How much is the cost of goods manufactured

How much is the cost of goods manufactured? ANSWER IN GOOD ACCOUNTING FORM. THANK YOU ūüôā 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.
Terms 2/10,n/60.
[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:
Earnings
–Ę–įx
SSS
PH√ćC
Direct
P220,000
24,000
13,480
5,000
Indirect
2,000
5,000
1,160
2,500
40,000
800
Selling
50,000
1,230
Admin
70,000
13,000
6,850
2,430
[e] Depreciation of factory machine is P119,000
[f] Factory utilities costs incurred, P24,000.
[g] Overhead was applied to production using 47,000
hours.
[h] P700,000 worth of goods were completed.
[i] Paid utilities.
[j] Sold 75% of completed goods at 60% above cost.

-25-


Buy plagiarism free, original and professional custom paper online now at a cheaper price. Submit your order proudly with us



Essay Hope