Kapangan Manufacturing Company uses a job-order costing system and started the month of October with a zero
Question:
Kapangan Manufacturing Company uses a job-order costing system and started the month
of October with a zero balance in its finished goods inventory accounts. Job A15 was unfinished at
the end of September having materials cost of P9,000 and labor cost of 6,000. During October,
Kapangan started three jobs and incurred the following costs:
1.Job A15
2.Job B18
3.Job B19
4.Job C11
Direct materials
1.P2,500
2.P12,000
3.P25,000
4.P18,000
Direct labor
1.3,000
2.8,000
3.10,000
4.5,000
Kapangan applies manufacturing overhead at a rate of 150% of direct labor cost. During October,
Kapangan completed Jobs A15, B18 and B19 and sold Job A15 and Job B19.
help me with this problems i don't know how to answer it
1. What is Kapangan's work in process inventory balance at the beginning of October?
2. What is Kapangan's cost of goods manufactured for October?
3. What is Kapangan's work in process inventory balance at the end of October?
4. Prepare simple cost sheets
5. If Kapangan sells its products at 140% of cost, how much is the company's gross profit for
October?