The following T-accounts have incomplete postings; however, the amounts shown therein are correct: Work in process 1,000 15,000 Direct materials 25,.000 Beg. bal. 10,000 30,000 2,000 Beg. bal. Cost of goods sold Finished goods 2,500 Beg. bal. 18,000 Factory overhead control 4,200 Accounts payable 2,000 Beg. bal. 25,000 Factory overhead applied Additional information: a. The debit of P15,000 to work in process represents direct materials issued for the month. b. Factory overhead is applied at a rate of P0.50 per direct labor hour. Work ticket for the month totaled 10,000 direct labor hours. Factory workers receive P1.00 per hour. C. Required: Compute for the following 1. Direct materials inventory, end 2. Direct labor charged to production 3. Defective materials returned to suppliers 4. Work in process inventory, end 5. Finished goods inventory, end 6. Cost of goods sold
The following T-accounts have incomplete postings; however, the amounts shown therein are correct: Work in process 1,000 15,000 Direct materials 25,.000 Beg. bal. 10,000 30,000 2,000 Beg. bal. Cost of goods sold Finished goods 2,500 Beg. bal. 18,000 Factory overhead control 4,200 Accounts payable 2,000 Beg. bal. 25,000 Factory overhead applied Additional information: a. The debit of P15,000 to work in process represents direct materials issued for the month. b. Factory overhead is applied at a rate of P0.50 per direct labor hour. Work ticket for the month totaled 10,000 direct labor hours. Factory workers receive P1.00 per hour. C. Required: Compute for the following 1. Direct materials inventory, end 2. Direct labor charged to production 3. Defective materials returned to suppliers 4. Work in process inventory, end 5. Finished goods inventory, end 6. Cost of goods sold
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Problem 11
Transcribed Image Text:Problem 11
The following T-accounts have incomplete postings; however, the amounts shown
therein are correct:
Direct materials
Beg. bal. 10,000
30,000
Work in process
1,000
15,000
2,000
Beg. bal.
25,.000
Finished goods
2,500
Cost of goods sold
Beg. bal.
18,000
Factory overhead control
4,200
Accounts payable
2,000
Beg. bal. 25,000
Factory overhead applied
Additional information:
a. The debit of P15,000 to work in process represents direct materials issued
for the month.
b. Factory overhead is applied at a rate of PO.50 per direct labor hour.
c. Work ticket for the month totaled 10,000 direct labor hours. Factory
workers receive P1.00 per hour.
Required: Compute for the following
1. Direct materials inventory, end
2. Direct labor charged to production
3. Defective materials returned to suppliers
4. Work in process inventory, end
5. Finished goods inventory, end
6. Cost of goods sold
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