Problem 4: ABC Company received an order to make school uniforms and uses the job order costing system. The following transaction occurred during 2021 relating to Job U-101: 1. Purchased raw materials at a cost of P2,000,000 2. Direct materials used for 1,400,000 3. Raw materials were used as indirect materials, P200,000 4. Direct labor hours consumed for P1,500,000 on the job, which was fully paid. 5. Indirect labor hours used costing P500,000 6. Other indirect costs accrued were $1,250,000 7. Manufacturing overhead equal to 100% of direct labor was charged. 8. The cost of U-101 of 24,400,000 (direct materials of P1,400,000 + direct labor cost of P1,500,000 + applied overhead of P1,500,000) was transferred to finished goods on completion. 9. Revenue is recorded at P5,720,000 (P4,400,000 x 130%) 10. Actual manufacturing overheads were P1,950,000 (indirect materials costing P200.000+ indirect labor costing P500.000 and other overheads of P1.250.000).

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How much is total cost of goods manufactured?

Problem #4:Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased.) In computing a predetermined overhead rate at the beginning of the year, the company’s estimates were: manufacturing overhead cost, $800,000; and direct materials to be used in production, $500,000. The company has provided the following data :BeginningEndingRaw materials$20,000$80,000Work in Process150,00070,000Finished Goods260,000400,000The following actual costs were incurred during the year:Purchase of direct raw materials $510,000Direct labor cost90,000Manufacturing overhead costs:   4Indirect labor170,000Property taxes48,000Depreciation-equipment260,000Maintenance95,000Insurance7,000Rent -Building180,000Required: 1.a. Compute the predetermined overhead rate for the yearb. Compute the amount of under-or over-applied overhead for the year.1.Prepare the statement of cost of goods…