Superman Company Superman Company has the following costs and expenses for the year ending December 21, 2X20. Raw materials, 1/1/20 P30,000 Property taxes, factory building P6,000 Raw materials, 12/31/20 20,000 Sales revenue 1,500,000 Raw materials purchases 205,000 Delivery expenses 100,000 Work-in-process, 1/1/20 80,000 Sales commissions 150,000 Work-in-process, 12/31/20 50,000 Indirect labor 105,000 Finished goods, 1/1/20 110,000 Factory machinery rent 40,000 Finished goods, 12/31/20 120,000 Factory utilities 65,000 Direct labor 350,000 Depreciation, factory building 24,000 Factory manager’s salary 35,000 Administrative expenses 300,000 Insurance, factory 14,000 Requirement: Prepare a cost of goods manufactured schedule for Superman Company for Note: Assume that all raw materials used were direct materials.
Superman Company
Superman Company has the following costs and expenses for the year ending December 21, 2X20.
|
Raw materials, 1/1/20 |
P30,000 |
Property taxes, factory building |
P6,000 |
|
Raw materials, 12/31/20 |
20,000 |
Sales revenue |
1,500,000 |
|
Raw materials purchases |
205,000 |
Delivery expenses |
100,000 |
|
Work-in-process, 1/1/20 |
80,000 |
Sales commissions |
150,000 |
|
Work-in-process, 12/31/20 |
50,000 |
Indirect labor |
105,000 |
|
Finished goods, 1/1/20 |
110,000 |
Factory machinery rent |
40,000 |
|
Finished goods, 12/31/20 |
120,000 |
Factory utilities |
65,000 |
|
Direct labor |
350,000 |
|
24,000 |
|
Factory manager’s salary |
35,000 |
Administrative expenses |
300,000 |
|
Insurance, factory |
14,000 |
|
|
Requirement:
- Prepare a cost of goods manufactured schedule for Superman Company for Note: Assume that all raw materials used were direct materials.
- Prepare an income statement for Superman Company for 2020.
- Assume that Superman Company’s accounting records show the balances of the following current asset accounts: Cash P17,000,
Accounts Receivable (net) P120,000, Prepaid Expenses P13,000, and Short-Term Investments P26,000. Prepare the current assets section of thebalance sheet for Superman Company as of December 31, 2020.
Roderick Company
Roderick Company reported the following costs and expenses in May.
|
Factory utilities |
P15,600 |
Direct labor |
P89,100 |
|
Depreciation on factory equipment |
12,650 |
Sales salaries |
46,400 |
|
Depreciation on delivery trucks |
8,800 |
Property taxes on factory building |
2,500 |
|
Indirect factory labor |
48,900 |
Repairs to office equipment |
2,300 |
|
Indirect materials |
80,800 |
Factory repairs |
2,000 |
|
Direct materials used |
137,600 |
Advertising |
18,000 |
|
Factory manager’s salary |
13,000 |
Office supplies used |
5,640 |
Requirement: Using the given information, determine the total amount of:
- Manufacturing
overhead - Product costs
- Period costs
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