Problem 8 Assume the following relates to the Candy Corporation for the month of July In process, July 1 Materials Labor Overhead Cost added in July Materials Labor Job No. 101 Job No. 102 P 40,000 P 30,000 60,000 40,000 75,000 50,000 55,000 80,000 80,000 95,000 Job No. 103 92,000 115,000 Actual overhead incurred in July amounted to P 375,000. Job No. 101 and 102 were completed and transferred to finished goods warehouse in July. Overhead is applied using a predetermined overhead rate. Job 101 was sold for P 550,000. Requirements: Compute for the following- 1. Work in process, July 1 2. Overhead assigned to production in July assuming same factory OH rate 3. Cost of goods manufactured 4. Cost of goods sold (actual) 5. Finished goods inventory, July 31 Cost Accounting 150 Problem 9 Miracle Company provides you with the following information Inventories: Materials Work in process Finished goods January 1 P ? 80,000 60,000 January 31 P 50,000 95,000 78,000 January transactions: Purchases of materials, P 46,000 Factory overhead (75% of direct labor cost) P 63,000 Selling and adm. Expenses (12.5% of sales, P 25,000 Factory overhead control, P 62,800 Net income for January, P 25,200 Indirect materials used, P 1,000 Requirements: 1. Materials inventory, January 1 2. Cost of goods manufactured 3. Cost of goods sold (normal) for the month of January of the current year