1. For this numeric question, 30 points.

Problem 2. The Best Manufacturing Company uses standard costs with its job order cost accounting system. During the third quarter of 2013, an order of 4.000 units of Product Echo (Job. 3-3003) was accepted from a longtime customer. The standard cost to produce a unit is given below: Direct materials - 3.0 lbs at P8.00 per pound Direct labor - 2 hours at P18 per hour Overhead - 2 hours (variable P6; Fixed P10) Overhead is applied to production on the basis of direct labor hours. Normal capacity for the quarter was 9,000 direct labor hours. During the quarter, the following transactions related to the job occurred: a. Purchased 12,400 pounds of raw materials on account at P7.20 per pound b. Issued 12,400 pounds of raw materials to production C. Incurred 7,600 hours of direct labor at P18.40 per hour d. Manufacturing overhead incurred for the quarter totaled P135,300. e. Applied overhead to production. f. Transferred completed jobs to Finished Goods. g. Billed the customer at cost plus 60% mark-up on cost. REQUIRED: Journal entries to record the above. Problem 4. Evergreen Manufacturing Company started 1,500 units in process on job order #2003. The prime cost placed in process consisted of P300,000 and P180.000 for materials and direct labor, respectively, and a predetermined rate was used to charge factory overhead to production at 133-1/3% of direct labor cost. Upon completion of the job order, 100 units were rejected for failure to meet strict quality control requirements. The company bills customers at 50% above cost but sells rejected units at only 1/3 of production cost REQUIRED: Give the entries to record the following: 1) The cost of production 2) To record the completion of the job assuming the rejected units is ascribed to a company failure which is normal. fide finiture and