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 officePhp10,300Depreciation---plant and equipment32,750Depreciation---administrative office3,500Direct labor cost320,207Transportation Expenses administrative office3,000Factory heat, light, and power93,450Factory supplies cost12,500Finished goods inventory, 1/165,780Finished goods inventory, 12/31106,750Freight-in9,890Goods in process inventory, 1/125,000Goods in process inventory, 12/3121,920Indirect labor4,600Insurance and taxes (factory)15,620Purchases206,000Raw materials inventory, 1/1265,650Raw materials inventory, 12/31126,300Salaries expense - administrative officers40,500Additional Information:1. A total of 15,000 units were completed during the year.2. 50,000 units were sold for Php21.75 each.

Cost of goods manufactured refers to the statement which states the aggregate cost of production of…

Answered: show full solution. Prepare a detailed…

show full solution. Prepare a detailed cost of goods manufactured and sold statement for the year ended December 31, 2021

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 12EA: What are the total costs to account for if a companys beginning inventory had $231,432 in materials,...

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Concept explainers

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.

Question

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.

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