Managerial Accounting

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The following data pertains to the job order projects of Le Queen Corporation for December 31, 2021.

DESCRIPTION	AMOUNT (IN PESOS)
Finished goods, beginning	350,000.00
Finished goods, ending	425,000.00
Cost of goods manufactured	534,300.00
Manufacturing overhead, actual	650,000.00
Manufacturing overhead, applied	678,350.00
Work in process, beginning	342,000.00
Work in process, ending	254,780.00

Determine the following:

1. Cost of goods available for sale =
2. Adjusted cost of goods sold =

The following data pertains to the job order projects of Le Queen Corporation for December 31, 2021.

DESCRIPTION	AMOUNT (IN PESOS)
Cost of goods manufactured	252,000.00
Direct materials used in production	456,000.00
Direct labor	265,470.00
Work in process, beginning	124,200.00
Work in process, ending	854,000.00

Determine the following:

1. Total manufacturing cost to account for =
2. Amount of manufacturing overhead applied =

Le Queen Corporation has two divisions - Construction and Polishing. Division Construction's predetermined overhead is based on P 52.50 per direct labor hour while Division Polishing's predetermined overhead rate is based on P 125.00 per kilo of fabric.

On the other hand, Le Queen's uses a plantwide overhead rate of P 52.00 per machine hour.

During 2021, the following actual activities were recorded:

	DIRECT LABOR HOUR	KILOS OF FABRIC	MACHINE HOURS
CONSTRUCTION	2,250.00	730.00	3,550.00
POLISHING	2,750.00	840.00	2,500.00
PLANTWIDE	5,000.00	1,570.00	6,050.00

Determine the following:

1. Total manufacturing overhead applied using plantwide overhead rate =
2. Total manufacturing overhead applied using departmental overhead rates =

Job cost sheets contain entries for actual direct material, actual direct labor, and actual manufacturing overhead cost incurred in completing a job.

Group of answer choices

True

False

Overapplied overhead is added to the unadjusted cost of good sold to compute for the adjusted cost of goods sold balance for the period.

Group of answer choices

True

False