Summit Company has provided the following inventory balances and manufacturing cost data for the month of January: Inventories: January 1 January 31 Direct materials ....... P30,000 P40,000 Work in process ........ P15,000 P20,000 Finished goods ......... P65,000 P50,000 Month of January Cost of goods manufactured ........ P515,000 Manufacturing overhead applied .... P150,000 Direct materials used ............. P190,000 Actual manufacturing overhead ..... P144,000
Summit Company has provided the following inventory balances and
Inventories: January 1 January 31
Direct materials ....... P30,000 P40,000
Work in process ........ P15,000 P20,000
Finished goods ......... P65,000 P50,000
Month of January
Cost of goods manufactured ........ P515,000
Manufacturing
Direct materials used ............. P190,000
Actual manufacturing overhead ..... P144,000
Under Summit's job-order costing system, any over or underapplied overhead is closed to the Cost of Goods Sold account at the end of the calendar year (i.e., December 31).
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84.
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What was the total amount of direct material purchases during January? a. P180,000 b. P190,000 c. P195,000 d. P200,000
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85.
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How much direct labor cost was incurred during January? a. P170,000 b. P175,000 c. P180,000 d. P186,000
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What would cost of good sold be if under or overapplied
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