Question
Assume the following information related to the Alexis Company for the month of November 2019: Job No. 123 Job No. 124 Job No. 125 Job
Assume the following information related to the Alexis Company for the month of November 2019:
Job No. 123 | Job No. 124 | Job No. 125 | Job No. 126 | Job No. 127 | |
In process, Nov. 1 | |||||
Materials | P20,000 | P30,000 | P90,000 | 0 | 0 |
Labor | P70,000 | P40,000 | P100,000 | 0 | 0 |
Overhead | P84,000 | P48,000 | P120,000 | 0 | 0 |
Cost added in November | |||||
Materials | P70,000 | P40,000 | P60,000 | P60,000 | P60,000 |
Labor | P80,000 | P60,000 | P100,000 | P70,000 | P70,000 |
Overhead | ? | ? | ? | ? |
Actual overhead incurred in November amounted to P636,000. Job No. 123 and 124 were completed in November.
Job No. 124 remains unsold by the end of the month.
Overhead is applied using a predetermined overhead rate.
The overhead variance is allocated to Cost of Goods sold and the appropriate inventories.
Given the following information, compute the following
8.The cost of the Nov. 1 Work in process inventory
9.The amount of overhead applied to production in November assuming no change in the overhead rate used
10. The cost of the goods completed and transferred to finished goods inventory
11. The cost of Goods sold
12. The cost of the finished goods inventory ending
13. The cost of the November 30 work in process inventory
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