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Reference 3 1 wayne company uses a job costing system

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Reference: 3-1Wayne company uses a job costing system and applies overhead to jobs using apredetermined overhead rate based on direct labor-hours. The company had thefollowing inventories at the beginning and end of March:March 1March 31Direct Materials.......P36,000P30,000Work in Process........18,00012,000Finished Goods.........54,00072,000 The followingadditional data pertain to operations during March:Direct materials purchased...P84,000Direct labor cost............P60,000Direct labor rate............P7.50 per direct labor-hourOverhead rate................P10.00 per direct labor-hour50.Dwere:MediumCPADuring March total debits to Work in Processwere:
adaptedRefer To:3-1
CPAadaptedThe Cost of Goods Manufactured for March was:
Refer To:3-1Reference: 3-2Managerial Accounting, 9/e60
MediumHamilton Company uses job-order costing. Manufacturing overhead is applied using apredetermined rate of 150% of direct labor cost. Any over- or underappliedmanufacturing overhead is closed to the Cost of Goods Sold account at the end of eachmonth. Additional information is available as follows:Job 101 was the only job in process at January 31. The job cost sheet for this jobcontained the following costs at the beginning of the month:Direct materials..................P4,000Direct labor......................P2,000Applied manufacturing overhead....P3,000Jobs 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 fordirect materials and P1,800 for direct labor.52.The cost of goods manufactured for February was:Aa. P77,700. Mediumb. P78,000. CPAc. P79,700. adaptedd. P85,000.
Refer To:3-253.For the month of February, the manufacturing overhead was:Managerial Accounting, 9/e61
DMediumCPAadaptedRefer To:3-2

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Term
Spring
Professor
NoProfessor
Tags
Cost Accounting, Job costing

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