Miscellaneous factory overhead Accounts payable, November 1
Chapter4: Job Order Costing
Section: Chapter Questions
Problem 12PA: The following data summarize the operations during the year. Prepare a journal entry for each...
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The following account balances and other information for Barfield Company pertain to November operations:
|
Account Balances |
|
|
November 1 |
November 30 |
Finished goods |
P 70,000 |
P 60,000 |
Work in process |
50,000 |
? |
Direct materials |
10,000 |
25,000 |
Accounts payable |
? |
15,000 |
Accrued payroll |
10,000 |
20,000 |
Accumulated |
80,000 |
90,000 |
Other information:
- Direct materials purchase on account during November, P50,000.
- Barfield Company applies factory
overhead at a predetermined rate of P3 per direct labor hour. - During November, direct labor employees worked 25,000 hours at a rate of P4 per hour.
- Jobs 385, 386, and 387 were still in process at the end of November. A total of P5,000 direct materials has been charged to these three jobs. To date, 5,000 direct labor hours have been worked on these jobs.
- The accrued payroll account is used for factory employees only. Assuming no payroll deductions, payment to factory employees during the month totaled P140,000.
- Factory overhead was underapplied by P5,000.
- Payments on account totaled P55,000.
Required: Determine the following –
- Miscellaneous factory overhead
- Accounts payable, November 1
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