in process of Faithful Corporation on July 1, 2022 (per general ledger) is P23,900. Job 102 P 8,000 2,500 Work Per cost sheets: Direct materials Direct labor Job 101 P 6,000 3,000 Amount charged to Work in process for July, 2016 Job 101 Job 102 Job 103 Job 104 Direct materials 3,000 2,000 6,000 4,500 2,000 Direct labor 1,000 1,500 2,600

in process of Faithful Corporation on July 1, 2022 (per general ledger) is P23,900. Job 102 P 8,000 2,500 Work Per cost sheets: Direct materials Direct labor Job 101 P 6,000 3,000 Amount charged to Work in process for July, 2016 Job 101 Job 102 Job 103 Job 104 Direct materials 3,000 2,000 6,000 4,500 2,000 Direct labor 1,000 1,500 2,600

Name: Factory overhead is applied to production based on direct labor cost.
Uploaded: 2024-03-20T06:32:49.000Z
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Description: Factory overhead is applied to production based on direct labor cost. Jobs 101 and 103 are completed during the month. The cost of goods manufactured for the month of July is Work in process of Faithful Corporation on July 1, 2022 (per general ledger

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following manufacturing costs data are available for Division 911; Work in process, January 1, 2018: Job No. Factory Ouerhead Total P145,000 Materials Labor 156 P35,000 PG0,000 P44,000 Costa for 2018 Incurred by Jobe Total P16,000 158.000 42.000 10.000 Materials Labor Other 156 157 158 159 P- P2,000 52,000 24,000 8,000 P14,000 106,000 18,000 2.000 Not Incurred by Joba Indirect materials and sagddns Employee beneits Depreciation Supervision 30,000 30,000 106,000 46,000 24.000 40,000 Indirect labor 106,000 46,000 24,000 40,000 Factory overhead for 2018: Budgeted Manufacturing Overhead: Variable - Indirect materials and supplies Indirect labor Employee benefits Depreciation Supervision P 32,000 112,000 48,000 24,000 40,000 Fixed Total P256,000 Budgeted Direct Labor Costs P160,000 Manufacturing Overhead rate per direct labor cost (P256,000/P160,000) 160% Compute the actual manufacturing overhead. Compute the applied manufacturing overhead. Compute the net overhead variance (indicate…
Assume the following for White Top Inc. for the current fiscal year. White Top applies overhead onthe basis of units produced.Job Machine Hours246 5,200247 4,000Direct labor hours 50,000Average hourly pay rate $16.00Manufacturing overhead $1,400,000Budgeted overhead $350,000Actual overhead $360,000Actual labor hours 22,000Actual number of units sold 650,000Overapplied overhead $ 30,000Budgeted production (units) 700,000Budgeted overhead $200,000Actual overhead $222,000Actual labor hours 15,000Actual number of units sold 43,000Underapplied overhead $ 20,000Budgeted production (units) 50,000Required How many units were produced in the current fiscal year?
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