Reference 3 1 wayne company uses a job costing system

Reference: 3-1
Wayne company uses a job costing system and applies overhead to jobs using a
predetermined overhead rate based on direct labor-hours. The company had the
following inventories at the beginning and end of March:
March 1 March 31
Direct Materials ....... P36,000 P30,000
Work in Process ........ 18,000 12,000
Finished Goods ......... 54,000 72,000 The following
additional data pertain to operations during March:
Direct materials purchased... P84,000
Direct labor cost ............ P60,000
Direct labor rate ............ P7.50 per direct labor-hour
Overhead rate ................ P10.00 per direct labor-hour
50.
D were:
Medium
CPA
During March total debits to Work in Process
were:
adapted
Refer To:
3-1
CPA
adapted
The Cost of Goods Manufactured for March was:
Refer To:
3-1
Reference: 3-2
Managerial Accounting, 9/e 60

Medium
Hamilton Company uses job-order costing. Manufacturing overhead is applied using a
predetermined rate of 150% of direct labor cost. Any over- or underapplied
manufacturing overhead is closed to the Cost of Goods Sold account at the end of each
month. Additional information is available as follows:
• Job 101 was the only job in process at January 31. The job cost sheet for this job
contained the following costs at the beginning of the month:
Direct materials .................. P4,000
Direct labor ...................... P2,000
Applied manufacturing overhead .... P3,000
• Jobs 102, 103, and 104 were started during February.
• Direct materials requisitions for February totaled P26,000.
• Direct labor cost of P20,000 was incurred for February.
• Actual manufacturing overhead was P32,000 for February.
• The only job still in process at February 28 was Job 104, with costs of P2,800 for
direct materials and P1,800 for direct labor.
52. The cost of goods manufactured for February was:
A a. P77,700. Medium
b. P78,000. CPA
c. P79,700. adapted
d. P85,000.
Refer To:
3-2
53. For the month of February, the manufacturing overhead was:
Managerial Accounting, 9/e 61

D
Medium
CPA
adapted
Refer To:
3-2