1. The following account balances and other information for Daiso Company pertainDecember operations:Accounts BalancesDecember 31P120,000December 1P140,000100,00020,000Finished goodsWork in processDirect MaterialsAccounts PayableAccrued PayrollAccumulated dep.-factory equipment50,00030,00040,00080,00020,000160,000Other information:a. Direct materials purchased on account during December, P100,000.b. Daiso Company apples factory overhead at predetemined rate of P6 per direct laborhour.C. During December, direct labor employees worked 25,000 hours at a rate of P8 perdirect labor hour.d. Jobs 12001, 12002 and 12003 were still in process at the end of December. A total of P5,000 direct materials has been charged to these three jobs. To date, 5,000 direct laborhours have been worked on these jobs.e. The accrued payroll account is used for factory employees only. Assuming no payroldeductions, paymentto factory employees during the month totaled P 280,000.f. Factory overhead was underapplied by P 10,000.g. Payments in account totaled P 110,000.Compute for:(1) Work in process on December 30(2) Cost of Goods Manufactured.YOUR I houghtsIn this lesson, I leamed/realized that

The ending work in process at year end comprises of the jobs that are not completed during the…

1. The following account balances and other information for Daiso Company pertain te December operations: Accounts Balances December 31 P120,000 Finished goods Work in process Direct Materials December 1 P140,000 100,000 20,000 Accounts Payable Accrued Payroll Accumulated dep -factory equipment 50,000 30,000 40,000 80,000 20,000 160,000 Other information: a. Direct materials purchased on account during December, P100,000. b. Daiso Company apples factory overhead at predetemined rate of P6 per direct labor hour. During Dece direct lahor emplovees worked 25.000 hours at a rate of P8 per

1. The following account balances and other information for Daiso Company pertain te December operations: Accounts Balances December 31 P120,000 Finished goods Work in process Direct Materials December 1 P140,000 100,000 20,000 Accounts Payable Accrued Payroll Accumulated dep -factory equipment 50,000 30,000 40,000 80,000 20,000 160,000 Other information: a. Direct materials purchased on account during December, P100,000. b. Daiso Company apples factory overhead at predetemined rate of P6 per direct labor hour. During Dece direct lahor emplovees worked 25.000 hours at a rate of P8 per

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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The WIP account given below relates to the activities of Jones Ltd for the month of April: WIP Inventory A/C Debit side : April1 Bal $15,000, Direct Material Used 123,000, Direct Labour Incurred ??, Manufacturing Overhead Applied ??, Credit Side: Finished Goods ??, Additional data: Manufacturing Labour Costs incurred..$163,500 (75% represents direct labour), Manufacturing Overhead Rate....120% of direct labour cost, Actual Manufacturing Overhead Costs for April...$165,150 Two jobs were completed with total costs of $183,000 and $105,000 respectively. They were sold on account at a mark-up of 50% on cost. After these transactions have been recorded, the balance in Cost of Goods sold account (after adjusting ffor the MOH variace )is: a. 288,000 b. 306,000 c. 270,000 d. 432,000
The accounting records of EVAN Manufacturing Inc., include the following information: December 31 Work in Process Inventory Finished Goods Inventory Direct Materials Used Direct Labor P50,000 300,000 875,000 450,000 312,500 January 1 P125,000 350,000 Selling Expenses
Question: The accounting records of Dolphin Company revealed the following information: Total manufacturing costs $780,000 Work-in-process inventory, Jan. 1 81,000 Work-in-process inventory, Dec. 31 103,000 Finished goods inventory, Jan. 1 171,000 148,000 Finished goods inventory, Dec. 31 What is Dolphin's cost of goods sold?
answer letter k to o.
Statement of Cost of Goods Manufactured for a Manufacturing Company Cost data for Johnstone Manufacturing Company for the month ended March 31 are as f Inventories March 1 March 31 Materials Work in process Finished goods $193,500 129,650 98,690 $166,410 111,490 113,160 Direct labor Materials purchased during March Factory overhead incurred during March: Indirect labor Machinery depreciation Heat, light, and power Supplies Property taxes Miscellaneous costs Direct materials: $348,300 371,520 37,150 22,450 7,740 6,190 5,420 10,060 a. Prepare a cost of goods manufactured statement for March. Johnstone Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended March 31
Selected account balances and transactions of Titan Foundry, Inc. follow: Beginning Bal May 1 Ending Bal May 31 $ 6,000 $ 5,500 900 Raw materials Factory supplies Work in process Finished goods 800 6,500 13,200 3,500 12,000 May transactions: a. Purchased raw materials and factory supplies on account at costs of $45,000 and $10,000, respectively. (One inventory account is maintained.) b. Incurred wages during the month of $65,000 ($15,000 was for indirect labor.) c. Incurred factory overhead costs in the amount of $42,000 on account. d. Made adjusting entries to record $10,000 of factory overhead for items such as depreciation (credit Various Credits). Factory overhead was closed to Work in Process. Completed jobs were transferred to Finished Goods, and the cost of jobs sold was charged to Cost of Goods Sold. Required: Prepare Statement of Cost of Goods Manufactured and Cost of Goods Sold
Selected T-accounts of Moore Company are given below for the just completed year: Raw Materials Bal. 1/1 35,000 Credits ? Debits 160,000 Bal. 12/31 45,000 Manufacturing Overhead Debits 188,400 Credits ? Work in Process Bal. 1/1 40,000 Credits 530,000 Direct materials 110,000 Direct labor 210,000 Overhead 218,400 Bal. 12/31 ? Factory Wages Payable Debits 225,000 Bal. 1/1 19,000 Credits 220,000 Bal. 12/31 14,000 Finished Goods Bal. 1/1 60,000 Credits ? Debits ? Bal. 12/31 90,000 Cost of Goods Sold Debits ? Required: 1. What was the cost of raw materials used in production during the year? 2. How much of the materials in (1) above consisted of indirect materials? 3. How much of the factory labor cost for the year consisted of indirect labor? 4. What was the cost of goods manufactured for the year? 5. What was the unadjusted cost of goods sold for the…
Subject: acounting
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Leafon Corporation has two production departments, Casting and Customizing. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Casting Department's predetermined overhead rate is based on machine hours and the Customizing Department's predetermined overhead rate is based on direct labor hours. At the beginning of the current year, the company had made the following estimates: Customizing Casting Machine-hours (MH) 20,000 17,500 Direct labor-hours (DLH) 7,000 9,000 Total Fixed MOH ℗ 175,000 P 165,500 Variable MOH per MH P 2.50 Variable MOH per DLH P 9.00 During the current month, the company started and finished Job Leaf-118. The following data were recorded for this job: Job Leaf-118 Customizing Casting Machine-hours 500 700 Direct labor-hours 100 450 The TOTAL AMOUNT of Overhead Applied to Job Leaf-118 is closest to Note: For interim calculations, use 5 decimal places; ROUND-UP final answer to a whole number.
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