Reference no: EM132746802

Donna Company submits the following data for May 2013

Direct labor cost P80, 000

Purchases P100, 000

Factory overhead Applied at 150% of direct labor cost

Inventories                May 1                   May 31

Finished goods       P45, 000               P24, 000

Work in Process       P25, 800              P18, 000

Materials             P22, 000                    P25, 000

Actual factory overhead amounts to P80,000.

Problem 1: The adjustment posted on the Cost of Goods Sold T-Account is on what side? (input if debit or credit)

Problem 2: How much is the amount transferred out from Work in process and transferred in to Finished Goods?

Problem 3: How much is the Company's Cost of goods sold adjusted assuming over or under applied is closed to COGS?

Problem 4: How much is the adjustment posted on the Cost of Goods sold Account?

Problem 6: How much is the amount transferred out from Finished Goods?

Problem 7: If there are 1,000 units produced during the month, how much is the cost per unit of product?