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
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