Answer Letter D only Lapuz Company uses the Job order costing. On January 1, 2020, Job no. 101 was the only job in process last year having costs of P78,750.00. DirectMaterials Used and Direct Labor incurred during the month of January were:JobDMDL101P7,000.00P21,000.0010231,500.0035,000.0010349,000.0028,000.00Job no. 103 was the only job in production as of January 31.Required:Assume the company uses Direct Labor cost as its cost driver to determine its factory overhead rate. If the budgeted amounts ofdirect labor and factory overhead are estimated to be P700,000.00 and P1,050,000.00. (XX.XX%)abCompute the work in process endCompute the cost of Goods ManufactureddSuppose that the company sold all of its completed jobs, adding 40% mark up on its cost. How much is the sales revenue?

Prime cost means the addition of direct material and direct labor and other direct expenses.…

Answered: Suppose that the company sold all of…

Business

Accounting

Suppose that the company sold all of its completed jobs, adding 40% mark up on its cost. How much is the sales revenue?

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter4: Accounting For Factory Overhead

Section: Chapter Questions

Problem 9P: Channel Products Inc. uses the job order cost system of accounting. The following is a list of the...

See similar textbooks

Similar questions

Inez has the following information relating to Job AA5. Direct material cost was $200,000, direct labor was $36,550, and overhead applied on the basis of direct labor hours was $73,100. What was the predetermined overhead rate using the labor rate of $17 per hour?
When direct labor hours for Job 101 are 30 and the predetermined factory overhead rate is 5/direct labor hour, what is the applied factory overhead amount? (a) 250 (b) 500 (c) 150 (d) It cannot be determined.
Leen Production Co. uses the job order cost system of accounting. The following information was taken from the companys books after all posting had been completed at the end of May: a. Compute the total production cost of each job. b. Prepare the journal entry to transfer the cost of jobs completed to Finished Goods. c. Compute the selling price per unit for each job, assuming a mark-on percentage of 40%. d. Prepare the journal entries to record the sale of Job 1065.
Fill in the blanks: Lapuz Company uses the Job order costing. On January 1, 2020, Job no. 101 was the only job in process last year having costs of P78,750.00. Direct Materials Used and Direct Labor incurred during the month of January were: Job DM DL 101 97,000.00 P21,000.00 102 31,500.00 35,000.00 103 49,000.00 28,000.00 Job no. 103 was the only job in production as of January 31. Required: Assume the company uses Direct Labor cost as its cost driver to determine its factory overhead rate. If the budgeted amounts of direct labor and factory overhead are estimated to be P700,000.00 and P1,050,000.0o. (XX.XX%) a b Compute the work in process end Compute the cost of Goods Manufactured d Suppose that the company sold all of its completed jobs, adding 40% mark up on its cost. How much is the sales revenue? vpe here to search 28°C Mostly sunny
Julius Inc. is employing normal costing for its job orders. The overhead is applied using a predetermined overhead rate. The following information relates to the Julius Inc. for the year ended December 31, 2020: Job No. 915 Job No. 916 Job No. 917 Job in process, January 1, 2020: Direct Materials 40,000 60,000 30,000 30,000 40,000 20,000 Direct Labor Factory Overhead Costs added during 2020: Materials 20,000 100.000 ? 10,000 200,000 ? 100,000 400,000 ? Labor Factory Overhead Additional information: 1. Actual overhead for the year 2020 amounted to P350,000. 2. Job Nos. 915 and 916 were completed and transferred to finished goods during year 2020. 3. Job No. 915 was sold during year 2020., 4. The gross profit rate is 20% based on cost. Required: (1) Prepare the entry for the costs added during 2020 and costs transferred to finished goods when using periodic and perpetual methods. |
Acompany began operations on January 1, 203. The company uses a job order system and started the following jobs during January 203: Job 101 Job 102 Job 103 Derect maicrials Direct Inbour hours S18326 $24661 $38362 954 1202 772 Additional infomation is as follows Total evtimated overhead 3336113 Total entimatod direct Inbour hours 19130 Actual direct labour rate SIN per direct labour hour All theee jobs were cormpleted by the end of lanuary 200 Finished goods at laary 31, 20 incleded Job 101 only What is Cost of Gioods Sold for January 2037 Select one Oa 133238 Oc 181349 Ou 852260
The Fielder manufacturing company uses job order costing system. The company usesmachine hours to apply overhead cost to jobs. At the beginning of 2020, the companyestimated that 7,850 machine hours would be worked and $1,256,000 overhead cost wouldbe incurred during 2020.The following activities took place in the work in process inventory during February: WIP Inventory A/CDebit - February 1 Bal. b/f 51,250Debit- Direct Materials Used 256,400 Other transactions incurred:- Indirect material issued to production was $38,000- Total manufacturing labour incurred in February was $345,000, 80% of this amountrepresented direct labour.- Other manufacturing overhead costs incurred for February amounted to $340,750.- Two jobs were completed with total costs of $324,000 & $240,000 respectively. Theywere sold on account at a margin of 40% on sales. Required: 1) State the journal entries necessary to record the above transactions in the generaljournal:a) For direct materials used in…
MLB Inc. is employing normal costing for its job orders. The overhead is applied using a predetermined overhead rate. The following information relates to MLB Inc. for the year ended December 31, 2020: Job No. 101 Job No. 102 Job No. 103 Job in Process, January 1, 2020 Direct Materials 40 000 30 000 0 Labor 60 000 40 000 0 Factory Overhead 30 000 20 000 0 Cost added during 2020 Materials 20 000 10 000 100 000 Labor 100 000 200 000 400 000 Factory Overhead ? ? ? Additional information: 1) Actual overhead for the year 2020 amounted to P350,000. 2) Jobs No. 101 and 102 were completed and transferred to finished goods during the year 2020. 3) Job No. 101 was sold during the year 2020. 4) The gross profit rate is 20% based on cost. 3. What is the cost of goods profit for 2020? a. 1,180,000 b. 300,000 c. 700,000 d. 1,200,000 4. What is the gross profit for 2020? a. 236,000 b. 60,000 c. 140,000 d. 240,000 5. What is the cost of work in…
Fill in the blanks: Pasig Corp uses job order costing to produce its products. It applied a factory overhead at P18.00 per DL hour. Workers earn P12.00 per hour. The following data relates to job worked in August 2020. Job 12 Job 13 Beginning Inventory Cost Materials P51,000.00 P15,000.00 Labor 72,000.00 12,000.00 Factory overhead 135,000.00 22,500.00 Total P258,000.00 949,500.00 Cost incurred in August Job 12 Job 13 Job 14 Job 15 Materials 16,500.00 69,000.00 90,000.00 13,500.00 Labor 24,000.00 48,000.00 78,000.00 18,000.00 Jobs 12, 13 and 14 were completed and only Job 14 were sold. Job 15 was not finished at the end of August. Total Factory overhead cost incurred during August amounted to P318,000.00 Job 12 Job 13 Job 14 Job 15 a Determine the factory overhead applied to Determine the amount of over - under applied foh for the month of August P10000.00U (pag underapplied) P250000.000 (Pag overapplied) b Determine: e Work in Process - End Finished Goods - End nt Cost of Goods Sold…
Fill in the blanks: Pasig Corp uses job order costing to produce its products. It applied a factory overhead at P18.00 per DL hour. Workers earn P12.00 per hour. The following data relates to job worked in August 2020. Job 12 Job 13 Beginning Inventory Cost Materials P51,000.00 P15,000.00 Labor 72,000.00 12,000.00 Factory overhead 135,000.00 22,500.00 Total P258,000.00 B49,500.00 Cost incurred in August Job 12 Job 13 Job 14 Job 15 Materials 16,500.00 69,000.00 90,000.00 13,500.00 Labor 24,000.00 48,000.00 78,000.00 18,000.00 Jobs 12, 13 and 14 were completed and only Job 14 were sold. Job 15 was not finished at the end of August. Total Factory overhead cost incurred during August amounted to P318,000.00 Job 12 Job 13 Job 14 Job 15 a Determine the factory overhead applied to Determine the amount of over - under applied foh for the month of August P10000.00U (pag underapplied) P250000.000 (Pag overapplied) b Determine: Work in Process - End Finished Goods - End Cost of Goods Sold Compute…
For the year ended December 31, 2022, the job cost sheets of Blossom Company contained the following data. JobNumber Explanation DirectMaterials DirectLabor ManufacturingOverhead TotalCosts 7640 Balance 1/1 $20,000 $19,200 $23,040 $62,240 Current year’s costs 24,000 28,800 34,560 87,360 7641 Balance 1/1 8,800 14,400 17,280 40,480 Current year’s costs 34,400 38,400 46,080 118,880 7642 Current year’s costs 46,400 44,000 52,800 143,200 Other data: 1. Raw materials inventory totaled $12,000 on January 1. During the year, $112,000 of raw materials were purchased on account. 2. Finished goods on January 1 consisted of Job No. 7638 for $69,600 and Job No. 7639 for $73,600. 3. Job No. 7640 and Job No. 7641 were completed during the year. 4. Job Nos. 7638, 7639, and 7641 were sold on account for $424,000. 5. Manufacturing overhead incurred on account totaled…
47. SlayLang Company employs a job order costing system. Only three jobs, #105, #106 and #107 were worked during May and June, 2020. Job #105 was completed June 10; the other two jobs were still in production on June 30. Job cost sheets on the three jobs follow: JOB COST SHEET #105 May costs incurred DM P16,500 DL P13,000 OH P20,800 June costs incurred DM - DL P4,000 OH ? JOB COST SHEET #106 May costs incurred DM P 9,300 DL P 7,000 OH P11,200 June costs incurred DM P8,200 DL P6,000 OH ?…