PROBLEMSP7-1 Akabanebashi Company uses backflush costing to account for its manufacturing costs.The trigger points for recording of inventories are the purchase of materials, the completionof products, and sale finished goods. During the month of September 2015, the followingtransactions occurred:1. Purchased raw materials on account92,0002. Requisitioned raw materials to production92,0003. Direct labor costs incurred40,0004. Manufacturing overhead costs5. Cost of goods manufactured6. Completed products sold at 50% mark-up on cost60,000192,000Required: Prepare the journal entries to record the above transactions.P7-2 The production department of Ted Milk shows following transaction in month of September.Company adopted JIT system few months back.1.Material purchased on credit for P20,0002.All material was used during production3.Direct labors cost incurred for P6,0004.Overhead charged to production was P20,0005.Units completed costing P45,5006.Units sold for P45,000Required: Computer for the following:а.Finished goods inventoryb.Work in process inventoryP7-3 Johnson Textiles Company employs Just in Time operating system with backflush costing,During the month of July Direct material costing P505,000 was used for completed workwith conversion cost of P700,000.process inventory account.At the end of the month P200,000 was assigned to workFinished goods inventory ending balance was P230,000.Required: Computer for the following:а.Amount charged to cost of goods soldb.Ending balance of cost of goods sold

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PROBLEMS P7-1 Akabanebashi Company uses backflush costing to account for its manufacturing costs The trigger points for recording of inventories are the purchase of materials, the completiom of products, and sale finished goods. During the month of September 2015, the following transactions occurred: 1. Purchased raw materials on account 92,000 2. Requisitioned raw materials to production 92,000 3. Direct labor costs incurred 40,000 4. Manufacturing overhead costs 60,000 5. Cost of goods manufactured 6. Completed products sold at 50% mark-up on cost 192,000 Required: Prepare the journal entries to řecord the above transactions.

PROBLEMS P7-1 Akabanebashi Company uses backflush costing to account for its manufacturing costs The trigger points for recording of inventories are the purchase of materials, the completiom of products, and sale finished goods. During the month of September 2015, the following transactions occurred: 1. Purchased raw materials on account 92,000 2. Requisitioned raw materials to production 92,000 3. Direct labor costs incurred 40,000 4. Manufacturing overhead costs 60,000 5. Cost of goods manufactured 6. Completed products sold at 50% mark-up on cost 192,000 Required: Prepare the journal entries to řecord the above transactions.

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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Akabanebashi uses backflush costing to account for its manufacturing costs. The trigger points for recording of inventories are the purchase of materials , the completion of products and sale finished goods. During the month of September 2015 , the following transactions occured: 1. Purchased raw materials on account 92,000 2. Requisitioned raw materials to production 92,000 3. Direct labor cost incurred 40,000 4. Manufacturing overhead costs 60,000 5. Cost of goods manufactured 192,000 5. Completed products sold at 50% markup on cost. Required: Prepare the journal entries to record above transactions
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