Reference no: EM132738584
Ethel Corp uses job order costing system and the following information is give. The company has three jobs in process, Job # 1, Job # 2, Job # 3.
Raw materials used P840,000
Direct labor per hour 8.50
Factory overhead applied based on direct labor cost 120%
Direct materials were requisitioned as follows for each job: 30%, 25% and 25%, respectively and the balance is for indirect materials. Direct labor hours per job are: 17,500; 21,700; and 29,400, respectively. Indirect labor incurred is P231,000. Other actual factory overhead costs incurred totaled P252,000.
Problem 1: Last year there was no change in either the raw materials or work in process beginning and ending inventories. However, finished goods, which had a beginning balance of P25,000, increase by P15,000. If the manufacturing cost incurred totaled P600,000 during the year, the cost of goods available for sale must have been:
a. P610,000
b. P625,000
c. P585,000
d. P600,000
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