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Job no. 210 has, at the end of the second week of February, an accumulated total cost of P4, 200. In the third week, P1, 000 of direct materials were used on the Job, together with P10 of indirect materials. Twenty hours of direct labor services were applied to the job at a cost of P5 per hour.
Manufacturing overhead was applied at the basis of P2. 50 per direct labor hour for fixed overhead and P2 per hour for variable overhead.
Problem 1: Job no. 210 was the only job completed during the third week. The total cost of Job Order No. 210 is:
a. P5, 390
b. P5, 350
c. P5, 360
d. P5, 400
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Jed wants to know whether he can claim a deduction under section 179 on his 2013 income tax return for the costs incurred in 2009 with respect to planting the vineyard and can someone please let me know if there are deductions that he can claim?
Prepare adjusting journal entries as you deem necessary. Besides the information provided for adjusting journal entries, review the transactions and review your unadjusted trial balance for any other adjusting journal entries you may need to prepare.
Thomas Manufacturing includes the following accounting records:
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