Ellen Joyce Company is engaged in the manufacture of engines which are made onlyon customers' orders and to their specifications. During January, the companyworked on Jobs 201, 202, 203, and 204. The following figures summarize the costrecords for the month.Problem 7Job 201Job 202Job 203Job 204Direct materials put intoProcess;P15,00020,00015,000P 5,00016,0001,000Jan. 2P 5,00010,0003,50018P 6,0002,0002228Direct labor costsweek endingJan. 21,00027,00032,00020,0001,0009,00027,0003,0009.16235,00018,0001,50011,50030Factory overhead60,00032,00017,5009,000Engines completed1006025Jobs 201 and 202 have been completed and delivered to the customer at a total sellingprice of P350,000. Job 203 is finished but has not yet been delivered. Job 204 is stillin process. There was no work in process at the beginning of the month,Requíred:1. Prepare the summary journal entries for the month to record the precedinginformation. (Assume a work in process accounts is maintained for each job)2. Prepare a cost sheet for each job.3. Prepare a statement of cost of goods manufactured and sold.

Journal entry: Journal entry is the book of original entry where first transactions are recorded in…

Answered: Engines completed 100 60 Jobs 201 and…

Engines completed 100 60 Jobs 201 and 202 have been completed and delivered to the cu price of P350,000. Job 203 is finished but has not yet heen de

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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QUESTION 50 Cost AccountingChoose the answer from the choices
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