Interworld Colleges Foundation Inc. SON Burgos St, Paniqui,Tarlac COLLEGE OF BUSINESS AND ACCOUNTANCY Data about Genesis Company production and inventories for the month of October are as follows:...

ACCOUNTING


Extracted text: Interworld Colleges Foundation Inc. SON Burgos St, Paniqui,Tarlac COLLEGE OF BUSINESS AND ACCOUNTANCY Data about Genesis Company production and inventories for the month of October are as follows: Purchases (direct Materials P143,440 Freight in 5,000 Purchase Return and Allowances 2,440 Actual Factory Overhead 120,000 Direct Labor 175,000 Inventories: October 1 October 31 Finished Goods P68,000 P56,000 Work in Process 110,000 135,000 Direct material 52,000 44,000 Genesis Company applies Factory overhead to production at 80% of Direct Labor cost. Over or underapplied overhead is close to cost of good sold at the year end. The company accounting period is on the calendar year end basis. Required: compute the following 1. The Prime Cost 2. The Conversion cost 3. the Total manufacturing cost 4. The Cost of Goods Sold transferred tɔ the Finished Goods inventory account 5. The Cost of Good Sold for the month of October 6. the amount of Over or Under applied for the month of October ATION