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    Activity No. 1 September 2

    Uploaded by

    Catherine Ordo
    1. The amount of direct materials issued to production during 2021 was 900,000. 2. The amount of manufacturing overhead applied to jobs during 2021 was 360,000. 3. The cost of jobs completed during 2021 was 940,000. 4. The balance of work in process inventory on December 31, 2021 was 20,000. 5. The cost of goods sold before adjustment for over or under-applied overhead was 1,090,000. 6. The under-applied manufacturing overhead in 2021 was 0.

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    Activity No. 1 September 2

    Uploaded by

    Catherine Ordo
    71 views1 page
    1. The amount of direct materials issued to production during 2021 was 900,000. 2. The amount of manufacturing overhead applied to jobs during 2021 was 360,000. 3. The cost of jobs completed during 2021 was 940,000. 4. The balance of work in process inventory on December 31, 2021 was 20,000. 5. The cost of goods sold before adjustment for over or under-applied overhead was 1,090,000. 6. The under-applied manufacturing overhead in 2021 was 0.

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    1. The amount of direct materials issued to production during 2021 was 900,000. 2. The amount of manufacturing overhead applied to jobs during 2021 was 360,000. 3. The cost of jobs completed during 2021 was 940,000. 4. The balance of work in process inventory on December 31, 2021 was 20,000. 5. The cost of goods sold before adjustment for over or under-applied overhead was 1,090,000. 6. The under-applied manufacturing overhead in 2021 was 0.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    71 views1 page

    Activity No. 1 September 2

    Uploaded by

    Catherine Ordo
    1. The amount of direct materials issued to production during 2021 was 900,000. 2. The amount of manufacturing overhead applied to jobs during 2021 was 360,000. 3. The cost of jobs completed during 2021 was 940,000. 4. The balance of work in process inventory on December 31, 2021 was 20,000. 5. The cost of goods sold before adjustment for over or under-applied overhead was 1,090,000. 6. The under-applied manufacturing overhead in 2021 was 0.

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    © All Rights Reserved
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    ACTIVITY NO.

    1
    Cost Accounting and Control

    Problem 1:
    Sweet Company use normal costing in its job costing system. Partially completed T-account and additional
    information for the year 2021 follows:

    Materials Mfg. Overhead Control Work in Process Finished Goods

    1/1: 30,000 380,000 540,000 1/1: 20,000 1/1: 10,000


    900,000
    400,000 DL 360,000 940,000

    Additional Information:
    a) Direct labor cost rate was P15 per hour.
    b) Manufacturing overhead was applied at P20 per direct labor hour.
    c) During the year, sales revenues were P1,090,000 and marketing expenses were P140,000.

    Questions:
    1. What was the amount of direct materials issued to production during 2021?
    2. What was the amount of manufacturing overhead applied to jobs during 2021?
    3. What was the cost of jobs completed during 2021?
    4. What was the balance of work in process inventory on December 31, 2021?
    5. What was the cost of cost of goods sold before adjustment for over or under-applied overhead?
    6. What is the under/over-applied manufacturing overhead in 2021?

    Problem 2:
    The Pioneer Press is wholly owned by the Divine Word College of San Jose. The bulk of the work is done for other
    university departments, which pay as though the Press were no outside business enterprise. The Press also publishes and
    maintains a stock of books for general sale.

    The following data pertain to 2021 (in thousands):

    Direct materials and supplies purchased on account P800


    Direct materials issued to the production departments 710
    Supplies issued to various production departments 100
    Labor used directly in production 1,300
    Indirect labor incurred by various departments 900
    Depreciation – buildings and factory equipment 400
    Miscellaneous factory overhead incurred by various departments 550
    Factory overhead applied at 160% of direct labor ?
    Cost of goods manufactured 4,120
    Sales 8,000
    Cost of goods sold, normal 4,020
    Inventories: December 31, 2020
    Materials 100
    Work in Process 60
    Finished goods 500

    Required:
    Compute for:
    a) Manufacturing costs
    b) Actual factory overhead
    c) Materials inventory, December 31, 2021
    d) Work in Process, December 31, 2021
    e) Cost of goods sold actual
    f) Over or under applied factory overhead

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