7. Information concerning MAIDA MAIDS COMPANY's manufacturing activities for December follows: Inventories December 1 December 31 Finished goods 12,000 P Direct materials P 5,000 Direct labor 3,000 Machine time 60 hours Work in process 3,000 units 2,000 units Direct materials P 2.40 per unit P 0.80 per unit Direct labor Machine time 48 hours 32 hours Materials 9,000 P 4,500 Total December manufacturing cost was P 180,000, of which P 30,000 was direct labor cost. A total of 600 machine hours were used in the month. Maida uses a pre-determined overhead rate of P 100 per machine hour to assign factory overhead to work in process and finished goods inventories. Materials purchased in December
7. Information concerning MAIDA MAIDS COMPANY's manufacturing activities for December follows: Inventories December 1 December 31 Finished goods 12,000 P Direct materials P 5,000 Direct labor 3,000 Machine time 60 hours Work in process 3,000 units 2,000 units Direct materials P 2.40 per unit P 0.80 per unit Direct labor Machine time 48 hours 32 hours Materials 9,000 P 4,500 Total December manufacturing cost was P 180,000, of which P 30,000 was direct labor cost. A total of 600 machine hours were used in the month. Maida uses a pre-determined overhead rate of P 100 per machine hour to assign factory overhead to work in process and finished goods inventories. Materials purchased in December
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter26: Manufacturing Accounting: The Job Order Cost System
Section: Chapter Questions
Problem 2SEB: SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Sanchez Welding and...
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