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Dacosta Company had only one job in process on May 1. The job had been...

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Accounting

Dacosta Company had only one job in process on May 1. The job had been charged with P 1,800 of direct materials, P 6,966 of direct labor, and P 9,936 of manufacturing overhead costs. The company assigns overhead costs to jobs using the predetermined overhead rate of P 18.40 per direct labor-hour. During May, the activity was recorded:

Raw materials (all direct materials):

Beginning balance: P 8,500

Purchased during the month 38,000

Used in production 39,300

Labor:

Direct labor hours worked during the month 1,900

Direct labor cost incurred 24,150

Actual manufacturing overhead costs incurred 33,300

Inventories:

Raw materials, May 30 ?

Work in process, May 30 P 16,937

Work in process inventory on May 30 contains P 3,741 of direct labor cost. Raw materials consists solely of items that are classified as direct materials.

  1. The balance of raw materials inventory account on May 30 was?
  2. The cost of goods manufactured for May was?
  3. The entry to dispose of the underapplied or overapplied overhead costs for the month would include?

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