Reference no: EM133110346
Questions -
Q1. Under Pick Co.'s job order costing system-manufacturing overhead is applied to work in process using a predetermined annual overhead rate. During January 2020, Pick's transactions included the following:
Direct materials issued P90,000
Indirect materials issued 8,000
Manufacturing overhead incurred 125,000
Manufacturing overhead applied 113,000
Direct Labor costs 107,000
Pick had neither beginning nor ending work in process inventory.
What was the cost of jobs completed in January 2020?
Q2. The TOYO Manufacturing Company has the following financial information:
Manufacturing overhead 300,800
Increase in direct materials 130,000
Increase in work in process 90,000
Decrease in finished goods 320,400
Manufacturing overhead amounts to 50% of direct labor, and the direct labor and manufacturing overhead combined equal 50% of the total cost of manufacturing.
How much is the costs of direct materials purchased?