Problem 1-20: Job Order Cost Accumulation Analysis The books of Maricel Products Company show the following account balances as of March 1: The work in process account is supported by the following job order cost sheets During March, the following transactions occurred: (a) Purchase of materials, P42,300. (b) Purchase of special materials was P5,800 for niew Job 207, which calls for 4,000 life jackets. (c) Indirect labor cost was P12,480. Direct labor was as follows: (d) Materials issued: *Excluding P5,800 of special materials, which are also issued at this time. Cost Accounting - Basic Concepts and the Job Order Cost Cycle 81 Problem 1-20 continued (e) Other factory overhead incurred or accrued (for brevity, credit the entire amount to Various Credits): (f) Factory overhead is applied at the rate of P2.30 per direct labor hour. An applied factory overhead account is used and is then closed to the overhead control account. (g) Job 204 was shipped and billed at a contract price of P117,500. Required: (1) In itemized form, compute the total cost of each job at the end of March. (2) Compute the amount of over- or underapplied factory overhead remaining in the overhead control account. (3) Compute the amount of work in process inventory on March 31. (4) Compute the cost of goods manufactured. Problem 1-21 continued (a) All sales were on account, with a markup equal to 28% of the sales price. (b) The accounts payable account was used for materials purchases only. (c) Factory overhead was applied at 150% of direct labor cost. (d) Miscellaneous factory overhead cost totaled P60,000. (e) Direct materials issued to production cost, P80,000. (f) Payment of accounts payable totaled P102,000. (g) There was only one job in process at the end of the period, with charges to date of materials costing P10,000 and direct labor of P8,000. (h) Collection of accounts receivable totaled P480,000. (i) Cost of goods manufactured was P320,000. (j) Payrolls totaling P172,000 were paid in cash. Required: Using a schedule of cost of goods manufactured and sold compute: (1) Materials purchased (2) Applied factory overhead (3) Over/under applied overhead (4) Work in process inventory, December 31 (5) Cost of goods sold at actual (6) Finished goods inventory, December 31