Output No. 1Ellen Joyce Company is engaged in the manufacture of engines which are made only oncustomers' orders and to their specifications. During January, the company worked on Jobs201, 202, 203, and 204. The following figures summarize the cost records for the month.Answelob 201lob 202lob 203lob 204Direct Materials put intoprocess:Unit 1.Jan. 2P15,00020,00015,000P5,00016,0001,000181. Cost AP5,00010,0003,500activitythe esta22P6,0002,00028Direct labor costsactivitiweek endingJan. 21,00027,00032,00020,000 3,0001,0002. Man6.9.000for use1627,000235,00018,00017,5001,50011,5009,00030Factory overheadEngines completed60,00032,0001006025CO000Jobs 201 and 202 have been completed and delivered to the customer at a total selling priceof P350,000. Job 204 is still in process. There was no work in process at the beginning of theMeamonth.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.)Info2. Prepare a cost sheet for each job.Oj3. Prepare statement of cost of goods manufactured and sold.3.

Name: Output No. 1Ellen Joyce Company is engaged in the manufacture of engi
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Description: Output No. 1Ellen Joyce Company is engaged in the manufacture of engines which are made only oncustomers' orders and to their specifications. During January, the company worked on Jobs201, 202, 203, and 204. The following figures summarize the cost

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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.

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

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