Problem 4 Assume the following information related to the Alexis Company for the month of November...

 

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Problem 4 Assume the following information related to the Alexis Company for the month of November 2019: Job No. 123 Job No. 124 Job No. 125 Job No. 126 Job No. 127 In process, Nov. 1 Materials P20,000 P30,000 P90,000 0 0 Labor P70,000 P40,000 P100,000 0 0 Overhead P84,000 P48,000 P120,000 0 0 Cost added in November Materials P70,000 Labor Overhead P80,000 ? P40,000 P60,000 ? P60,000 P100,000 ? P60,000 P60,000 P70,000 P70,000 ? Actual overhead incurred in November amounted to P636,000. Job No. 123 and 124 were completed in November. Job No. 124 remains unsold by the end of the month. Overhead is applied using a predetermined overhead rate. The overhead variance is allocated to Cost of Goods sold and the appropriate inventories. Given the following information, compute the following: 9. The cost of the Nov. 1 Work in process inventory Problem 4 Assume the following information related to the Alexis Company for the month of November 2019: Job No. 123 Job No. 124 Job No. 125 Job No. 126 Job No. 127 In process, Nov. 1 Materials P20,000 P30,000 P90,000 0 0 Labor P70,000 P40,000 P100,000 0 0 Overhead P84,000 P48,000 P120,000 0 0 Cost added in November Materials P70,000 Labor Overhead P80,000 ? P40,000 P60,000 ? P60,000 P100,000 ? P60,000 P60,000 P70,000 P70,000 ? Actual overhead incurred in November amounted to P636,000. Job No. 123 and 124 were completed in November. Job No. 124 remains unsold by the end of the month. Overhead is applied using a predetermined overhead rate. The overhead variance is allocated to Cost of Goods sold and the appropriate inventories. Given the following information, compute the following: 9. The cost of the Nov. 1 Work in process inventory

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Answer To calculate the cost of the November 1 Work in Process WIP inventory we need to sum up the c... View the full answer