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Journey Co
Journey Co. The following information pertains to the Journey Co. for September: Direct Material Direct Labor Overhead Job #323 P32,000 P45,000 ? Job #325 ? 50,000 ? Job #401 56,700 ? 55,500 Journey Co. applies overhead for Job #323 at 140% of direct labor cost and at 150% of direct labor cost for Jobs #325 and #401. The total cost of Jobs #323 and #325 is identical. Refer to Journey Co. What amount of overhead is applied to Job #325?* Your answer Refer to Journey Co. Assume that Jobs #323 and #401 are incomplete at the end of September. What is the balance in Work in Process Inventory at that time * Your answer
Expert Solution
(1) Overhead applied to Job #325 = Direct labor cost * 150%
= P50000 * 150% = P75000
(2) Total cost of Job #323 = Direct materials + Direct labor + Overhead
Overhead applied to Job #323 = Direct labor cost * 140%
= P45000 * 140% = P63000
Total cost of Job #323 = P32000 + P45000 + P63000 = P140000
Total cost of Job #401 = Direct materials + Direct labor + Overhead
Overhead applied to Job #401 = P55500
Direct labor = P55500/150% = P37000
Total cost of Job #401 = P56700 + P37000 + P55500 = P149200
Total cost for Job #323 & #401 = P140000 + P149200 = P289200
Work in Process inventory = P289200
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