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Find what are the cost of work in process on december

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Reference no: EM132560883

MLB Inc. is employing normal costing for its job orders. The overhead is applied using a predetermined overhead rate. The following information relates to the MLB Inc. for the year ended December 31, 2016:

                                                        Job No. 101                    Job No. 102                 Job No. 103

Job in Process, January 1, 2016:

Direct Materials                          40,000                             30,000                   0

Labor                                        60,000                                40,000               0

Factory Overhead                        30,000                                 20,000               0

Costs added during 2016:

Materials                                    20,000                                 10,000            100,000

Labor                                        100,000                                200,000          400,000

Factory Overhead ? ? ?

Additional information:

1. Actual overhead for the year 2016 amounted to P350,000.

2. Jobs No. 101 and 102 were completed and transferred to finished goods during year 2016.

3. Job No. 101 was sold during year 2016.

4. The gross profit rate is 20% based on cost.

Question 1: What is the total manufacturing cost for 2016?

Question 2: What is the cost of goods manufactured for 2016?

Question 3: What is the cost of goods sold for 2016?

Question 4: What is the gross profit for 2016?

Question 5: What are the cost of work in process on December 31, 2016 and the cost of finished goods on December 31, 2016, respectively?

Reference no: EM132560883

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