The following cost data are available for Honesty Co. for its first month of operations: Job 201 Job 202 Job 203 Direct materials P60,000 P90,000 P56,000 Direct labor cost at P40 per hour 18,000 36,000 38,000 Overhead is applied at the rate of P32 per direct labor hour. Job nos. 201 and 202 were completed. Job no. 201 was sold, and job no. 203 remained incomplete at the end of the month. Honesty Co. incurred the following costs for the month: Direct material purchases, P300,000; Direct and indirect labor costs, P96,000; Factory overhead excluding indirect labor and indirect materials, P59,200; Indirect materials, P4,000. How much is the cost of goods manufactured for the month?
The following cost data are available for Honesty Co. for its first month of operations:
Job 201 Job 202 Job 203
Direct materials P60,000 P90,000 P56,000
Direct labor cost at P40 per hour 18,000 36,000 38,000
Overhead is applied at the rate of P32 per direct labor hour. Job nos. 201 and 202 were completed. Job no. 201 was sold, and job no. 203 remained incomplete at the end of the month. Honesty Co. incurred the following costs for the month: Direct material purchases, P300,000; Direct and indirect labor costs, P96,000; Factory overhead excluding indirect labor and indirect materials, P59,200; Indirect materials, P4,000.
How much is the cost of goods manufactured for the month?
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