Denice Co. uses job order cost accumulation and applies overhead based on direct labor hours. Any underapplied or overapplied overhear is adjusted directly to Cost of Goods Sold at the end of each month. On April 1. job cost sheets indicated the following: Job 201 Job 202 P3.500 2.700 2,100 Job 203 P1,480 1,000 Job 204 P2,000 1,200 Direct materials Direct labor Applied overhead Total Cost Job status P2,000 1,500 1,200 800 00 P8,450 Finished In P3,280 In P4,700 P4,160 In process process process On April 30, finished goods contained only Jobs 204 and 207, which had the following total costs. Job Job 207 Direct materials Direct labor Applied overhead Total cost 204 P2.070 2.200 1,700 P6.930 P2.450 1.900 1,520 P5.870 Besides working on Jobs 204 and 207 in April, Denice continued work on Jobs 202 and 203 and started on Jobs 205 and 206. A summary of direct materials used, and direct labor hours worked on Jobs 202, 203, 205. and 200 during April showed the following Job 202 P1,250 100 Job 206 P1.080 50 Job Job 203 P555 75 205 Direct materials P2.500 Direct labor 105 hours Other information: a.) On April 30, the only jobs still in process were 203 and 208. b.) All workers are paid P20 per hour. Wage rates have been stable throughout the year. c.) Denice maintains only one raw materials account (Materials Control) from which it issued both direct and indirect materials. The balance in this account was P2,750 on April 1. d.) All sales are billed on account at 150% of total cost. e) Other items in April: Depreciation on factory equipment Raw materials purchased Indirect labor Factory rent and utilities Indirect materials used P1,375 11.500 2.500 2,700 | 2,700
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
Kindly supply what was asked:
a) Materials control at the end of April
b) Work-in Process Balance at the end of April
c) Cost of Goods Manufactured at the end of april
d) Over-or underapplied
e) Gross
Additional: Provide necessary
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