Prepare the necessary journal entries from the following Information for Welsh Company, which uses a perpetua inventory system. Purchased raw materlal on account, P56,700. b. Requisitioned raw materlals for production as follows: a. Direct materials: 80 percent of purchases; Indirect materlals: 15 percent of purchases. Direct labor wages of P33,100 are accrued as are Indirect labor wages of P12,500. d. Overhead incurred and paid for is P66,900. Overhead Is applied to production based on 110 percent of direct labor cost. f. C. e. Goods costing P97,600 were completed during the period. Goods costing P51,320 were sold on account, g. What is the journal entry for transaction (d)? 66,900 Manufacturing overhead control Cash a. 66,900 b. 66,900 Work in process inventory Cash 66,900 66,900 Work in process inventory Manufacturing overhead copntrol. C. 66,900 66,900 Manufacturing overhead control Work in process inventory d. 66,900
Prepare the necessary journal entries from the following Information for Welsh Company, which uses a perpetua inventory system. Purchased raw materlal on account, P56,700. b. Requisitioned raw materlals for production as follows: a. Direct materials: 80 percent of purchases; Indirect materlals: 15 percent of purchases. Direct labor wages of P33,100 are accrued as are Indirect labor wages of P12,500. d. Overhead incurred and paid for is P66,900. Overhead Is applied to production based on 110 percent of direct labor cost. f. C. e. Goods costing P97,600 were completed during the period. Goods costing P51,320 were sold on account, g. What is the journal entry for transaction (d)? 66,900 Manufacturing overhead control Cash a. 66,900 b. 66,900 Work in process inventory Cash 66,900 66,900 Work in process inventory Manufacturing overhead copntrol. C. 66,900 66,900 Manufacturing overhead control Work in process inventory d. 66,900
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Prepare the necessary journal entries from the following information for Welsh Company, which uses a perpetual
Inventory system.
Purchased raw materlal on account, P56,700.
b. Requisitioned raw materlals for production as follows:
a.
Direct materlals: 80 percent of purchases:
Indirect materlals: 15 percent of purchases.
Direct labor wages of P33,100 are accrued as are Indirect labor wages of P12,500.
Overhead incurred and paid for is P66,900.
Overhead is applied to production based on 110 percent of direct labor cost.
f.
C.
d.
e.
Goods costing P97,600 were completed during the perlod.
Goods costing P51,320 were sold on account.
g.
What is the journal entry for transaction (a)?
Raw materials inventory
56,700
Accounts payable
56,700
b.
Work in process inventory
Accounts payable
56,700
56,700
Work in process inventory
Raw materials inventory
C.
56,700
56,700
Raw materials inventory
Work in process inventory
d.
S6,700
56,700
Transcribed Image Text:Prepare the necessary journal entries from the following Information for Welsh Company, which uses a perpetual
inventory system.
a. Purchased raw materlal on account, P56,700.
b. Requisitioned raw materlals for production as follows:
Direct materials: 80 percent of purchases;
Indirect materials: 15 percent of purchases.
Direct labor wages of P33,100 are accrued as are Indirect labor wages of P12,500.
d. Overhead incurred and paid for is P66,900.
Overhead Is applied to production based on 110 percent of direct labor cost.
f.
C.
e.
Goods costing P97,600 were completed during the perlod.
Goods costing P51,320 were sold on account.
g.
What is the jóurnal entry for transaction (d)?
66,900
Manufacturing overhead control
Cash
a.
66,900
b.
66,900
Work in process inventory
Cash
66,900
66,900
Work in process inventory
Manufacturing overhead control.
C.
66,900
d. Manufacturing overhead control
Work in process inventory
66,900
66,900
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