Reference no: EM132746847
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: Work in process inventory on December 31, 2019 is P273,000, Work in process inventory decreased by 40% during 2019. Total manufacturing cost incurred amount to P1,690,000. What is the cost of goods manufactured?
a. P1,508,000
b. P1,235,000
c. P1,953,000
d. P1,872,000
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