Homework Answers
When the raw materials are issued to a Job, it results in a reduction of Raw Material inventory, hence Raw Material inventory is credited and creation of Work in Progress asset, hence Work in Progress is debited.
Also, overheads are applied to the jobs based on a predetermined rate because actual overheads are unknown until the end of the month.
Calculation of Predetermined overhead rate -
Estimated overhead = P300,000
Estimated direct labor cost = P150,000
Predetermined overhead rate = P300,000 / P150,000
Predetermined overhead rate = P2 per P of direct labor cost
Direct labor cost in May = P11,500
Applied factory overhead in May = P11,500 * P2 = P23,000
The journal entry would be -
hence, the correct answer is a.
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