Reference no: EM132967643
Question - Dacosta Company had only one job in process on May 1. The job had been charged with P 1,800 of direct materials, P 6,966 of direct labor, and P 9,936 of manufacturing overhead costs. The company assigns overhead costs to jobs using the predetermined overhead rate of P 18.40 per direct labor-hour. During May, the activity was recorded:
Raw materials (all direct materials):
Beginning balance: P 8,500
Purchased during the month 38,000
Used in production 39,300
Labor:
Direct labor hours worked during the month 1,900
Direct labor cost incurred 24,150
Actual manufacturing overhead costs incurred 33,300
Inventories:
Raw materials, May 30 ?
Work in process, May 30 P 16,937
Work in process inventory on May 30 contains P 3,741 of direct labor cost. Raw materials consists solely of items that are classified as direct materials.
Required -
1) What the balance of raw materials inventory account on May 30?
2) What the cost of goods manufactured for May?
3) What the entry to dispose of the underapplied or overapplied overhead costs for the month would include?
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