LIVE-LAU EU-L-UFFRIAL EXO Open Studio ... Strength of Materia KEXOM Problem F (JOB ORDER COSTING) Vivico makes customized jobs to customers. During the month of June, transactions occurred: a) Materials were purchased on account for P60,000. b) Materials totaling P50,000 were requisitioned for use in producing jobs. c) Direct labor payroll for the month was P30,000 with an average wage of P30 per hour. d) Actual overhead of P20,000 was incurred and paid in cash. e) Manufacturing overhead is charged to production at the rate of P10.00 per direct labor hour. f) Completed jobs costing P80,000 were transferred to finished goods g) Jobs costing P50,000 were sold on account for P70,000. Beginning balances as of June 1: I Materials Inventory P 5,000 WIP Inventory 4,000 Finished Goods 3,000 Determine the following: 16. Materials Inventory, end 17. WIP Inventory, end 18.Finished Goods Inventory, end 19. Over/Underapplied Overhead 20. Gross Profit for the month