Work-in-process of Alonzo Corporation in July 1, 2019 (per general ledger) is P22,800. Per cost sheets: Direct Materials Direct Labor P6,000 8,000 Job 101 P3,000 Job 102 2,500 Amount charged to work-in-process for July 2019: Direct materials Direct labor P3,000 2,000 6,000 4,500 P1,000 Job 101 Job 102 Job 103 Job 104 1,500 2,600 2,000 Factory overhead is applied to production based on direct labor cost. Jobs 1õ1 and 103 are completed during the month. Cost of goods put into process must be:

Work-in-process of Alonzo Corporation in July 1, 2019 (per general ledger) is P22,800. Per cost sheets: Direct Materials Direct Labor P6,000 8,000 Job 101 P3,000 Job 102 2,500 Amount charged to work-in-process for July 2019: Direct materials Direct labor P3,000 2,000 6,000 4,500 P1,000 Job 101 Job 102 Job 103 Job 104 1,500 2,600 2,000 Factory overhead is applied to production based on direct labor cost. Jobs 1õ1 and 103 are completed during the month. Cost of goods put into process must be:

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 10PB: The actual overhead for a company is $73,175. Overhead was based on 4,500 machine hours and was...

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The actual overhead for a company is $73,175. Overhead was based on 4,500 machine hours and was $3,325 over applied for the year. What is the overhead application rate per direct labor hour? What is the journal entry to dispose of the under applied overhead?
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Accounting At the end of 2019, Alonzo Company’s manufacturing inventory and expense accounts held the following costs. Work in Process Inventory Finished Goods Inventory Cost of Goods Sold Direct Materials P120,000 P190,000 P350,000 Direct Labor P100,000 P250,000 P580,000 Factory Overhead P60,000 P300,000 P480,000 Alonzo’s accountant applied overhead during the year using a budgeted rate of P8.40 per hour. At year end, they computed the actual rate of P10.00 per machine hour. The beginning balances of both work in process inventory and finished goods inventory were zero. Over/underapplied overhead are to be allocated to appropriate inventories how much is the Adjusted Finished Goods inventory?
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