Harison Company uses a normal cost system of accumulating product cost and had the following data available for the 2nd quarter of the current year: Direct materials purchased on account, P74,000; Direct materials requisitioned, P41,000; Direct labor cost incurred, P65,000; Factory overhead incurred, P73,000; Cost of goods completed, P146,000; Cost of goods sold, P128,000; Beginning direct materials inventory, P13,000; Beginning work in process inventory, P32,000; Beginning finished goods inventory, P29,000; Overhead application rate (as a percent of direct labor cost) is 125%. 8. The cost of ending work in process is P219,250 P73,250 a. b. C. P65,000 d. P211,000 32
Harison Company uses a normal cost system of accumulating product cost and had the following data available for the 2nd quarter of the current year: Direct materials purchased on account, P74,000; Direct materials requisitioned, P41,000; Direct labor cost incurred, P65,000; Factory overhead incurred, P73,000; Cost of goods completed, P146,000; Cost of goods sold, P128,000; Beginning direct materials inventory, P13,000; Beginning work in process inventory, P32,000; Beginning finished goods inventory, P29,000; Overhead application rate (as a percent of direct labor cost) is 125%. 8. The cost of ending work in process is P219,250 P73,250 a. b. C. P65,000 d. P211,000 32
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Harison Company uses a normal cost system of accumulating product cost and
had the following data available for the 2nd quarter of the current year: Direct
materials purchased on account, P74,000; Direct materials requisitioned, P41,000;
Direct labor cost incurred, P65,000; Factory overhead incurred, P73,000; Cost of
goods completed, P146,000; Cost of goods sold, P128,000; Beginning direct
materials inventory, P13,000; Beginning work in process inventory, P32,000;
Beginning finished goods inventory, P29,000; Overhead application rate (as a
percent of direct labor cost) is 125%.
8. The cost of ending work in process is
P219,250
a.
b.
P73,250
C.
d.
P65,000
P211,000
-32
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