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Greys Corporation, began operations on October 1. It employs a job order costing system. Overhea charged at a normal rate of P2.50 per direct labor hour. The actual operations for the month of Oct are summarized as follows: Purchase of raw material, 25,000 pieces @ P1.20/piece Material and labor costs charged to produc Job No. Units' Material Direct labor cost direct labor hours 001 10,000 4,000 6,000 3,000 002 8,800 3,600 5,400 2,700 003 16,000 7,000 9,000 4,500 004 8,000 3,200 4,800 2,400 005 20,000 8,000 3,600 1,800 Actual ovorhoad costs incurrod during Octo bor am ountod to D22 500

Greys Corporation, began operations on October 1. It employs a job order costing system. Overhea charged at a normal rate of P2.50 per direct labor hour. The actual operations for the month of Oct are summarized as follows: Purchase of raw material, 25,000 pieces @ P1.20/piece Material and labor costs charged to produc Job No. Units' Material Direct labor cost direct labor hours 001 10,000 4,000 6,000 3,000 002 8,800 3,600 5,400 2,700 003 16,000 7,000 9,000 4,500 004 8,000 3,200 4,800 2,400 005 20,000 8,000 3,600 1,800 Actual ovorhoad costs incurrod during Octo bor am ountod to D22 500

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Greys Corporation, began operations on October 1. It employs a job order costing system. Overhead is charged at a normal rate of P2.50 per direct labor hour. The actual operations for the month of October are summarized as follows: Purchase of raw material, 25,000 pieces @ P1.20/piece Material and labor costs charged to production: Job No. Units' Material Direct labor cost direct labor hours 001 10,000 4,000 6,000 3,000 002 8,800 3,600 5,400 2,700 003 16,000 7,000 9,000 4,500 004 8,000 3,200 4,800 2,400 005 20,000 8,000 3,600 1,800 Actual overhead costs incurred during October amounted to P33, 500 Completed jobs: 001, 002, 003, and 004 Sales for a month of October amounted to P105, 000. All units produced on Jobs 101, 102, and 103 were sold. What is the balance of the work in process inventory account on October 31?
Transcribed Image Text:Greys Corporation, began operations on October 1. It employs a job order costing system. Overhead is charged at a normal rate of P2.50 per direct labor hour. The actual operations for the month of October are summarized as follows: Purchase of raw material, 25,000 pieces @ P1.20/piece Material and labor costs charged to production: Job No. Units' Material Direct labor cost direct labor hours 001 10,000 4,000 6,000 3,000 002 8,800 3,600 5,400 2,700 003 16,000 7,000 9,000 4,500 004 8,000 3,200 4,800 2,400 005 20,000 8,000 3,600 1,800 Actual overhead costs incurred during October amounted to P33, 500 Completed jobs: 001, 002, 003, and 004 Sales for a month of October amounted to P105, 000. All units produced on Jobs 101, 102, and 103 were sold. What is the balance of the work in process inventory account on October 31?
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