What is the net income for January 2020 under absorption costing? The selling price is P20.00 per unit Problem C. During January 2020, ABC company produced 1,000 units of product Z with the followingcosts:MaterialsP6,0003,300LaborVariable factory overheadFixed factory overheadTotal manufacturing costs2,5001,500P13,300Selling and administrative costs incurred during the month were:Variable selling and administrative costsFixed selling and administrative costsTotal selling and administrative costsP3,2002,000P5,000ABC company uses JIT system. It does not keep inventories in stock.12. What is the net income for January 2020 under absorption costing?

Calculation of product cost per unit : Particulars Amount Material P6,000 Labour P3,300…

Problem C. During January 2020, ABC company produced 1,000 units of product Z with the following costs: Materials P6,000 3,300 2,500 Labor Variable factory overhead Fixed factory overhead Total manufacturing costs 1,500 P13,300 Selling and administrative costs incurred during the month were: Variable selling and administrative costs Fixed selling and administrative costs Total selling and administrative costs Р3,200 2,000 P5,000 ABC company uses JIT system. It does not keep inventories in stock. 12. What is the net income for January 2020 under absorption costing?

Problem C. During January 2020, ABC company produced 1,000 units of product Z with the following costs: Materials P6,000 3,300 2,500 Labor Variable factory overhead Fixed factory overhead Total manufacturing costs 1,500 P13,300 Selling and administrative costs incurred during the month were: Variable selling and administrative costs Fixed selling and administrative costs Total selling and administrative costs Р3,200 2,000 P5,000 ABC company uses JIT system. It does not keep inventories in stock. 12. What is the net income for January 2020 under absorption costing?

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter26: Manufacturing Accounting: The Job Order Cost System

Section: Chapter Questions

Problem 5SEB: PREDETERMINED FACTORY OVERHEAD RATE Marston Enterprises calculates a predetermined factory overhead...

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