Fake Inc. uses a job order costing system and the following information is available from the records.the company has 3 jobs in process: 281, 282 and 83. Raw materials used 120,000.00 Direct labor hour 8.50 Overhead applied based on direct labor cost 130% Direct materials were requisitioned as follows for each job respectively: 30%, 25% and 25%, the balance of the requisitions were considered indirect. Direct labor hours per job are 2,500, 3,100, and 4,200 respectively. indirect labor is P33,000.Other actual overhed costs totaled P36,000

Fake Inc. uses a job order costing system and the following information is available from the records.the company has 3 jobs in process: 281, 282 and 83. Raw materials used 120,000.00 Direct labor hour 8.50 Overhead applied based on direct labor cost 130% Direct materials were requisitioned as follows for each job respectively: 30%, 25% and 25%, the balance of the requisitions were considered indirect. Direct labor hours per job are 2,500, 3,100, and 4,200 respectively. indirect labor is P33,000.Other actual overhed costs totaled P36,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Explain how overhead is assigned to production when a predetermined overhead rate is used?
What kind of cost are considered Manufacturing Overhead Cost?
Describe the types of manufacturing overhead.
What is the purpose of the job cost sheet in a job-order costing system?
How does process costing differ from job costing, and in what types of industries is process costing typically used?
How do I calculate the overhead allocations?
How is manufacturing overhead allocated to jobs?
Why are overhead costs allocated to products and not traced to products as direct materials and direct labor are?
What is the effect on the cost of goods sold and net operating income, if the cost of factoryoverhead applied are greater than the cost actual factory overhead?
What information is contained in a production report? What are equivalent units and how would a company calculate them? How does the production report and equivalent units relate to unit costs?
How do you calculate the activity rates for overhead activity
How do I record factory labor costs?