How much is total cost of goods manufactured? * A company uses job order costing. At the beginning of February, two jobs were in process: Job 769 | Job 772 Materials P4,000 P1,400 Direct Labor 2,000 600 Applied Factory Overhead 3,000 900 There was no inventory of finished goods on February 1. During the month, Jobs 773, 774, 776, 778 and 779 were start Materials requisitions for February totaled P26,000, direct labor cost, P20,000 and actual factory overhead, P32,0 Factory overhead is applied at a rate of 150% of direct labor cost. The only job still in process at the end of February is 779, with a materials cost of P2,800 and direct labor cost of P1,800. Job 776, the only finished job on hand at the end of month, has a total cost of P4,000.
How much is total cost of goods manufactured? * A company uses job order costing. At the beginning of February, two jobs were in process: Job 769 | Job 772 Materials P4,000 P1,400 Direct Labor 2,000 600 Applied Factory Overhead 3,000 900 There was no inventory of finished goods on February 1. During the month, Jobs 773, 774, 776, 778 and 779 were start Materials requisitions for February totaled P26,000, direct labor cost, P20,000 and actual factory overhead, P32,0 Factory overhead is applied at a rate of 150% of direct labor cost. The only job still in process at the end of February is 779, with a materials cost of P2,800 and direct labor cost of P1,800. Job 776, the only finished job on hand at the end of month, has a total cost of P4,000.
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 13E: Cycle Specialists manufactures goods on a job order basis. During the month of June, three jobs were...
Related questions
Question
How much is the total cost of goods manufactured?
*Please present answer in good accounting form.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College