18. Finished Goods inventory, March 311. 20 Summarized data for jobs worked on duringО а. Р7000COSTS INCURREDO b. P7,500JOBSJanuaryFebruaryMarchОс. Р5,500AP5,000O d. P3,000B3,0002,50019. Cost of Goods Sold for JanuaryD1,5004,000E3,500O a. P7,000F5,8006.500O ь. Р7,500G9,6003,800O. P20,000Ос.H4,5004,200O d. P10,5003,0007,00020. Cost of Goods Sold for FebruaryJobs Completed Jobs SoldО а. Рб,500JanuaryAB CA. CO b. P7,500FebruaryDEВ ЕBEO. P20.000MarchGH JGHO d. P7,000

Cost of goods sold means actual cost of goods that are being sold to the customers in a particular…

18. Finished Goods inventory, March 31 1. 20 Summarized data for jobs worked on during O a. P7,000 COSTS INCURRED O b. P7,500 JOBS January February March О с. Р5,500 Р5,000 3,000 A O d. P3,000 2,500 19. Cost of Goods Sold for January 1,500 4,000 D 3,500 O a. P7,000 5,800 6,500 O b. P7,500 F 9,600 3,800 О с. Р20,000 4,500 4,200 O d. P10,500 3,000 7,000 20. Cost of Goods Sold for February Jobs Completed Jobs Sold О а. Рб,500 January А В A C O b. P7,500 February DE В Е O. P20,000 March GHJ GH O d. P7,000 B.

18. Finished Goods inventory, March 31 1. 20 Summarized data for jobs worked on during O a. P7,000 COSTS INCURRED O b. P7,500 JOBS January February March О с. Р5,500 Р5,000 3,000 A O d. P3,000 2,500 19. Cost of Goods Sold for January 1,500 4,000 D 3,500 O a. P7,000 5,800 6,500 O b. P7,500 F 9,600 3,800 О с. Р20,000 4,500 4,200 O d. P10,500 3,000 7,000 20. Cost of Goods Sold for February Jobs Completed Jobs Sold О а. Рб,500 January А В A C O b. P7,500 February DE В Е O. P20,000 March GHJ GH O d. P7,000 B.

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 following information is available for Blossom Manufacturing Company April 1 April 30 Raw materials inventory $10,200 $14.800 Work in process inventory 5,800 4,000 Materials purchased in April 590.300 Direct labour in April 63,000 Manufacturing overhead in April 184,000 Prepare the east of goods manufactured schedule for the month of April BLOSSOM MANUFACTURING COMPANY Cost of Goods Manufactured Schedule For the Month Ended April 30
Materials Inventory Debit Ending Balance 38,200 Credit Work-in-Process Inventory Debit Beginning Credit Finished Goods Inventory Balance 22,100 Debit Credit (9/30) (9/1) Direct Labor Ending Balance 67,700 118,000 (9/30) Cost of Goods Sold Manufacturing Overhead Applied Debit Credit Debit Credit Manufacturing Overhead Control Debit Credit 129,570 Wages Payable Sales Revenue Debit Credit Debit Credit 479,500 Additional Data Sales are billed at 175 percent of Cost of Goods Sold before the over- or underapplied overhead is prorated. • Materials of $76,500 were purchased during the month, and the balance in the Materials Inventory account increased by $5,700 • Overhead is applied at the rate of 210 percent of direct materials cost. The balance in the Finished Goods Inventory account decreased by $19,700 during the month before any proration of under- or overapplied overhead. • Total credits to the Wages Payable account amounted to $135,300 for direct and indirect labor. . Factory…
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The correct answer is: $121,550 The following activities took place in the WIP inventory during February: WIP Inventory A/C $15,000 To Finished Goods Feb 1 Bal Direct Materials Used 120,000 Direct Labour Incurred ? Manufacturing Overhead ? Applied Additional information: Indirect material issued to production was: $20,000 Manufacturing Labour Costs incurred.. Manufacturing Overhead Rate... Actual Manufacturing Overhead Costs for Feb............ $162,500 (75% represents direct labour) 120% of direct labour cost $130,000 Two jobs were completed with total costs of $120,000 & $85,000 respectively. They were sold on account at a mark-up of 50% on cost. The journal entry to show sale revenue earned from the two completed jobs: Select one: a. DR Accounts Receivable $410,000 and CR Sales Revenue $410,000✔ b. DR Accounts Receivable $205,000 and CR Sales Revenue $205,000 C. DR Sales Revenue $205,000 and CR Accounts Receivable $205,000 d. DR Sales Revenue $410,000 and CR Accounts Receivable…
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SV f: Job 222 started on June 1 and finished on July 15. Total cost on July 1 was $12,400, and the costs added in July were $188,500. The entry for the sale at a price of $310,000 would be: O A. Finished goods inv. OB. Sales Revenue C. Work in process inventory OD. Accounts receivable C C ar sti Ccour Cost of goods sold Accounts receivable Cost of goods sold Sales Revenue 200,900 310,000 200,900 310,000 200,900 310,000 200,900 310,000 ased