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Nica provided the following information for the transaction occurred during August. The production plant uses the JIT costing system. Raw materials costing P750,000 were purchased
Nica provided the following information for the transaction occurred during August. The production plant uses the JIT costing system. Raw materials costing P750,000 were purchased All direct materials costing P750,000 were requisitioned for production Direct labor costs of P500,000 were incurred Actual factory overhead costs amounted to P2,487,500 Applied conversion cost totaled P3,250,000. This includes the direct labor cost. All units are completed and immediately sold. The adjusted COGS is:
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