Question(2 Points)During January 2021, LOBO Company worked on three jobs, under normal cost system. Datarelating to these three jobs follows:JOB NO. 1013,000JOB NO. 100JOB NO. 103Units in each order1,8004,500Raw Materials requisitionedP32,000P42,000P45,000Direct labor hours1,0001,5002,000Direct labor rate per hourP60P70P60Actual Indirect materials used5,0003,0002,000Overhead is applied at 80% of direct labor cost. During January, Job no. 100 was completed& delivered to customer at 25% markup based on cost. Job no. 103 was placed in stock. Jobno. 101 was the only unfinished job at the end of the month.The billing price for Job No. 100 per unit amounted toEnter your answer62These are costs that an in upitORDF12PriScDelc35.6.RITUSOGN MAltCirl

Name: Question(2 Points)During January 2021, LOBO Company worked on three j
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Description: Question(2 Points)During January 2021, LOBO Company worked on three jobs, under normal cost system. Datarelating to these three jobs follows:JOB NO. 1013,000JOB NO. 100JOB NO. 103Units in each order1,8004,500Raw Materials requisitionedP32,000P42,000

Solution: Total cost of job 100 = DM + DL +Overhead applied = (P32,000 - P5,000) + (1000*P60) +…

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During January 2021, LOBO Company worked on three jobs, under normal cost system. Data relating to these three jobs follows: Units in each order Raw Materials requisitioned Direct labor hours Direct labor rate per hour Actual Indirect materials used JOB NO. 100 JOB NO. 101 JOB NO. 103 1,800 Р32,000 1,000 3,000 P42,000 1,500 4,500 P45,000 2,000 P60 P70 P60 5,000 3,000 2,000 Overhead is applied at 80% of direct labor cost. During January, Job no. 100 was completed & delivered to customer at 25% markup based on cost. Job no. 103 was placed in stock. Job no. 101 was the only unfinished job at the end of the month. The billing price for Job No. 100 per unit amounted to

During January 2021, LOBO Company worked on three jobs, under normal cost system. Data relating to these three jobs follows: Units in each order Raw Materials requisitioned Direct labor hours Direct labor rate per hour Actual Indirect materials used JOB NO. 100 JOB NO. 101 JOB NO. 103 1,800 Р32,000 1,000 3,000 P42,000 1,500 4,500 P45,000 2,000 P60 P70 P60 5,000 3,000 2,000 Overhead is applied at 80% of direct labor cost. During January, Job no. 100 was completed & delivered to customer at 25% markup based on cost. Job no. 103 was placed in stock. Job no. 101 was the only unfinished job at the end of the month. The billing price for Job No. 100 per unit amounted to

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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