Activity 2-Job Order Costing 1. JYD Manufacturing Company showed the following information as of June 1, 2020, Raw materials inventory P320,000 Work in process inventory 400,000 Finished goods inventory 350,000 During the month of June, the following were incurred Materials purchased P170,000 Materials used 200,000 Direct labor 400.000 Factory Overhead 210,000 After reviewing the quantities on hand, ending inventories were: Work in process inventory 280,000 Finished goods inventory 430,000 What is the raw materials inventory as of June 30, 2020? 2. JYD Manufacturing Company showed the following information as of June 1, 2020, Raw materials inventory P320,000 Work in process inventory 400,000 Finished goods inventory 350,000 During the month of June, the following were incurred Materials purchased P170,000 Materials used 200,000 Direct labor 400.000 Factory Overhead 210,000 After reviewing the quantities on hand, ending inventories were: Work in process inventory 280,000 Finished goods inventory 430,000 What is the total cost of goods manufactured during the month? 3. JYD Manufacturing Company showed the following information as of June 1, 2020; Raw materials inventory P320,000 Work in process inventory 400,000 Finished goods inventory 350,000 During the month of June, the following were incurred Materials purchased P170,000 Materials used 200,000 Direct labor 400.000 Factory Overhead 210,000 After reviewing the quantities on hand, ending inventories were: Work in process inventory 280,000 Finished goods inventory 430,000 What is the total cost of goods available for sale? 4. JYD Manufacturing Company showed the following information as of June 1, 2020, Raw materials inventory P320,000 Work in process inventory 400,000 Finished goods inventory 350,000 During the month of June, the following were incurred Materials purchased P170,000 Materials used 200,000 Direct labor 400.000 Factory Overhead 210,000 After reviewing the quantities on hand, ending inventories were: Work in process inventory 280,000 Finished goods inventory 430,000 How much was the cost of goods sold? 5. Peter Senen Company has the following cost data as of Sept 1, 2020 Materials purchased P170,000 Materials used 200,000 Direct labor 400,000 Factory overhead 210,000 Office rent 50,000 How much is the total manufacturing costs? 6. Peter Senen Company has the following cost data as of Sept 1, 2020 Materials purchased P170,000 Materials used 200,000 Direct labor 400,000 Factory overhead 210,000 office rent 50,000 What is the total prime costs? 7. Peter Senen Company has the following cost data as of Sept 1, 2020 Materials purchased P170,000 Materials used 200,000 Direct labor 400,000 Factory overhead 210,000 Office rent 50,000 What is the total conversion costs? 8. Ethel Company provided the following information as of May 31, 2020 Sales P900,000 Finished goods inventory, May 31 300,000 Work in process inventory, May 31 350,000 Raw materials inventory, May 31 280,000 Finished goods inventory, May 1 200,000 Work in process inventory, May 1 310,000 Raw materials inventory, May 1 250,000 Direct labor 150,000 Factory overhead 110,000 The average historical gross profit is 30% of sales What is the total manufacturing costs? 9. Ethel Company provided the following information as of May 31, 2020 Sales P900,000 Finished goods inventory, May 31 300,000 Work in process inventory, May 31 350,000 Raw materials inventory, May 31 280,000 Finished goods inventory, May 1 200,000 Work in process inventory, May 1 310,000 Raw materials inventory, May 1 250,000 Direct labor 150,000 Factory overhead 110,000 The average historical gross profit is 30% of sales How much was the total raw materials used? 10. Ethel Company provided the following information as of May 31, 2020 Sales P900,000 Finished goods inventory, May 31 300,000 Work in process inventory, May 31 350,000 Raw materials inventory, May 31 280,000 Finished goods inventory, May 1 200,000 Work in process inventory, May 1 310,000 Raw materials inventory, May 1 250,000 Direct labor 150,000 Factory overhead 110,000 The average historical gross profit is 30% of sales How much was thetotal raw materials purchased? 11. The following data are available for Peter Senen Company during the month of July 2020: Direct materials purchased P 95,000 Direct labor 80,000 Indirect materials 40,000 Indirect labor 45,000 Other indirect factory costs 60,000 Marketing expenses 72,000 Office salaries and wages 30,000 Raw materials inventory, June 30 35,000 Raw materials inventory, July 31 50,000 What is the total manufacturing costs? 12. The following data are available for Peter Senen Company during the month of July 2020: Direct materials purchased P 95,000 Direct labor 80,000 Indirect materials 40,000 Indirect labor 45,000 Other indirect factory costs 60,000 Marketing expenses 72,000 Office sal 30,000 Raw materials inventory, June 30 35,000 les and wages Raw materials inventory, July 31 50,000 What is the total factory overhead? 13. Jane Company uses Job order costing system and applies manufacturing overhead to work in process using a predetermined annual overhead rate. During May 2020, Jane's transactions included the following: Direct materials issued to production P50,000 Indirect materials issued to production 4,000 Manufacturing overhead incurred 75,000 Manufacturing overhead applied 80,000 Direct labor costs 60,000 Jane had neither beginning nor ending work in process inventory. What was the cost of jobs completed in May 2020? 14. Krissy Company uses job order cost system. The following transactions were completed in January which was the first month of operations: Received direct materials and supplies costing P20,000 Materials and supplies were requisitioned as follows: Direct materials Job 1 P3,000 Job 2 4,000 Job 3 1,000 P8,000 Indirect materials 1,000 Factory payroll was distributed as follows: Direct labor Job 1(200 hrs) P2,000 Job 2(300 hrs) 3,000 Job 3(400 hrs) 4,000 9,000 Indirect labor 2,000 Other indirect manufacturing costs totaled P3,000 Indirect manufacturing costs are applied on the basis of direct labor hours. The budget for 2020 included 9,000 direct labor hours and a total overhead budget of P63,000. How much factory overhead applied to production? 15. Krissy Company uses job order cost system. The following transactions were completed in January, which was the first month of operations: Received direct materials and supplies costing P20,000 Materials and supplies were requisitioned as follows: Direct materials Job 1 P3,000 Job 2 4,000 Job 3 1,000 P8,000 Indirect materials 1,000 Factory payroll was distributed as follows: Direct labor Job 1(200 hrs) P2,000 Job 2(300 hrs) 3,000 Job 3(400 hrs) 4,000 9,000 indirect labor 2,000 Other indirect manufacturing costs totaled P3,000 Indirect manufacturing costs are applied on the basis of direct labor hours. The budget for 2020 included 9,000 direct labor hours and a total overhead budget of P63,000 What is the balance of materials inventory at the end? 16. Krissy Company uses job order cost system. The following transactions were completed in January, which was the first month of operations: Received direct materials and supplies costing P20,000 Materials and supplies were requisitioned as follows: Direct materials Job 1 P3,000 Job 2 4,000 Job 3 1,000 P8,000 Indirect materials 1,000 Factory payroll was distributed as follows: Direct labor Job 1(200 hrs) P2,000 Job 2(300 hrs) 3,000 Job 3(400 hrs) 4,000 9,000 Indirect labor 2,000 Other indirect manufacturing costs totaled P3,000 Indirect manufacturing costs are applied on the basis of direct labor hours. The budget for 2020 included 9,000 direct labor hours and a total overhead budget of P63,000. What is the factory overhead under or over applied? 17. Combate Company uses a job order cost system and applies factory overhead on the basis of the direct labor cost. The overhead rates for 2020 are 200% for department A and 50% for Department B. Job 123, started and completed during 2020 was charged with the following costs: Department A Department B Direct materials P25,000 P5,000 Direct labor ? 30,000 Factory overhead 40,000 ? What is the total manufacturing costs associated with Job 123? Peter Senen company manufactures tools to customer specifications. The following data pertain to Job 222 for the month of February Direct materials used P 4,200 Direct -labor hours worked 300 Direct-labor rate per hour P8.00 Machine hours used 200 Applied factory overhead rate per hour P15.00 What is the total manufacturing cost recorded on Job 222 for February? 18. Grace Company used a predetermined ratew during 2020 of P2 per direct labor hour, based on an estimate of 20,000 direct labor hours to be worked during the year. Actual costs and activity during 2020 were: Actual manufacturing overhead cost incurred P30,000 Actual direct labor hours worked 18,000 What would be the under or overapplied overhead for 2020? 19. James Company uses a job order cost sytem. The following debits (credits) appeared in James account for the month of April 2020: April Description Amount 1 Balance P4,000 30 Direct Materials 24,000 30 Direct labor 16,000 30 Factory overhead 12,800 .30 To finished goods (48,000) James applies overhead to production at a predetermined rate of 80% of direct labor cost. Job No. 5, the only job still in process on April 30, 2020, ahs been charged of direct labor of P2,000. What was the amount of direct materials charged to Job No.57 20. Ethel Company's job order system, manufacturing overhead is applied to work in process using a predetermined annual overhead rate. During January 2020, Ether's transactions included the following: Direct materials issued to production P 90,000 Indirect materials issued to production 8,000 Manufacturing overhead incurred 125,000 Manufacturing overhead applied 113,000 Direct labor costs 107,000 Ethel had neither beginning nor ending work in process inventory, What was the cost of jobs completed in January 2020? 21. Petsey Co. Has considerable excess manufacturing capacity. A special job order's cost sheet includes the following applied manufacturing overhead costs: Fixed costs P21,000 Variable costs 33,000 The fixed costs include a normal P3,700 allocation for in-house design costs, although no in-house design will be done. Instead, the job will require the use of external designers costing P7,750. What is the total amount to be included in the calculation to determine the minimum acceptable price for the job? 22. Peter Company provided the following data for the year ended December 31, 2020- Raw materials purchases P80,000 Total manufacturing costs 220,000 Decrease in raw materials inventory 4,000 Decrease in work in process inventory 20,000 Increased in finished finished goods inventory 45,000 Gross margin ratio 40% Factory overhead is applied at 60% of direct labor. How much is the factory overhead cost incurred? 23. Senen Company provided the following data for the month ended October 31, 2020 Direct labor (2,000 hours P40/hr) P80,000 Inventories, October 1 Raw materials 48,000 Work in process 55,000 Finished goods 81,500 Inventories, October 31 Raw materials 40,000 Work in process 62,000 Finished goods 90.200 Cost of goods sold 204,300 Factory overhead is applied at P36 per direct labor hour. Senen made total purchases of what amount? 24. Kaypee Corporation is a local manufacturer that uses a job order costing Manufacturing overhead is applied using a predtermined rate based on direct labor cost. The cost ledger shows the following information for the month of August. Work in process Inventory Debit Credit Balance, Aug 1 P250,000 Materials used 120,000 Direct labor 100,000 Applied FOH 80,000 Goods Manufactured P296,000 Kaypee had three outstanding Jobs in ending work in process that are expected to be delivered in the following month: Job #108 with direct materials of P35,000 and direct labor of P20,000 Job #109 with direct materials of P45,000 and direct labor of P25,000 Job #110 with applied overhead of P28,000. What is the total cost of Job #108? 25. Kaypee Corporation is a local manufacturer that uses a job order costing. Manufacturing overhead is applied using a predtermined rate based on direct labor cost. The cost ledger shows the following information for the month of August. Work in process Inventory Debit Credit Balance, Aug 1 P250,000 Materials used 120,000 Direct labor 100,000 Applied FOH 80,000 Goods Manufactured P296,000 Kaypee had three outstanding jobs in ending work in process that are expected to be delivered in the following month: Job #108 with direct materials of P35,000 and direct labor of P20,000 Job # 109 with direct materials of P45,000 and direct labor of P25,000 Job #110 with applied overhead of P28,000. What was the total cost of Job # 109? 26. Kaypee Corporation is a local manufacturer that uses a job order costing. Manufacturing overhead is applied using a predtermined rate based on direct labor cost. The cost ledger shows the following information for the month of August. Work in process Inventory Debit Credit Balance, Aug 1 P250,000 Materials used 120,000 Direct labor 100,000 Applied FOH 80,000 Goods Manufactured P296,000 Kaypee had three outstanding jobs in ending work in process that are expected to be delivered in the following month: Job #108 with direct materials of P35,000 and direct labor of P20,000 Job # 109 with direct materials of P45,000 and direct labor of P25,000 Job #110 with applied overhead of P28,000. What was the total cost of Job #110