How much is the cost of goods manufactured? ANSWER IN GOOD ACCOUNTING FORM. THANK YOU 🙂 Transcribed Image Text: JR Company uses the normal cost system. The company
applies overhead using a predetermined overhead rate
using machine hours. At the beginning of the year, the
company estimated that it would work 44,000 machine
hours and incur P176,000 in factory overhead costs.
Following are transactions for the month of February.
[a] Purchased raw materials from CZ company, P555,000.
[b] Materials were requisitioned for production, P431,000
direct and 13,000 indirect.
[c] Returned materials to CZ company, P5,000 (gross) on
the 3rd day after purchase.
[d] Paid payroll for the week:
[e] Depreciation of factory machine is P119,000
[f] Factory utilities costs incurred, P24,000.
[g] Overhead was applied to production using 47,000
[h] P700,000 worth of goods were completed.
[i] Paid utilities.
[j] Sold 75% of completed goods at 60% above cost.