P6-1 The following information were obtained from the books and records of Bndgep Corporation: PROBLEMS 8,000 3,200 6,000 Beginning inventories: Raw materials Work in process Finished goods Ending inventories: Raw materials Work in process Finished goods Sales -? 7,200 2,100 107,500 15,800 14,000 Purchases of materials Cost of direct materials used excluding rework Cost of indirect materials used 3,800 24,600 Direct labor cost incurred excluding rework (350 hours) Indirect labor costs incurred 4,600 12,000 4,000 24,000 Sales salaries and other expenses Administrative salaries and expense Net factory payroll after withholding Factory overhead rate per direct labor hour Other factory overhead incurred excluding spoilage and rework 78 20,150 Spoilage: Normal spoilage common to all jobs Disposal value of normal spoilage Abnormal spoilage Disposal value of abnormal spoilage P4,000 400 1,000 20 Cost of rework common to all jobs (not included in the cost of direct materials and direct labor above) Direct material P1,000 Direct labor (10 hours) 800 Sales of normal scrap common to all jobs: (cost reduction method is used and scrap is not inventoried) 1,200 Based on the above data, prepare the following journal entries: 1. To record the purchase of materials To record the materials usage, excluding rework To record the factory payroll 2. 3.
P6-1 The following information were obtained from the books and records of Bndgep Corporation: PROBLEMS 8,000 3,200 6,000 Beginning inventories: Raw materials Work in process Finished goods Ending inventories: Raw materials Work in process Finished goods Sales -? 7,200 2,100 107,500 15,800 14,000 Purchases of materials Cost of direct materials used excluding rework Cost of indirect materials used 3,800 24,600 Direct labor cost incurred excluding rework (350 hours) Indirect labor costs incurred 4,600 12,000 4,000 24,000 Sales salaries and other expenses Administrative salaries and expense Net factory payroll after withholding Factory overhead rate per direct labor hour Other factory overhead incurred excluding spoilage and rework 78 20,150 Spoilage: Normal spoilage common to all jobs Disposal value of normal spoilage Abnormal spoilage Disposal value of abnormal spoilage P4,000 400 1,000 20 Cost of rework common to all jobs (not included in the cost of direct materials and direct labor above) Direct material P1,000 Direct labor (10 hours) 800 Sales of normal scrap common to all jobs: (cost reduction method is used and scrap is not inventoried) 1,200 Based on the above data, prepare the following journal entries: 1. To record the purchase of materials To record the materials usage, excluding rework To record the factory payroll 2. 3.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:P6-1 The following information were obtained from the books and records of Bnidgepu
Corporation:
PROBLEMS
Beginning inventories:
Raw materials
P 8,000
3,200
6,000
Work in process
Finished goods
Ending inventories:
Raw materials
Work in process
Finished goods
7,200
2,100
107,500
15,800
14,000
3,800
Sales
Purchases of materials
Cost of direct materials used excluding rework
Cost of indirect materials used
24,600
Direct labor cost incurred excluding rework (350 hours)
Indirect labor costs incurred
4,600
Sales salaries and other expenses
Administrative salaries and expense
Net factory payroll after withholding
Factory overhead rate per direct labor hour
Other factory overhead incurred excluding spoilage and rework
12,000
4,000
24,000
78
20,150
Spoilage:
Normal spoilage common to all jobs
Disposal value of normal spoilage
Abnormal spoilage
Disposal value of abnormal spoilage
P4,000
400
1,000
20
Cost of rework common to all jobs
(not included in the cost of direct materials and direct labor
above)
Direct material
P 1,000
Direct labor (10 hours)
800
Sales of normal scrap common to all jobs:
(cost reduction method is used and scrap is not inventoried)
1,200
Based on the above data, prepare the following journal entries:
1.
To record the purchase of materials
2.
To record the materials usage, excluding rework
3.
To record the factory payroll
To record the payment of payroll to the employees
4.
5.
To record the distribution of payroll costs excluding rework
6.
To record other factory overhead costs excluding spoilage and rework
To record the applied factory overhead exclúding rework
To record the spoilage
7.
8.
9.
To record the rework
10.
To record the sale of scrap
11.
To record the cost of goods manufactured
12.
To record the cost of goods sold
13.
To record the sale
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