Question: Hi , I need help on what is the answer to this. The instruction is to prepare Material Inventory and Work in process inventory. Below
Hi , I need help on what is the answer to this. The instruction is to prepare Material Inventory and Work in process inventory. Below is the problem and a link in the comment section will be given for module references. I hope that you can help me and I will highly give you a good feedback, thank you
Problem

Problem 2 The Western Corporation, began operations on October 1. It employs a job order costing system. Overhead is charged at a normal rate of P2.50 per direct labor hour. The actual operations for the month of October are summarized as follows: a. Purchases of raw material, 25,000 pieces @ P1.20/piece. b. Material and labor costs charged to production: Direct Direct Job No. Units Material labor cost labor hours 101 10,000 P4, 000 P6, 000 3,000 102 8, 800 3, 600 5, 400 2, 700 103 16,000 7,000 9,000 4, 500 104 8, 000 3, 200 4, 800 2, 400 105 20,000 8, 000 3, 600 1, 800 c. Actual overhead costs incurred: Variable P18, 500 Fixed 15, 000 d. Completed jobs: 101, 102, 103, and 104 e. Sales-P105,000. All units produced on Jobs 101, 102, and 103 were sold. Required: Compute the following balances on October 31: a. Material inventory b. Work in process inventory
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