Find the amount of overhead applied to production in nov

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Reference no: EM132561013

Assume the following information relates to the Alexis Company's for the month of November, 2009

                                              Job No. 001                      Job No. 002                       Job No. 003

In process, Nov. 1

Materials                              P40, 000                    P20, 000                              0

Labor                                   P60, 000                    P40, 000                              0

Overhead                               P75, 000                    P50, 000                              0

Costs added in Nov. 1

Materials                                  P70, 000                  P40, 000                       P60, 000

Labor                                      P80, 000                    P60, 000                     P100, 000

Overhead                                    ?                              ?                                  ?

Actual overhead incurred in November amounted to P350, 000. Job no. 001 and 002 were completed in November. Overhead is applied using a predetermined rate. The overhead variance is allocated to Cost of Goods Sold and the appropriate inventories. Job no. 001 is sold by the end of the month

Question 1) Cost of Nov. 1 WIP inventory

Question 2) The amount of overhead applied to production in November assuming no change in the overhead rate used

Question 3) The cost of the goods completed and transferred to finished goods inventory

Question 4) The cost of Goods sold adjusted

Question 5) The cost of the finished goods inventory

Question 6) The cost of the Nov. 30 WIP

Reference no: EM132561013

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