How much is the cost of goods manufactured? ANSWER IN GOOD ACCOUNTING FORM. THANK YOU :) JR Company uses the normal cost system. The companyapplies overhead using a predetermined overhead rateusing machine hours. At the beginning of the year, thecompany estimated that it would work 44,000 machinehours and incur P176,000 in factory overhead costs.Following are transactions for the month of February.[a] Purchased raw materials from CZ company, P555,000.Terms 2/10,n/60.[b] Materials were requisitioned for production, P431,000direct and 13,000 indirect.[c] Returned materials to CZ company, P5,000 (gross) onthe 3rd day after purchase.[d] Paid payroll for the week:EarningsТаxSSSPHÍCDirectP220,00024,00013,4805,000Indirect2,0005,0001,1602,50040,000800Selling50,0001,230Admin70,00013,0006,8502,430[e] Depreciation of factory machine is P119,000[f] Factory utilities costs incurred, P24,000.[g] Overhead was applied to production using 47,000hours.[h] P700,000 worth of goods were completed.[i] Paid utilities.[j] Sold 75% of completed goods at 60% above cost.

Cost of goods manufactured means total costs incurred on the goods that are produced and…

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Accounting

How much is the cost of goods manufactured? ANSWER IN GOOD ACCOUNTING FORM. THANK YOU :)

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 2PB: Rulers Company is a neon sign company that estimated overhead will be $60,000, consisting of 1,500...

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York Company Is a machine shop that estimated overhead will be $50,000, consisting of 5,000 hours of direct labor. The cost to make job 0325 is $70 in aluminum and two hours of labor at $20 per hour. During the month. York incurs $50 in indirect material cost. $150 in administrative labor, $300 in utilities, and $250 in depreciation expense. What is the predetermined overhead rate if direct labor hours are considered the cost driver? What is the cost of Job 0325? What is the overhead incurred during the month?
Comacho Chemical Co. recorded costs for the month of 18,900 for materials, 44,100 for labor, and 26,250 for factory overhead. There was no beginning work in process, 8,000 units were finished, and 3,000 units were in process at the end of the period, two-thirds completed. Compute the months unit cost for each element of manufacturing cost and the total per unit cost. (Round unit costs to three decimal places.)
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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.