The following information pertains to Ashley Companys manufacturing operations:

Decrease in raw materials P6, 000

Direct labor payroll P60, 000

Decrease in work in process P8, 000

Direct labor rate / hour P7.50

Increase in finished goods P18, 000

Factory overhead rate per hour P10

Purchases P84, 000

1. The amount of prime cost
2. The amount of conversion cost.

Provide the journal entry for the following. Prepare the entries

The following events took place at the Rounin Company over the past year.

Incurred direct labor costs of P47, 000

Purchased manufacturing equipment for P75, 000

Purchased direct materials for P176, 000

Incurred manufacturing overhead of P81, 000

Transferred 73% of the direct materials to work in process

Completed work on 85% of the goods in work in process

Sold 90% of the completed goods

Marketing and administrative costs were P85, 000

Sales amounted to P400, 000

There were no beginning balances in any of the inventory accounts. Costs are assigned equally across all work in process

Based on the above data:

1. What is the cost of goods sold?
2. What is the companys net income or net loss?
3. How much is the value of the ending finished goods inventory?

The following events took place at the Dream Company for the current year.

Purchased P120, 000 in direct materials

Incurred labor costs as follows

Direct labor, P72, 000

Supervisor labor, P26, 000

Purchased manufacturing equipment for P94, 000

Other manufacturing overhead (excluding supervisor labor) was P88, 000

Transferred 80% of the materials to the manufacturing assembly line

Completed work on 70% of the goods in process. Costs are assigned equally across all work in process

Sold 60% of the completed goods

There were no beginning balances in the inventory accounts. All costs incurred were debited to the appropriate account and credited to accounts payable. Provide the following:

1. Ending balance in direct materials inventory
2. The cost of goods sold

The XYZ Company uses a predetermined overhead rate. XYZ prepared the following budget at the beginning of the year:

Direct Labor Cost P12,000

Factory Overhead P25,000

Direct labor hours 9,000

Machine hours 1,500

During the month of January, the cost sheet of order number 100 indicates P20 of raw materials, P50 of direct labor, 10 hours of direct labor, and 5 machine hours. Order number 100 consists of 49 units of product. XYZ applies overhead based on direct labor cost.

1. What amount of overhead should be applied to order number 100?