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?
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