CoursHeroTranscribedText: Information concerning Jane Company's manufacturing activities for December follows: INVENTORIES December 1 December 31...
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Accounting
CoursHeroTranscribedText: Information concerning Jane Company's manufacturing activities for December follows: INVENTORIES December 1 December 31 Finished goods P 12,000 Direct materials P 5,000 Direct labor P 3,000 Machine time 60 hours Work in process Direct materials, #2.40 per unit 3,000 units 2,000 units Direct labor, P0.80 per unit Machine time 48 hours 32 hours Materials P 9,000 P 4,500 Total December manufacturing cost was P180,000, of which P30,000 was direct labor cost. A total of 600 machine hours were used in the month. Jane uses a predetermined overhead rate based on machine hours to assign factory overhead to work in process and finished goods inventories. Materials purchased in December were $84,000 and freight-in on these purchases totaled $1,500. 32. What is the amount of direct materials cost used in December? a. P90,800 b. P94,500 c. P93,000 d. 890,000 33. How much is the cost of goods sold in December? a. P182,800 b. P182,300 c. P181,300 d. P184,800
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