Provide the Cost of Good Sold Statement for Jan 2022 Problem 3East Company submits the following data for May, 2022Direct labor costCost of goods soldFactory overhead - applied at 150% of direct labor costs.InventoriesMay 1, 2022P187,500Finished goodsWork in processMaterials161,500155.000Required: Cost of goods sold statement for May, 2022.P200,000687,500May 31, 2022P152,500155.000143,750 a.b.C.d.e.MaterialsAccounts payableFactory Overhead ControlAccounts payableWork in processFactory Overhead ControlSelling expensesAdministrative expensesPayrollPayrollWithholding taxes payablesSSS Premiums payablesPhilHealth Contribution payablesPag-ibig Funds Contribution payablesPayrollAccrued PayrollAccrued PayrollCashFactory Overhead ControlSSS Premiums payablePhilHealth Contribution payablePag-ibig Funds Contribution payable# 250,000#尹#175,00037,500# 31,250#18,75043,750# 42,931.25#€219,568.75218,75017,750.00P#€#P#€Pp#250,00043,750262,50023,15010,5001,406.257,875219,568.75218,75010,625750.006,375f.Selling ExpensesSSS Premiums payableP 1,562.50PhilHealth Contribution payable P 468.75Pag-ibig Funds Contribution payable937.50j.Administrative Expensesk.SSS Premiums payablePhilHealth Contribution payablePag-ibig Funds Contribution payableWork in processFactory Overhead ControlMaterialsWork in processh. Finished GoodsFactor Overhead Applied(P175,000*80%)i. Accounts ReceivableSalesWork in process(P481,250*40% + P481250)Cost of Goods SoldFinished GoodsCashAccounts ReceivableLiabilitiesAccrued LiabilitiesI. Withholding taxes payablesCashPPPPPPPP937.50187.50562.50231,25043,750P 673,750P140,000512,500481,250506,250P 275,00023,150P 275,000P 140,000PPPPPP512,500673,750481,250506,250275,00023,150

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Problem 3 East Company submits the following data for May, 2022 Direct labor cost Cost of goods sold Factory overhead - applied at 150% of direct labor costs. Inventories May 1, 2022 P187,500 Finished goods Work in process Materials 161,500 155.000 Required: Cost of goods sold statement for May, 2022. P 200,000. 687,500 May 31, 2022 P152,500 155,000 143,750

Problem 3 East Company submits the following data for May, 2022 Direct labor cost Cost of goods sold Factory overhead - applied at 150% of direct labor costs. Inventories May 1, 2022 P187,500 Finished goods Work in process Materials 161,500 155.000 Required: Cost of goods sold statement for May, 2022. P 200,000. 687,500 May 31, 2022 P152,500 155,000 143,750

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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Instructions (X General Journal Shaded cells have feedback. X Fava Company began operations in 2018 and used the LIFO inventory method for both financial reporting and income taxes. At the beginning of 2019, the anticipated cost trends in the industry had changed, so that it adopted the FIFO method for both financial reporting and income taxes. Fava reported revenues of $300,000 and $270,000 in 2019 and 1. Prepare the journal entry to reflect the change on January 1, 2019. 2018, respectively. Fava reported expenses (excluding income tax expense) of $125,000 and $120,000 in 2019 and 2018, which included cost of goods sold of $55,000 and $45,000, respectively. An analysis indicates that the FIFO cost of goods sold would have been lower by $8,000 in 2018. The tax rate is 21%. Fava has a simple capital structure General Journal Instructions with 15,000 shares of common stock outstanding during 2018 and 2019. It paid no dividends in either year. Required: How does grading work? 1. Prepare…
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