Reference no: EM132962893
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 -
-What the balance of raw materials inventory account on May 30?
-What the cost of goods manufactured for May?
-What the entry to dispose of the underapplied or overapplied overhead costs for the month would include?
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