XYZ company is a manufacturing firm that uses job-order costing. On January 1, the beginning of its fiscal year, the company's inventory balances were as follows: Raw Materials WIP Php 20,000 15,000 30,000 Finished Goods The company applies overhead cost to jobs on the basis of machine- hours worked. For the current year, the company estimated that it would work 75,000 machine-hours and incur php 450,000 in manufacturing overhead cost. The following transactions were recorded for the year:
XYZ company is a manufacturing firm that uses job-order costing. On January 1, the beginning of its fiscal year, the company's inventory balances were as follows: Raw Materials WIP Php 20,000 15,000 30,000 Finished Goods The company applies overhead cost to jobs on the basis of machine- hours worked. For the current year, the company estimated that it would work 75,000 machine-hours and incur php 450,000 in manufacturing overhead cost. The following transactions were recorded for the year:
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter26: Manufacturing Accounting: The Job Order Cost System
Section: Chapter Questions
Problem 1CP
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