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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:

  1. The amount of overhead applied to production in November assuming no change in the overhead rate used
  2. The cost of the goods completed and transferred to finished goods inventory
  3. The cost of the finished goods inventory ending after adjustment
  4. The cost of the Nov. 1 Work in process inventory
  5. The cost of Goods sold unadjusted
  6. The cost of the November 30 work in process inventory after adjustment
  7. Cost of goods sold adjusted

Show computation for each number.

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