Ellen Joyce Company is engaged in the manufacture of engines only on worked on Jobs customers' orders and to their specifications. During January, the company 201, 202, 203, and 204. The following figures summarize the cost records for the month. lob 201 lob 202 lob 203 Job 204 Direct Materials put into process: Jan. 2 18 P15,000 20,000 15,000 P5,000 16,000 1,000 P5,000 10,000 3,500 P6,000 2,000 22 28 Direct labor costs week ending Jan. 2 6. 1,000 1,000 27,000 32,000 20,000 9.000 16 27,000 3,000 5,000 18,000 17,500 25 1,500 11,500 9,000 23 30 Factory overhead Engines completed 60,000 100 32,000 60 Jobs 201 and 202 have been completed and delivered to the customer at a total selling price of P350,000. Job 204 is still in process. There was no work in process at the beginning of the month. Required: 1. Prepare the summary journal entries for the month to record the preceding information. (Assume a work in process accounts is maintained for each job.) 2. Prepare a cost sheet for each job. 3. Prepare statement of cost of goods manufactured and sold.

Ellen Joyce Company is engaged in the manufacture of engines only on worked on Jobs customers' orders and to their specifications. During January, the company 201, 202, 203, and 204. The following figures summarize the cost records for the month. lob 201 lob 202 lob 203 Job 204 Direct Materials put into process: Jan. 2 18 P15,000 20,000 15,000 P5,000 16,000 1,000 P5,000 10,000 3,500 P6,000 2,000 22 28 Direct labor costs week ending Jan. 2 6. 1,000 1,000 27,000 32,000 20,000 9.000 16 27,000 3,000 5,000 18,000 17,500 25 1,500 11,500 9,000 23 30 Factory overhead Engines completed 60,000 100 32,000 60 Jobs 201 and 202 have been completed and delivered to the customer at a total selling price of P350,000. Job 204 is still in process. There was no work in process at the beginning of the month. Required: 1. Prepare the summary journal entries for the month to record the preceding information. (Assume a work in process accounts is maintained for each job.) 2. Prepare a cost sheet for each job. 3. Prepare statement of cost of goods manufactured and sold.

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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