Reference no: EM133108213

Question - Josiah Inc. has provided the following information for 20x5:

a. Purchased raw materials on account for P120,000.

b. Issued P115,000 in raw materials to production (P22,000 were not traceable to specific jobs).

c. Incurred P115,000 in direct labor costs (14,375 hours) and P62,500 in supervision costs (paid in cash).

d. Incurred the following additional manufacturing overhead costs: factory lease P24,000 (paid in cash); depreciation on equipment P20,000; custodial supplies P7,500 (paid in cash).

e. Incurred the following nonmanufacturing costs, both paid in cash: advertising P75,000; sales commissions P88,000.

f. Applied manufacturing overhead to jobs in process at a rate of P10 per direct labor hour.

g. Completed jobs costing a total of P345,000.

h. Sold jobs for P425,000 on account. The cost of the jobs was P342,000.

i. Closed the Manufacturing Overhead account balance.

Required -

1. What is the Ending Balance of the Work In Process?

2. What are the Total Manufacturing Costs?

3. What is the Cost of Goods Sold?

4. What is the over/underapplied Factory Overhead?

5. What is the Gross Profit?