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CoursHeroTranscribedText: All costs incidental to materials procurement and handling until they are issued are charged...

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Accounting

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CoursHeroTranscribedText: All costs incidental to materials procurement and handling until they are issued are charged to the materials account by GRAY MFG. COMPANY at a rate predetermined for each of the departments involved. For 2018, the estimated departmental costs are given: Purchasing Department.... . P350,000 Receiving & Inspection Department................ 249,000 Materials Department................ .... 166,000 Accounting Department... 590,000* *20% is estimated to be related to the processing of payments for materials. Purchases for 2018 were estimated to amount to P10,000,000 for more or less 8,300,000 units to be ordered 50 times. Actual purchases for 2018 amounted to P1 1,200,000 for a total of 8,000,000 in 52 orders. Costs incurred by the four(4) departments were as follows: Purchasing Department.............. P360,000 Receiving & Inspection Department... 256,000 Materials Department......... 156,000 Accounting Department...... 580,000** **20% is estimated to be related to the processing of payment for materials

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