Prepare the necessary journal entries from the following information for Welsh Company, which uses a perpetualinventory system.Purchased raw material on account, P56,700.b. Requisitioned raw materials for production as follows:а.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.Overhead incurred and paid for is P66,900.Overhead is applied to production based on 110 percent of direct labor cost.f.С.d.е.Goods costing P97,600 were completed during the period.Goods costing P51,320 were sold on account.g.

Journal entries recording is the first step of accounting cycle process, in which atleast one…

Answered: Prepare the necessary journal entries…

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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Following balances as of the year ended December 31, 2019 of Yelen Trading co. Direct Materials Inventory Finished Goods Inventory 15,000 Debit 49,500 Debit 34,500 Debit 74,500 Debit WIP Inventory Cost of Goods Sold Cost of direct materials purchased Cost of direct materials requisitioned Cost of goods completed Factory overhead applied (120% of direct labour) 48,000 Underapplied factory overhead 41,000 47,000 102,000 4,000 a. Find beginning direct materials inventory b. Find beginning WIP inventory
Answer the following questions by analysing the T-accounts given below.
II. A. The following information is to be used in costing inventory on August 31 August 1 Beginning balance 1.600 units at P6.00 Purchased 400 units at P7.00 9 Purchased 400 units at P8.00 16 Issued 800 units 24 Purchased 600 units at P9.00 27 Issued 1,000 units Required: The cost of materials used and the cost assigned to the August 31 inventory by each costing method: 1. First in Firs out (FIFO) 2. Weighted average method 3. Moving average method
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Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers. For December,2022. Company presented the following costs on processes: In December, under FIFO method, what is average unit cost of inventory transferred from Process 2 to Process 3? P24.56 P25.03 P25.22 P24.76
The following information is available for ABC Company for the year ended December 31: Beginning raw materials inventory Raw materials purchases Ending raw materials inventory Direct labor expense What is the amount of direct materials used in production for the year? Multiple Choice $5,200. $7,500. $4,700. $8,900. $ 3,700 5,200 4,200 2,200
Inventories Raw materials, beginning Work in process, beginning Finished goods, beginning Cost of goods manufactured Cost of goods sold (not considering over- or underapplied overhead) Sales Predetermined overhead rate based on direct materials used $ 39,000 13,400 Required 2 9,750 96,290 0 84,200 101,000 Finished Goods Inventory 90% 1. Complete the T-accounts for each of the three Inventory accounts using the data provided in the above table. 2. Compute overapplied or underapplied overhead. Complete this question by entering your answers in the tabs below. Costs incurred for the period Raw materials purchases Direct materials used Direct labor used. Factory overhead (actual) Required 1 Complete the T-accounts for each of the three inventory accounts using the data provided in the above table. Raw Materials Inventory Indirect materials used Indirect labor used Other overhead costs Work in Process Inventory 0 $19,460 45,250 23,800 10,300 17,400 5,300
Information related to Scullio Manufacturing appears below. What is the ending balance in the work-in-process (WIP) inventory account? Cost of good manufactured 44,500 Beginning WIP inventory 32,000 Total current manufacturing costs 35,000 Manufacturing overhead applied 11,000 Direct labor cost 16,500
Requirements: 7. Materials inventory 8. Finished Goods Ending Inventory
Dhapa
The following balances are from the accounts of Crabtree Machining Company: Direct materials inventory Work-in-proceRs inventory Finished gooda inventory January 1 December 31 (Beginning) (Ending) $ 97,900 $ 111,600 109,900 43,100 104, 200 46,600 Direct materials purchased during the year amount to $517,200, and the cost of goods sold for the year was $1,890,000. Required: Prepare a cost of goods sold statement.
McGown Corp has the following information: Raw Materials Inventory Work in Process Inventory Finished Goods Inventory Additional information for the year is as follows: Raw materials purchases Direct labor Manufacturing overhead applied Indirect materials. Beginning Ending Inventory Inventory (1/1) (12/31) $28,200 $30,900 $16,800 $ 23, 100 $30,300 $ 27,900 Multiple Choice Compute the direct materials used in production. $110,600 $30.900 $107, 900 $ 84,300 $ 85,100 $ 0 Prex

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