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What the cost of direct materials used for the year amounted

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Macopa Corporation manufactures rattan furniture sets for export and uses the job order cost system in accounting for its costs. You obtained the corporation's books and records the following information for the year ended December 2019:

  1. The work in process inventory on January 1 was 20% less than the work in process inventory on December 31. 
  2. The total manufacturing costs added during 2019 was P900,000 based on actual direct materials and direct labor but with manufacturing overhead applied on actual direct labor pesos. 
  3. The manufacturing overhead applied to process was 72% of the direct labor pesos and it was equal to 25% of the total manufacturing costs. 
  4. The costs of goods manufactured, also based on actual direct materials, actual labor and applied manufacturing overhead was P850,000.

Problem 1: The cost of direct materials used for the year 2019 amounted to?

Problem 2: Using the same information in the preceding number, the cost of Work in Process inventory on December 31, 2014

Reference no: EM132724369

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