X Corp. applies factory overhead to production at 75% of labor cost. The following data are drawn from the company's records: May 1, 2021 P 96,200 132,000 156,000 May 31, 2021 P 94,600 148,000 172,000 Inventories Materials Work in process Finished goods Credit sales from January to May 2021 – P500,000 Credit sales from January to April 2021- P400,000 Cash Sales for the month of May 2021- P 200,000 Factory overhead applied – P48,000 Operating expenses – P22,400 Net income - P53,600
X Corp. applies factory overhead to production at 75% of labor cost. The following data are drawn from the company's records: May 1, 2021 P 96,200 132,000 156,000 May 31, 2021 P 94,600 148,000 172,000 Inventories Materials Work in process Finished goods Credit sales from January to May 2021 – P500,000 Credit sales from January to April 2021- P400,000 Cash Sales for the month of May 2021- P 200,000 Factory overhead applied – P48,000 Operating expenses – P22,400 Net income - P53,600
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter26: Manufacturing Accounting: The Job Order Cost System
Section: Chapter Questions
Problem 2SEA: SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin...
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During the month of May 2021, what was the aggregate cost of materials purchases?
![X Corp. applies factory overhead to production at 75% of labor cost. The following data are drawn
from the company's records:
May 1, 2021
P 96,200
132,000
156,000
May 31, 2021
P 94,600
148,000
172,000
Inventories
Materials
Work in process
Finished goods
Credit sales from January to May 2021 – P500,000
Credit sales from January to April 2021- P400,000
Cash Sales for the month of May 2021- P 200,000
Factory overhead applied - P48,000
Operating expenses - P22,400
Net income - P53,600](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5dea02bb-bf80-4529-a397-3e0592fadb36%2Fb70b2681-8bc2-4032-a081-fdfb20ab7b15%2Ffg07yz_processed.jpeg&w=3840&q=75)
Transcribed Image Text:X Corp. applies factory overhead to production at 75% of labor cost. The following data are drawn
from the company's records:
May 1, 2021
P 96,200
132,000
156,000
May 31, 2021
P 94,600
148,000
172,000
Inventories
Materials
Work in process
Finished goods
Credit sales from January to May 2021 – P500,000
Credit sales from January to April 2021- P400,000
Cash Sales for the month of May 2021- P 200,000
Factory overhead applied - P48,000
Operating expenses - P22,400
Net income - P53,600
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