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

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

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Description: PROBLEMSInstructions: Supply the answer supported by computations in good form using yourworksleet.000 0AProblem 1-1. Bayo Dress Shop makes evening dresses. The following informationhas been gathered from the company records of 2019, the first year

FINANCIAL ACCOUNTING

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ISBN:9781259964947

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Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Question

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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.

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During the year, a company purchased raw materials of $77,319, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Ending $17,433 $16,428 Raw materials inventory Work in process inventory 241,437 234,422 Finished goods inventory 312,844 342,386 Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold. Cost of materials used in production Cost of goods manufactured Cost of goods sold Beginning $
Give true calculation
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An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2020. Inventory Beginning Ending Raw materials $9.100 $13,450 Workin process 5.110 8,880 Finished goods 9,870 6,880 Costs incurred: raw materials purchases $55,160, direct labor $51,800, manufacturing overhead $24,080. The specific overhead costs were: indirect labor $7.340, factory insurance $4,130, machinery depreciation $4,920, machinery repairs $2.460, factory utilities $3.450. and miscellaneous factory costs $1,780. Assume that all raw materials used were direct materials. (a) Prepare the cost of goods manufactured schedule for the month ended June 30, 2020.