Hodges Company uses a job-order costing system and has the following information for the first week...

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Hodges Company uses a job-order costing system and has the following information for the first week of June. Direct labor and direct materials used: Job No. 498 506 507 508 509 Direct Material Direct Labor Hours P1,500 116 960 16 415 18 345 42 652 24 308 10 835 30 P5,015 256 The direct labor wage rate is P4 per hour. The overhead rate is P5 per direct labor hour. Actual overhead costs for the week, P1,480. Jobs completed: Nos. 498, 506, and 509. The company sold Job no. 498 and 509 at 20% above cost. The factory had no work in process at the beginning of the week. 511 512 Total Required: 1. Compute the ending balance of WIP Inventory account 2. Compute the cost of goods sold 3. Compute the amount of overhead over- or underapplied during the week. Hodges Company uses a job-order costing system and has the following information for the first week of June. Direct labor and direct materials used: Job No. 498 506 507 508 509 Direct Material Direct Labor Hours P1,500 116 960 16 415 18 345 42 652 24 308 10 835 30 P5,015 256 The direct labor wage rate is P4 per hour. The overhead rate is P5 per direct labor hour. Actual overhead costs for the week, P1,480. Jobs completed: Nos. 498, 506, and 509. The company sold Job no. 498 and 509 at 20% above cost. The factory had no work in process at the beginning of the week. 511 512 Total Required: 1. Compute the ending balance of WIP Inventory account 2. Compute the cost of goods sold 3. Compute the amount of overhead over- or underapplied during the week.

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Lets go through each requirement step by step 1 Compute the ending balance of WIP Inventory account ... View the full answer