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2 nd Flr, GF Partners Bldg, 139 H.V. dela Costa, Salcedo Village, Makati City 3 rd Flr. EPCIB Bldg. 2070 Claro M. Recto, Manila Practical Accounting 2 Prof. Jennifer Tolentino 1 QUIZZER IN COST ACCOUNTING Job Order Costing The work in process account of the Malinta Company which uses a job order cost system follows: Work in Process April 1 Bal 25,000 Direct materials 50,000 Direct Labor 40,000 FO applied 30,000 Finished Goods 125,450 Overhead is applied to production at a predetermined rate, based on direct labor cost. The work in process at April 30 represents the cost of Job No 456, which has been charged with direct labor cost of P3,000 and Job No 789, which has been charged with applied overhead of P2,400. 1. The cost of direct materials charged to Job No. 456 and 789 amounted: a. P8,700 c. P4,500 b. P7,600 d. P4,200 2. The prime cost during the month amounted to; a. P70,000 c. P120,000 b. P90,000 d. P145,000 The following cost data pertain to Matatag Company for March 2000 March 1 March 31 Materials P40,000 P50,000 Work in Process 25,000 35,000 Finished Goods 60,000 70,000 March 1-31 Direct Labor Cost P120,000 Factory Overhead applied 108,000 Cost of good sold 378,000 3. The cost of goods manufactured during March was; a. P378,000 c. P398,000 b. P388,000 d. P425,000 4. The amount of materials purchased for the month was: a. P50,000 c. P180,000 b. P170,000 d. P220,000 Hamilton Company uses a job order costing. Factory overhead is applied to production at a budgeted rate of 150% of direct labor costs. Any overapplied or underapplied factory overhead is closed to the cost of good sold account at the end of the month. Additional information is available as follows: Direct Materials P4,000 Direct Labor 2,000 Factory overhead applied 3,000 P9,000 Jobs 102,103 and 104 were started during February. Direct materials requisitions for February totaled P26,000. Direct labor costs of P20,000 were incurred for February. Actual factory overhead was P32,000 for February. The only job still in process at he end of February was Job No 104, with costs of P2,800 for direct materials and P1,800 for direct labor 5. The cost of goods manufactured for February was : a. P77,700 c. P79,700 b. P78,000 d. P85,000
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2 During March , Marc Company incurred the following costs on Job 209 for the manufacture of 200 motors: Original cost accumulation: Direct materials P660 Direct Labor 800 Factory overhead (150% of DLC) 1,200 P2,660 Direct costs of reworking 10 units: Direct materials P100 Direct Labor 160 P260 Method A – The rework cost were attributable to the exacting specifications of Job 209, and the full rework costs were charged to this specific job. Method B – The defective units fall within the normal range and the rework is not related to a specific job, or the rework is common to all the jobs.
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