14. A company used P35,000 of raw materials, incurred P73,000 in direct labor costs, and P114,000 in manufacturing overhead costs during the period. If beginning and ending work-in-process inventories were P28,000 and P21,000, respectively, the cost of goods manufactured was a. P229,000. b. P240,000. c. P276,000. d. P234,500. 15. Gamboa Company reports the following cost information for July: Costs of goods manufactured Finished goods inventory, July 1 Finished goods inventory, July 31 Work-in-process inventory, July 1 Work-in-process inventory, July 31 P135,800 30,200 35,300 22,500 18,500 25,300 Raw materials used Direct labor incurred in July amounted to 150 percent of manufacturing overhead in July. What is the amount of direct labor incurred by Gamboa Company in July? a. P75,200 b. P39,700 C. P63,900 d. P49,250

14. A company used P35,000 of raw materials, incurred P73,000 in direct labor costs, and P114,000 in manufacturing overhead costs during the period. If beginning and ending work-in-process inventories were P28,000 and P21,000, respectively, the cost of goods manufactured was a. P229,000. b. P240,000. c. P276,000. d. P234,500. 15. Gamboa Company reports the following cost information for July: Costs of goods manufactured Finished goods inventory, July 1 Finished goods inventory, July 31 Work-in-process inventory, July 1 Work-in-process inventory, July 31 P135,800 30,200 35,300 22,500 18,500 25,300 Raw materials used Direct labor incurred in July amounted to 150 percent of manufacturing overhead in July. What is the amount of direct labor incurred by Gamboa Company in July? a. P75,200 b. P39,700 C. P63,900 d. P49,250

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter1: Introduction To Cost Accounting

Section: Chapter Questions

Problem 9P: Glasson Manufacturing Co. produces only one product. You have obtained the following information...

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Similar questions

During the year, a company purchased raw materials of $77,321, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
A production department within a company received materials of $7,000 and conversion costs of $5,000 from the prior department. It added material of $78400 and conversion costs of $47000. The equivalent units are 5,000 for material and 4,000 for conversion. What is the unit cost for materials and conversion?
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During the year, a company purchased raw materials of $77,321 and incurred direct labor costs of $125,900. Overhead Is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
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Glasson Manufacturing Co. produces only one product. You have obtained the following information from the corporations books and records for the current year ended December 31, 2016: a. Total manufacturing cost during the year was 1,000,000, including direct materials, direct labor, and factory overhead. b. Cost of goods manufactured during the year was 970,000. c. Factory Overhead charged to Work in Process was 75% of direct labor cost and 27% of the total manufacturing cost. d. The beginning Work in Process inventory, on January 1, was 40% of the ending Work in Process inventory, on December 31. e. Material purchases were 400,000 and the ending balance in Materials inventory was 60,000. No indirect materials were used in production. Required: Prepare a statement of cost of goods manufactured for the year ended December 31 for Glasson Manufacturing. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information.)
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