Bounty Hunter Corporation has the following transaction for the month of February and uses Job order costing system: 1. Materials purchased for cash P40,000. 2. Materials and labor used: Job No. Materials Labor 4,200 3,600 301 2,600 302 1,900 1,200 4,300 4,200 303 2,200 1,800 2,800 304 General factory use 3. Factory overhead cost incurred, P9,500. 4. Depreciation of factory machine, P4,000. 5. ACTUAL overhead was applied to production on the basis of DIRECT labor costs. 6. Jobs completed are: Jobs 302 and 304. 7. Job 304 is sold at 180% mark-up on cost.

Bounty Hunter Corporation has the following transaction for the month of February and uses Job order costing system: 1. Materials purchased for cash P40,000. 2. Materials and labor used: Job No. Materials Labor 4,200 3,600 301 2,600 302 1,900 1,200 4,300 4,200 303 2,200 1,800 2,800 304 General factory use 3. Factory overhead cost incurred, P9,500. 4. Depreciation of factory machine, P4,000. 5. ACTUAL overhead was applied to production on the basis of DIRECT labor costs. 6. Jobs completed are: Jobs 302 and 304. 7. Job 304 is sold at 180% mark-up on cost.

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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