Output No. 1 Ellen Joyce Company is engaged in the manufacture of engines which are made only on customers' orders and to their specifications. During January, the company worked on Jobs 201, 202, 203, and 204. The following figures summarize the cost records for the month. lob 201 lob 202 lob 203 lob 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 22 P6,000 2,000 28 Direct labor costs week ending Jan. 2 6. 1,000 27,000 1 32,000 20,000 1,000 9.000 16 27,000 3,000 23 5,000 18,000 17,500 1,500 30 Factory overhead Engines completed 60,000 100 11,500 9,000 32,000 60 25 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
icon
Related questions
icon
Concept explainers
Topic Video
Question
Output No. 1
Ellen Joyce Company is engaged in the manufacture of engines which are made only on
customers' orders and to their specifications. During January, the company worked on Jobs
201, 202, 203, and 204. The following figures summarize the cost records for the month.
Answe
lob 201
lob 202
lob 203
lob 204
Direct Materials put into
process:
Unit 1.
Jan. 2
P15,000
20,000
15,000
P5,000
16,000
1,000
18
1. Cost A
P5,000
10,000
3,500
activity
the esta
22
P6,000
2,000
28
Direct labor costs
activiti
week ending
Jan. 2
1,000
27,000
32,000
20,000 3,000
1,000
2. Man
6.
9.000
for use
16
27,000
23
5,000
18,000
17,500
1,500
11,500
9,000
30
Factory overhead
Engines completed
60,000
32,000
100
60
25
CO
000
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
Mea
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.)
Info
2. Prepare a cost sheet for each job.
Oj
3. Prepare statement of cost of goods manufactured and sold.
3.
Transcribed Image Text:Output No. 1 Ellen Joyce Company is engaged in the manufacture of engines which are made only on customers' orders and to their specifications. During January, the company worked on Jobs 201, 202, 203, and 204. The following figures summarize the cost records for the month. Answe lob 201 lob 202 lob 203 lob 204 Direct Materials put into process: Unit 1. Jan. 2 P15,000 20,000 15,000 P5,000 16,000 1,000 18 1. Cost A P5,000 10,000 3,500 activity the esta 22 P6,000 2,000 28 Direct labor costs activiti week ending Jan. 2 1,000 27,000 32,000 20,000 3,000 1,000 2. Man 6. 9.000 for use 16 27,000 23 5,000 18,000 17,500 1,500 11,500 9,000 30 Factory overhead Engines completed 60,000 32,000 100 60 25 CO 000 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 Mea 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.) Info 2. Prepare a cost sheet for each job. Oj 3. Prepare statement of cost of goods manufactured and sold. 3.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps

Blurred answer
Knowledge Booster
Costing Systems
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education