show full solution. Prepare a detailed cost of goods manufactured and sold statement for the year ended December 31, 2021
show full solution. Prepare a detailed cost of goods manufactured and sold statement for the year ended December 31, 2021
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter14: Decentralized Operations
Section: Chapter Questions
Problem 14.2E: Divisional income statements The following data were summarized from the accounting records for...
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show full solution.
Prepare a detailed cost of goods manufactured and sold statement for the year ended December 31, 2021
![Listed below are certain accounts of the IE Manufacturing Corporation with balances for the year ended December 31, 2021:
Supplies expense - administrative office
Php10,300
Depreciation---plant and equipment
32,750
Depreciation---administrative office
3,500
Direct labor cost
320,207
Transportation Expenses administrative office
3,000
Factory heat, light, and power
93,450
Factory supplies cost
12,500
Finished goods inventory, 1/1
65,780
Finished goods inventory, 12/31
106,750
Freight-in
9,890
Goods in process inventory, 1/1
25,000
Goods in process inventory, 12/31
21,920
Indirect labor
4,600
Insurance and taxes (factory)
15,620
Purchases
206,000
Raw materials inventory, 1/1
265,650
Raw materials inventory, 12/31
126,300
Salaries expense - administrative officers
40,500
Additional Information:
1. A total of 15,000 units were completed during the year.
2. 50,000 units were sold for Php21.75 each.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc8e91b0e-6a78-48d5-b74b-5c69ea47a040%2Fbf333ad3-7454-4492-8957-c098de946bdd%2Fqg7q30n_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Listed below are certain accounts of the IE Manufacturing Corporation with balances for the year ended December 31, 2021:
Supplies expense - administrative office
Php10,300
Depreciation---plant and equipment
32,750
Depreciation---administrative office
3,500
Direct labor cost
320,207
Transportation Expenses administrative office
3,000
Factory heat, light, and power
93,450
Factory supplies cost
12,500
Finished goods inventory, 1/1
65,780
Finished goods inventory, 12/31
106,750
Freight-in
9,890
Goods in process inventory, 1/1
25,000
Goods in process inventory, 12/31
21,920
Indirect labor
4,600
Insurance and taxes (factory)
15,620
Purchases
206,000
Raw materials inventory, 1/1
265,650
Raw materials inventory, 12/31
126,300
Salaries expense - administrative officers
40,500
Additional Information:
1. A total of 15,000 units were completed during the year.
2. 50,000 units were sold for Php21.75 each.
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