TIMED TASK

The Eastern 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: Cost of goods sold balance for October 31