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ABC Furniture Corp. received an order to manufacture furniture for a school the order was...

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Accounting

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ABC Furniture Corp. received an order to manufacture furniture for a school the order was assigned a job code FS-1. FS-1 job was priced at Php 400,000 and selling & admin cost allocated to the job was 10% of selling price. Material Requisition Date March 05 March 15 March 25 Total Requisition # 78 87 99 Cost Php 25,000 50,000 40,000 Php115.000 Job Time Sheet Date March 05 March 15 March 25 Total Hours 400 400 200 1,000 Rate 50 50 50 Cost Php20.000 20,000 10,000 Php50,000 FOH cost is applied at Php180 per direct labor hour (POHR) Requirement: 1. Calculate Prime Cost 2. Calculate Conversion Cost 3. Calculate Cost of Goods Sold 4. How much is the Gross profit for job code FS-1? 5. How much is the Net profit? 6. Prepare a functional form income statement

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