kindly help me with this in order for me to correct my answers too. thank you!
Job Order Costing Problems Problem 1. 25 points The KCP Metal Company received two orders from customers on December 17, 2020: Assigned Job Order No. 11 Landok Auto Parts placed an order for 10,000 aluminum rods, %% inch diameter, 12 inches long. The price agreed upon for the job is P70,000. Landok auto parts requested a completion date of December 21, 2020. 12 The Marlboro Lamp Company placed an order for 3,000 aluminum switch plates of standard size. The price for this job is 30,000 and the requested completion date is December 25, 2020. Both jobs will be shaped in the forming department and cleaned in the finishing department. The KCP Metal Company uses a job order cost system. The following transactions relate to jobs 11 and 12: 1. On December 17, 2011, the purchasing department bought: 50,000 lb of aluminum for P375,000; unit cost is P7.5/lb, 500 gallons of cleaning fluid for P25,000; unit cost P50/gal. 2. The following materials were requisitioned: Date Quantity Description Amount Forming Department Job 11 12/17 2,500 lb Aluminum P18,750 Job 12 12/17 300 lb Aluminum 2,250 Total P21,000 Finishing Department 12/24 10 gal Cleaning Fluid P 500 3. Labor costs incurred according to labor job tickets and payroll summary were as follows: Forming Finishing Total Week of 12/17/2020: Direct Labor - job 11 P15,500 P 3,500 P19,000 Direct Labor - job 12 7,500 1,500 9,000 Indirect Labor - Forming Department 5,500 5,500 Week of 12/24/2020: Direct Labor - job 12 2,000 2,000 Indirect Labor - Finishing Department 750 750 Total P28,500 P7,750 P36,250 4. Additional factory overhead costs incurred by the forming department: Insurance Expense P12,000 Depreciation Expense 1,500 Payroll Taxes 2,000 Total P15,500 5. Factory is applied to each job upon completion as follows: Forming Department: 100% of direct labor pesos. Finishing Department: 50% of direct labor pesos. 6. Job 11 was completed on December 21, and job 12 was completed on December 25. Both jobs were transferre to the finished goods storeroom upon completion. 7. Both jobs were picked up on December 25 by the customers, who paid cash. Required: Prepare journal entries for the above transactions. Problem 2. 15 points Pedro prints brochures for clients and uses job order costing. He applies his overhead cost to jobs each month by adding 15 percent to prime costs. In December, he had the following job activity: Beginning Materials Direct Labor Job Inventory Added Added 143 P 28,250 P 8,000 144 P 18,000 P 12,000 145 P 15,000 P 13,000 Job 145 was incomplete at the end December. 1. Determine the cost of jobs completed in December. 2. Cost of WIP, end. (per Job)
