What should be the respective production costs of job

Reference no: EM132693488

Problem 1: The regular working days in a factory are Monday to Friday. Joe and Pat (who are being paid P25 and P27 per hour, respectively) worked on Jobs 31 and 32 for the period August 4 to 10.

The weekly time records and summary of the job tickets show the following:

Total number of hours time in:

Joe = 45, Pat = 43;

Overtime: Joe = 6, Pat = 5;

Expended on the jobs:

No 31: Joe = 26, Pat = 17;

No. 32: Joe = 20, Pat = 21.

Joe was authorized to work on overtime on job no. 31 because of its rush nature; Pat had to work on overtime on job no. 32 to make up for a machine breakdown during the week. Overtime premium is 25%. Factory overhead is 60% of direct labor cost and materials cost comprises 80% of total production cost. What should be the respective production costs of job nos. 31 and 32?

Option 1: P7,338 and P6,829

Option 2: P1,834 and P1,707

Option 3: P9,172 and P8,536

Option 4: Not given.

Reference no: EM132693488

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