Ex. 1-4. Actual Costing MethodDuring the month of July, the following transactions were completed andreported by Old Navy Manufacturing Company.Raw materials purchased on account, P240,000Materials requisitioned for the month was P180,000, P12,000 of whichwere factory supplies.Factory payroll for the month was P150,000 of which P30,000 was fororindirect laborers.d. Depreciation on factory plant and equipment for the month is P12, 000.00 Factory taxes amounted to P1,500.f.a.b.с.е.Factory insurance expired amounted to P4,320.Factory utilities for the month amounted to P5,000ogebloe eboog to teog.Additional information:a. Actual overhead is charged to production.b. 75% of the jobs put into process are completed. anspAll beginning inventories plus 75% of the goods completed during theperiod were delivered to customers at 50% mark-up on cost. Thecompany's terms on all sales are 30 days.0 C.• sinInventories reported by the company at the beginning of the month are:P 80, 000100,000bkorg ati boomd 60,000Raw MaterialsWork in ProcessFinished GoodsREQUIRED:(a) Journal Entries to record the above and post the entries to T-Accounts(b) Prepare a Statement of Cost of Goods Manufactured and Sold, in good form.

A journal entry is a form of accounting entry that is used to report a business transaction in a…

Ex. 1-4. Actual Costing Method During the month of July, the following transactions were completed and reported by Old Navy Manufacturing Company. Raw materials purchased on account, P240,000 Materials requisitioned for the month was P180,000, P12,000 of which were factory supplies. Factory payroll for the month was P150,000 of which P30,000 was for indirect laborers. a. b. C. d. Depreciation on factory plant and equipment for the month is P12, 000. e. Factory taxes amounted to P1,500. f. Factory insurance expired amounted to P4,320. Factory utilities for the month amounted to P5,000 g. bloe eboog lo Additional information: epeg Rooge cug a. Actual overhead is charged to production. b. 75% of the jobs put into process are completed. All beginning inventories plus 75% of the goods completed during the period were delivered to customers at 50% mark-up on cost. The company's terms on all sales are 30 days. 00 C. Inventories reported by the company at the beginning of the month are: P 80, 000 100,000 Raw Materials Work in Process Finished Goods 60,000 ni leuM REQUIRED: (a) Journal Entries to record the above and post the entries to T-Accounts (b) Prepare a Statement of Cost of Goods Manufactured and Sold, in good form.

Ex. 1-4. Actual Costing Method During the month of July, the following transactions were completed and reported by Old Navy Manufacturing Company. Raw materials purchased on account, P240,000 Materials requisitioned for the month was P180,000, P12,000 of which were factory supplies. Factory payroll for the month was P150,000 of which P30,000 was for indirect laborers. a. b. C. d. Depreciation on factory plant and equipment for the month is P12, 000. e. Factory taxes amounted to P1,500. f. Factory insurance expired amounted to P4,320. Factory utilities for the month amounted to P5,000 g. bloe eboog lo Additional information: epeg Rooge cug a. Actual overhead is charged to production. b. 75% of the jobs put into process are completed. All beginning inventories plus 75% of the goods completed during the period were delivered to customers at 50% mark-up on cost. The company's terms on all sales are 30 days. 00 C. Inventories reported by the company at the beginning of the month are: P 80, 000 100,000 Raw Materials Work in Process Finished Goods 60,000 ni leuM REQUIRED: (a) Journal Entries to record the above and post the entries to T-Accounts (b) Prepare a Statement of Cost of Goods Manufactured and Sold, in good form.

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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Raw materials requisitioned by production for job No.106 consist of Direct Materials $7,000 and Indirect Materials $1,000. The entry to record this transaction is: * A debit to Work in Process $7,000, a debit to Manufacturing Overhead $1,000 and a credit to Raw Material Inventory $8,000 A debit to Work in Process $6,000, a debit to Manufacturing Overhead $1,000 and a credit to Raw Material Inventory $7,000 A debit to Work in Process $7,000, a credit to Manufacturing Overhead $1,000 and a credit to Raw Material Inventory $6,000 O None of the above
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Transaction: Applied fixed manufacturing overhead to work in process inventory using the fixed portion of the predetermined overhead rate multiplied by the number of direct labor hours allowed so manufacture 125,000 units. Actual fixed manufacturing overhead costs for the year were $2,450,000. Of this total $1,300,000 related to items such as insurance, utilities and salaried indirect laborers that were all paid in cash and $1,150,000 related to depreciation of equipment. Required: Prepare a journal entry Fixed MFG Overhead Standard Hours: 2 hours Standard Price: $2 Standard Cost $4 Calculate the fixed overhead variances
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