31 For Question Nos. 5 to 9 82 MLB is employing normal costing for its job orders. The overhead is applied using a predetermined overhead rate. 33 The following information relates to the MLB, Inc. for the year ended December 31, 2016. 84 85 Job 101 Job 102 Job 103 36 Job in Process, January 1, 2016 37 Direct materials 40,000 30,000 0 38 Labor 60,000 40,000 0 39 Factory overhead 30,000 20,000 0 0 31 Costs added during 2016 82 Materials 20,000 10,000 100.000 33 Labor 100,000 200,000 400.000 34 Factory overhead ? ? ? 95 16 Additional information: 37 4 Actual overhead for the year 2016 amounted to P 350,000 98 2. Jobs No. 101 and 102 were completed and transferred to Finished Goods during the year 2016 19 3. Job No. 101 was sold during the year 2016 DO 4. The gross profit rate is 20% based on cost JI 12 5. What is the total manufacturing cost for 2016? 13 a P 1,400,000 b. P 480,000 P 1,200,000 d. P 1,180,000 04 05 06 6. What is the cost of goods manufactured for 2016? 07 P 680,000 b. P 580,000 P 700,000 d P 780,000 08 19 0 7. What is the cost of goods sold for 2016? 1 P 1,180,000 b. P 300,000 c P 700.000 d. P 1,200,000 2 3 4 8. What is the gross profit for 2016? 5 P 60,000 b. P 236,000 P 140,000 d. P 240,000 6 / 8 9. What are the cost of work in process on Dec 31, 2016 and the cost of finished goods on Dec 31, 2016, resp?? 9 a P 800,000 and b. P 700,000 and P 600,000 and d. P 900,000 and 20 P 500,000 P 400,000 P 300,000 P 200,000