Harison Company uses a normal cost system of accumulating product cost and had the following data...

 

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Harison Company uses a normal cost system of accumulating product cost and had the following data available for the 2nd quarter of the current year: Direct materials purchased on account, P74,000; Direct materials requisitioned, P41,000; Direct labor cost incurred, P65,000; Factory overhead incurred, P73,000; Cost of goods completed, P146,000; Cost of goods sold, P128,000; Beginning direct materials inventory, P13,000; Beginning work in process inventory, P32,000; Beginning finished goods inventory, P29,000; Overhead application rate (as a percent of direct labor cost) is 125%. 8. The cost of ending work in process is? Harison Company uses a normal cost system of accumulating product cost and had the following data available for the 2nd quarter of the current year: Direct materials purchased on account, P74,000; Direct materials requisitioned, P41,000; Direct labor cost incurred, P65,000; Factory overhead incurred, P73,000; Cost of goods completed, P146,000; Cost of goods sold, P128,000; Beginning direct materials inventory, P13,000; Beginning work in process inventory, P32,000; Beginning finished goods inventory, P29,000; Overhead application rate (as a percent of direct labor cost) is 125%. 8. The cost of ending work in process is?

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To calculate the cost of ending work in process we need to use the normal cost systems formula End... View the full answer