 are3,0001,0006004.6002,0006,000Direct laborFactory OH (60%)1,5009004.4002,6001560ТОTAL10.160completed during the month.

Solution: Direct labor cost in beginning WIP = P3,000 + P2,500 = P5,500 Direct material cost in…

Answered: Work-in-process of Alonzo Corporation…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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The following are information provided for Norman Company for the month of August 2019 (refer to the attached picture): Raw materials purchased during the period costs P40,800; overhead incurred and paid or accrued for the period was P21,750; and 23,600 direct labor hours were incurred at a rate of P13.75 per hour. inventories beginning ending raw materials 9900 7600 work in process 44500 31800 finished goods 36580 61300 1. conversion cost 3. total manufacturing cost 4. cost of goods put into process 5. cost of goods manufactured 6. cost of goods sold
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The following are information provided for Norman Company for the month of August 2019 (refer to the attached picture): Raw materials purchased during the period costs P40,800; overhead incurred and paid or accrued for the period was P21,750; and 23,600 direct labor hours were incurred at a rate of P13.75 per hour. 1. Prime cost *
Accounting At the end of 2019, Alonzo Company’s manufacturing inventory and expense accounts held the following costs. Work in Process Inventory Finished Goods Inventory Cost of Goods Sold Direct Materials P120,000 P190,000 P350,000 Direct Labor P100,000 P250,000 P580,000 Factory Overhead P60,000 P300,000 P480,000 Alonzo’s accountant applied overhead during the year using a budgeted rate of P8.40 per hour. At year end, they computed the actual rate of P10.00 per machine hour. The beginning balances of both work in process inventory and finished goods inventory were zero. Over/underapplied overhead are to be allocated to appropriate inventories how much is the Adjusted Finished Goods inventory?
The following cost incurred by Lucky corporation for October 2019 were as follows: Direct Materials used, P20,000 Indirect materials used, P1,000 Direct labor, P9,000 Indirect labor, P5,000 Other factory cost, P5,000 Selling expenses,P10,000 Administrative expenses, P12,000 Question: How much is the total product cost? a. P62,000 b. P50,000 c. P29,000 d. P40,000 Plz answer fast without plagiarism and don't copy answer plz
Practice: The following data are taken from the accounting records of Gregory Mfg. Co.: 2019 2018 Ending inventories: Materials $ 100,000 $80,000 Work in Process $64,000 $56,000 Finished Goods $140,000 $170,000 Manufacturing goods: Direct materials used $657,000 Direct labor costs charged to production $270,000 Manufacturing Overhead $378,000 Show All Calculations: Outline a schedule of cost of goods manufactured for 2019 in good form The company generally prices products adding 20% to the cost of goods sold. Determine the total revenue the company would have generated in 2019.
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1Help me with this one please. Thank you!
The cost of raw materials purchases for 2019 is?
Vakos Manufacturers uses the traditional approach in allocating manufacturing overheads base hours. They have provided you with the following information: E For year ended 30 December 2022: Purchases - direct materials Cost per labour hour Manufacturing Overhead rate Actual Labour hours Actual Machine hours a) b) c) Actual manufacturing overheads Selling and admin expenses Interest paid Sales Tax rate Inventories at year end: Materials Work in Process Finished Goods 205,000 6 15/mach.hr 20,000hrs 30,000hrs 440,000 400,000 40,000 2,000,000 30% 2021 2022 (E) (E) 5,000 10,000 20,000 30,000 25,000 15,000 Compute the total Applied Manufacturing Overhead costs using the rate. Compute the MO Overhead cost variance and state whether over or underapplied and how the variance would be treated. Prepare a Statement of Goods Manufactured for year ended 31 December 2022 using Actual M.O costs. Prepare the Income Statement for year ended 30 December 2022.

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