P2-8 Uniformata Company received an order to make school uniforms and uses the job ordercosting system.The following transaction occurred during 2014 relating to Job U-101:1.Purchased raw materials at a cost of P2,000,0002.Direct materials used for P1,400,0003.Raw materials were used as indirect materials, P200,0004.Direct labor hours consumed for P1,500,000 on the job, which was fully paid.5.Indirect labor hours used costing P500,0006.Other indirect costs accrued were P1,250,000Manufacturing overhead equal to 100% of direct labor was charged.8. The cost of U-101 of P4,400,000 (direct materials of P1,400,000 + direct labor costof P1,500,000 + applied overhead of P1,500,000) was transferred to finished goodson completion.9.Revenue is recorded at P5,720,000 (P4,400,000 × 130%)Actual manufacturing overheads were P1,950,000 (indirect materials costingP200,000+ indirect labor costing P500,000 and other overheads of P1,250,000).Applied manufacturing overheads were P1,500,000. The manufacturing overheadsworth P450,000 were under-applied and are taken to the cost of goods sold orincome statement.Required: Journal entries to record the above transactions

Name: P2-8 Uniformata Company received an order to make school uniforms and
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Description: P2-8 Uniformata Company received an order to make school uniforms and uses the job ordercosting system.The following transaction occurred during 2014 relating to Job U-101:1.Purchased raw materials at a cost of P2,000,0002.Direct materials used for

Journal Entry The purpose of preparing the journal entry to record the transaction which are…

Business

Accounting

The following transaction occurred during 2014 relating 1. Purchased raw materials at a cost of P2,000,000 2. Direct materials used for P1,400,000 3. Raw materials were used as indirect materials, P200,000 4. Direct labor hours consumed for P1,500,000 on the job, which was fully paid. 5. Indirect labor hours used costing P500,000 6. Other indirect costs accrued were P1,250,000 7. Manufacturing overhead equal to 100% of direct labor was charged.

The following transaction occurred during 2014 relating 1. Purchased raw materials at a cost of P2,000,000 2. Direct materials used for P1,400,000 3. Raw materials were used as indirect materials, P200,000 4. Direct labor hours consumed for P1,500,000 on the job, which was fully paid. 5. Indirect labor hours used costing P500,000 6. Other indirect costs accrued were P1,250,000 7. Manufacturing overhead equal to 100% of direct labor was charged.

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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