Exercise 5: USE OF COST SHEETS Siboney Furniture, Inc. started its operation in 200C and has requested for your assistance in costing the different jobs it processed during the first two months of the year. Based on estimated factory overhead figures, the same should be charged at the rate of P25 per direct labor hour. Desired gross profit is 33-1/3 % of selling price. The jobs worked on in January and February and the corresponding direct charges are as follows: January, 200M Jobs accepted: Job Order No. 001: 250 narra chairs for Lauro Miguel Ordered January 5 and needed on February 10 Date started: January 7 Date finished: February 8 Job Order No. 002: Ten (10) of mahogany bar stools for Delia Ruiz Ordered January 8 and needed on January 30 Date started: January 10 Date finished: January 26 February, 200M

Exercise 5: USE OF COST SHEETS Siboney Furniture, Inc. started its operation in 200C and has requested for your assistance in costing the different jobs it processed during the first two months of the year. Based on estimated factory overhead figures, the same should be charged at the rate of P25 per direct labor hour. Desired gross profit is 33-1/3 % of selling price. The jobs worked on in January and February and the corresponding direct charges are as follows: January, 200M Jobs accepted: Job Order No. 001: 250 narra chairs for Lauro Miguel Ordered January 5 and needed on February 10 Date started: January 7 Date finished: February 8 Job Order No. 002: Ten (10) of mahogany bar stools for Delia Ruiz Ordered January 8 and needed on January 30 Date started: January 10 Date finished: January 26 February, 200M

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Description: COST ACCOUNTING D cost_problems.docx.pdf->O File | C:/Users/acer/Downloads/cost_problems.docx.pdfDirect Labor costs per time ticketsDateJob Order No. Labor HoursP 1,8001,200Jan. 6-12001500023013-190011003,0000021204,60020-26001802,7000023,8001,600P 2

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 2PB: The following product costs are available for Kellee Company on the production of eyeglass frames:...

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