Jobs completed anc Job 110 P 15,000 P 25,000 Job 220

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Problem 5
Star Wars Corporation obtains the following information from its records for the
month of August:
Jobs completed and sold
Job 220
P 15,000 P 25,000
50,000
30,000
4,000
25%
Job 110
Direct materials cost
Direct labor cost
Job 330
P 20,000
30,000
20,000
Factory overhead
Units manufactured
40,000
25,000
5,000
20%
10,000
GP rate (based on sales)
Required:
30%
1. Prepare in summary form, the journal entries that would have been made
ring the month to record the above.
2. Prepare the schedules showing the gross profit or loss for August.
a. For the business as a whole.
b. For each job completed and sold.
Transcribed Image Text:Problem 5 Star Wars Corporation obtains the following information from its records for the month of August: Jobs completed and sold Job 220 P 15,000 P 25,000 50,000 30,000 4,000 25% Job 110 Direct materials cost Direct labor cost Job 330 P 20,000 30,000 20,000 Factory overhead Units manufactured 40,000 25,000 5,000 20% 10,000 GP rate (based on sales) Required: 30% 1. Prepare in summary form, the journal entries that would have been made ring the month to record the above. 2. Prepare the schedules showing the gross profit or loss for August. a. For the business as a whole. b. For each job completed and sold.
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