Prob Bayo Dress Shop makes evening has been gathered from the company records of 2019, the first operations. Work in Process Inventory at the end of the year was P100,000. year of company 008 Raw materials purchased on account, of which only P2,350,000 75% were paid during the year. 0 Raw materials issued to production, of which 25% is indirect materials 1,940,000 Accrued factory payroll (80% is direct labor) Depreciation of sewing and computer equipment Utilities paid Factory insurance expired Factory rent including P50,000 deposit sqmo MM 960,000 or 1,350,000 80,000 320,000 17,500 ar lo Bayo Dress Shop applies actual overhead to production. es[a

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Topic Video
Question
100%
PROBLEMS
Instructions: Supply the answer supported by computations in good form using your
worksleet.
000 0A
Problem 1-1. Bayo Dress Shop makes evening dresses. The following information
has been gathered from the company records of 2019, the first year of company
operations. Work in Process Inventory at the end of the year was P100,000.
008 Raw materials purchased on account, of which only P2,350,000
75% were paid during the year.
00 Raw materials issued to production, of which 25% is
indirect materials
1,940,000
Accrued factory payroll (80% is direct labor)
Depreciation of sewing and computer equipment
Utilities paid
Factory insurance expired
Factory rent including P50,000 deposit usqmo MM 960,000o
1,350,000
80,000
320,000
17,500
no bro 000,01 to 1ey
Bayo Dress Shop applies actual overhead to production. es[o 00 00aw
bias i yunst no 000,0809 26w yosval
0e srut no 00,
elsisir
Transcribed Image Text:PROBLEMS Instructions: Supply the answer supported by computations in good form using your worksleet. 000 0A Problem 1-1. Bayo Dress Shop makes evening dresses. The following information has been gathered from the company records of 2019, the first year of company operations. Work in Process Inventory at the end of the year was P100,000. 008 Raw materials purchased on account, of which only P2,350,000 75% were paid during the year. 00 Raw materials issued to production, of which 25% is indirect materials 1,940,000 Accrued factory payroll (80% is direct labor) Depreciation of sewing and computer equipment Utilities paid Factory insurance expired Factory rent including P50,000 deposit usqmo MM 960,000o 1,350,000 80,000 320,000 17,500 no bro 000,01 to 1ey Bayo Dress Shop applies actual overhead to production. es[o 00 00aw bias i yunst no 000,0809 26w yosval 0e srut no 00, elsisir
A) Determine the following:
1) The total factory costs for the period.
rol sonstoard A
2) Cost of goods manufactured for the year.
bn gebsu
3) Gross profit assuming 75% % of the production is sold at a gross profit
rate of 35%
B) Following the flow of cost, give all the entries required to record the above transactions.
Transcribed Image Text:A) Determine the following: 1) The total factory costs for the period. rol sonstoard A 2) Cost of goods manufactured for the year. bn gebsu 3) Gross profit assuming 75% % of the production is sold at a gross profit rate of 35% B) Following the flow of cost, give all the entries required to record the above transactions.
Expert Solution
steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Accounting for Merchandise Inventory
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
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