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GIZELLE COMPANY You are asked to bring the following incomplete accounts up to date through MAY 2019. Also consider the additional information (in pesos) that follows the T-Accounts: DM Control WIP Control FG Control 4-30 2,000 4-30 25,000 5-31 20,000 Accounts Payable FOH Control CGS 10,000 4-30 165,000 55,000 5-31 MAY Additional information: а. The overhead is applied by using a budgeted rate that is set at the beginning of each year by forecasting the year's overhad and relating it to forecasted machine hours. The budget for the current year called for a total of 15,000 hours and P 750,000 of factory overhead; b. The accounts payable are for direct materials only. The balance on May 31, was P 12,000. Payments of P 78,000 were made during May; C. The finished goods inventory as of May 31 was P 7,000; d. The cost of goods sold during the month was P 165,000; е. On May 31 there was an unfinished job in the factory. Cost records show that P 1,000 (40hrs) of direct labor and P 2,000 of direct materials had been charged to the job. Thirty machine hours were used on the job. f. A total of 940 direct labor hours were worked during the month of May. All factory workers earn the same rate of pay; g. All "actual" factory overhead incurred during May has already been posted. h. A total of 1,000 machine hours was used during May REQUIRED: 1; Materials purchased during May 5. Direct materials used during May 2. Cost of goods completed during May 6. Balance, Direct Materials Control, 3. Overhead applied during May April 30 4. Balance, Work in Process Control, May 31 7. Over{Under)Applied during May

GIZELLE COMPANY You are asked to bring the following incomplete accounts up to date through MAY 2019. Also consider the additional information (in pesos) that follows the T-Accounts: DM Control WIP Control FG Control 4-30 2,000 4-30 25,000 5-31 20,000 Accounts Payable FOH Control CGS 10,000 4-30 165,000 55,000 5-31 MAY Additional information: а. The overhead is applied by using a budgeted rate that is set at the beginning of each year by forecasting the year's overhad and relating it to forecasted machine hours. The budget for the current year called for a total of 15,000 hours and P 750,000 of factory overhead; b. The accounts payable are for direct materials only. The balance on May 31, was P 12,000. Payments of P 78,000 were made during May; C. The finished goods inventory as of May 31 was P 7,000; d. The cost of goods sold during the month was P 165,000; е. On May 31 there was an unfinished job in the factory. Cost records show that P 1,000 (40hrs) of direct labor and P 2,000 of direct materials had been charged to the job. Thirty machine hours were used on the job. f. A total of 940 direct labor hours were worked during the month of May. All factory workers earn the same rate of pay; g. All "actual" factory overhead incurred during May has already been posted. h. A total of 1,000 machine hours was used during May REQUIRED: 1; Materials purchased during May 5. Direct materials used during May 2. Cost of goods completed during May 6. Balance, Direct Materials Control, 3. Overhead applied during May April 30 4. Balance, Work in Process Control, May 31 7. Over{Under)Applied during May

FINANCIAL ACCOUNTING
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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GIZELLE COMPANY You are asked to bring the following incomplete accounts up to date through MAY 2019. Also consider the additional information (in pesos) that follows the T-Accounts: DM Control WIP Control FG Control 4-30 2,000 4-30 25,000 5-31 20,000 Accounts Payable FOH Control CGS 10,000 4-30 165,000 55,000 5-31 MAY Additional information: a. The overhead is applied by using a budgeted rate that is set at the beginning of each year by forecasting the year's overhad and relating it to forecasted machine hours. The budget for the current year called for a total of 15,000 hours and P 750,000 of factory overhead; b. The accounts payable are for direct materials only. The balance on May 31, was P 12,000. Payments of P 78,000 were made during May; C. The finished goods inventory as of May 31 was P 7,000; d. The cost of goods sold during the month was P 165,000; On May 31 there was an unfinished job in the factory. Cost records show that P 1,000 (40hrs) e. of direct labor and P 2,000 of direct materials had been charged to the job. Thirty machine hours were used on the job. f. A total of 940 direct labor hours were worked during the month of May. All factory workers earn the same rate of pay; g. All "actual" factory overhead incurred during May has already been posted. h. A total of 1,000 machine hours was used during May REQUIRED: 1; Materials purchased during May 5. Direct materials used during May 2. Cost of goods completed during May 3. Overhead applied during May 6. Balance, Direct Materials Control, Аpril 30 4. Balance, Work in Process Control, May 31 7. Over{Under)Applied during May
Transcribed Image Text:GIZELLE COMPANY You are asked to bring the following incomplete accounts up to date through MAY 2019. Also consider the additional information (in pesos) that follows the T-Accounts: DM Control WIP Control FG Control 4-30 2,000 4-30 25,000 5-31 20,000 Accounts Payable FOH Control CGS 10,000 4-30 165,000 55,000 5-31 MAY Additional information: a. The overhead is applied by using a budgeted rate that is set at the beginning of each year by forecasting the year's overhad and relating it to forecasted machine hours. The budget for the current year called for a total of 15,000 hours and P 750,000 of factory overhead; b. The accounts payable are for direct materials only. The balance on May 31, was P 12,000. Payments of P 78,000 were made during May; C. The finished goods inventory as of May 31 was P 7,000; d. The cost of goods sold during the month was P 165,000; On May 31 there was an unfinished job in the factory. Cost records show that P 1,000 (40hrs) e. of direct labor and P 2,000 of direct materials had been charged to the job. Thirty machine hours were used on the job. f. A total of 940 direct labor hours were worked during the month of May. All factory workers earn the same rate of pay; g. All "actual" factory overhead incurred during May has already been posted. h. A total of 1,000 machine hours was used during May REQUIRED: 1; Materials purchased during May 5. Direct materials used during May 2. Cost of goods completed during May 3. Overhead applied during May 6. Balance, Direct Materials Control, Аpril 30 4. Balance, Work in Process Control, May 31 7. Over{Under)Applied during May
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