Jean Corporation uses a standard cost system and has the following standard costs for direct materials and direct labor. Direct materials:  2.5 meters @ P14 per meter DIrect Labor: 1.6 hours @ P8 per hour P35.00 P12.80 During the month of February, 15,000 units were produced. The costs related to the production of the product were as follows: 50,000 meters of materials were purchased at a cost of P13.80 per meter. 40,000 meters of materials were used. 25,000 direct labor hours were used at a cost of P8.60 per hour. Prepare the journal entries to record the purchased of materials, used of materials and labor incurrence.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Jean Corporation uses a standard cost system and has the following standard costs for direct materials and direct labor.

Direct materials:  2.5 meters @ P14 per meter

DIrect Labor: 1.6 hours @ P8 per hour P35.00 P12.80

During the month of February, 15,000 units were produced. The costs related to the production of the product were as follows:

50,000 meters of materials were purchased at a cost of P13.80 per meter.

40,000 meters of materials were used.

25,000 direct labor hours were used at a cost of P8.60 per hour.

Prepare the journal entries to record the purchased of materials, used of materials and labor incurrence.

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