Problem 6 The Protect Production Company presents the following selected general ledger accounts showing balances at October 1, 2017: Cash P 40,000 Finished Goods 592,000 Work in Process 164,000 Raw materials 128,000 Prepaid Insurance Accumulated Depreciation Accounts Payable 4,000 280,000 108,000 Balances at October 31, 2017 include: Accrued payroll Finished goods P 12,000 608,000 Work in Process 188,000 120,000 Raw Materials A summary of transactions for the month of October follows: a. Cash sales P420,000 b. Raw materials purchased on account c. Direct materials used 168,000 156,000 d. Direct Labor 64,000 e. Factory insurance expired f. Depreciation for factory equipment g. Factory utility service on account h. Accounts payable paid i. Factory payroll paid 1,200 6,800 12,000 196,000 88,000

Problem 6 The Protect Production Company presents the following selected general ledger accounts showing balances at October 1, 2017: Cash P 40,000 Finished Goods 592,000 Work in Process 164,000 Raw materials 128,000 Prepaid Insurance Accumulated Depreciation Accounts Payable 4,000 280,000 108,000 Balances at October 31, 2017 include: Accrued payroll Finished goods P 12,000 608,000 Work in Process 188,000 120,000 Raw Materials A summary of transactions for the month of October follows: a. Cash sales P420,000 b. Raw materials purchased on account c. Direct materials used 168,000 156,000 d. Direct Labor 64,000 e. Factory insurance expired f. Depreciation for factory equipment g. Factory utility service on account h. Accounts payable paid i. Factory payroll paid 1,200 6,800 12,000 196,000 88,000

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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Statement of Cost of Goods Manufactured for a Manufacturing Company Cost data for Johnstone Manufacturing Company for the month ended March 31 are as f Inventories March 1 March 31 Materials Work in process Finished goods $193,500 129,650 98,690 $166,410 111,490 113,160 Direct labor Materials purchased during March Factory overhead incurred during March: Indirect labor Machinery depreciation Heat, light, and power Supplies Property taxes Miscellaneous costs Direct materials: $348,300 371,520 37,150 22,450 7,740 6,190 5,420 10,060 a. Prepare a cost of goods manufactured statement for March. Johnstone Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended March 31
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The following partially completed T-accounts summarize transactions for Faaberg Corporation during the year: Raw Materials Debit Beginning Balance 4,800 5,000 Credit 8,600 Work in Process Debit Credit Beginning Balance 3,900 22,000 6,000 8,300 8,100 Finished Goods Debit Credit Beginning Balance 2,000 22,000 20,200 Manufacturing Overhead Debit 2,600 3,300 3,000 Wages & Salaries Payable Credit 8,100 Debit Credit 20,200 Beginning Balance 2,300 11,600 Cost of Goods Sold Debit Credit 20,200 The direct labor cost was: Multiple Choice $11,300 O $12,500 $8,300 $20,200
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