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1. Journal entries to record the above transactions. 2. job order cost sheets. 3. Cost of goods sold statement.

1. Journal entries to record the above transactions. 2. job order cost sheets. 3. Cost of goods sold statement.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Problem 1

Alexis Company had the following inventories on Aug. 1 of the current year.

The Alexis the on 1 of the year. Cost Accounting 144 Problem 1 Finished goods Work in process P. 50,000 37,000 44,000. Materials The work in process account controls two jobs Job 401 Job 402 P11,200 Materials Labor 4,800 00 00 P15.000 Factory overhead P 22,000 The following information pertains to August operations: 1) Materials purchased on account, P56,000. 2) Materials issued for production, P50,000. Of this amount, P6,000 was for indirect materials; the difference was distributed: P11,000 to Job 401; P14,000 to Job 402; and P19,000 to Job 403 3) Materials retumed to the warehouse from the factory, P1,600, of which P600 was for indirect materials, the balance from Job 403. 4) Materials returned to vendors, P2,000. 5) Payroll after deducting P6,050 for withholding taxes, P3,200 for SSS Premiums, P750 for Medicare, and P2,400 for Pag-ibig, was P65,600. The payroll due the employees was paid during the month. 6) The payroll was distributed as follows: P20,800 to Job 401; P25,000 to Job 402, P21,000 to Job 403 and the balance represents indirect labor. 7) The share of the employer for payroll was recorded- P4,000 for SSS Premiums, P750 for Medicare Contributions, and P2,400 for Pag-ibig Funds. 8) Factory overhead, other than any previously mentioned, amounted to P30.000. Included in this figure were P6,000 for depreciation of factory building and eguipment, and P 1,900 for expired insurance on the factory. The remaining overhead was unpaid at the end of August. 9) Factory overhead was applied to production at the rate of 80% of direct labor cost. 10) Jobs 401 2nd 402 were completed and transferred to the finished goods warehouse
Transcribed Image Text:The Alexis the on 1 of the year. Cost Accounting 144 Problem 1 Finished goods Work in process P. 50,000 37,000 44,000. Materials The work in process account controls two jobs Job 401 Job 402 P11,200 Materials Labor 4,800 00 00 P15.000 Factory overhead P 22,000 The following information pertains to August operations: 1) Materials purchased on account, P56,000. 2) Materials issued for production, P50,000. Of this amount, P6,000 was for indirect materials; the difference was distributed: P11,000 to Job 401; P14,000 to Job 402; and P19,000 to Job 403 3) Materials retumed to the warehouse from the factory, P1,600, of which P600 was for indirect materials, the balance from Job 403. 4) Materials returned to vendors, P2,000. 5) Payroll after deducting P6,050 for withholding taxes, P3,200 for SSS Premiums, P750 for Medicare, and P2,400 for Pag-ibig, was P65,600. The payroll due the employees was paid during the month. 6) The payroll was distributed as follows: P20,800 to Job 401; P25,000 to Job 402, P21,000 to Job 403 and the balance represents indirect labor. 7) The share of the employer for payroll was recorded- P4,000 for SSS Premiums, P750 for Medicare Contributions, and P2,400 for Pag-ibig Funds. 8) Factory overhead, other than any previously mentioned, amounted to P30.000. Included in this figure were P6,000 for depreciation of factory building and eguipment, and P 1,900 for expired insurance on the factory. The remaining overhead was unpaid at the end of August. 9) Factory overhead was applied to production at the rate of 80% of direct labor cost. 10) Jobs 401 2nd 402 were completed and transferred to the finished goods warehouse
1. Chapter 5 Job Order Costing 11) Job 401 was shipped and billed at a gross profit of 40% of the cost. 12) Cash.collections from accounts receivable during August were P70,000. Requirements for Problem I 1. Journal entries to record the above transactions. 2. job order cost sheets. 3. Cost of goods sold statement. Problem 2 On December 31, 2019, after closing, the ledgers of Golden Shower Company
Transcribed Image Text:1. Chapter 5 Job Order Costing 11) Job 401 was shipped and billed at a gross profit of 40% of the cost. 12) Cash.collections from accounts receivable during August were P70,000. Requirements for Problem I 1. Journal entries to record the above transactions. 2. job order cost sheets. 3. Cost of goods sold statement. Problem 2 On December 31, 2019, after closing, the ledgers of Golden Shower Company
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