The following transactions pertain to the manufacturing operations of TESLA CORPORATION a Materials purchased totaled P 400,000 b. Materials were issued as follows: Direct Materials P 196,000 36,000 c. Total payroll was P 240,000 direct labor; P 48,000 indirect labor; P 24,000 P 40,000 office salaries. Income tax withheld was 10% of wages earned; SSS contribution at the rate of 5%; Phil. Health Indirect Materials sales salaries and contributions, 1.5% and Pag-Ibig Contributions, 1% were deducted. The payroll due to the employees was paid. d. Employer's share for SSS, 5%; Philhealth, 1.5% and Pag-Ibig, 1% e. Miscellaneous factory expenses totaled P 60,000 of which P 36,000 was for depreciation of machinery and equipment; P 6,000 for expired insurance and P 18,000 for various overhead incurred. £ Actual factory overhead incurred was applied to work in process. g Cost of production completed during the period was P 480,000. h Goods costing P 160,000 were billed to customers at markup of 40% of cost. i Collected 80% of receivables from customers. Required: Prepare all necessary journal entries to record the foregoing transactions

The following transactions pertain to the manufacturing operations of TESLA CORPORATION a Materials purchased totaled P 400,000 b. Materials were issued as follows: Direct Materials P 196,000 36,000 c. Total payroll was P 240,000 direct labor; P 48,000 indirect labor; P 24,000 P 40,000 office salaries. Income tax withheld was 10% of wages earned; SSS contribution at the rate of 5%; Phil. Health Indirect Materials sales salaries and contributions, 1.5% and Pag-Ibig Contributions, 1% were deducted. The payroll due to the employees was paid. d. Employer's share for SSS, 5%; Philhealth, 1.5% and Pag-Ibig, 1% e. Miscellaneous factory expenses totaled P 60,000 of which P 36,000 was for depreciation of machinery and equipment; P 6,000 for expired insurance and P 18,000 for various overhead incurred. £ Actual factory overhead incurred was applied to work in process. g Cost of production completed during the period was P 480,000. h Goods costing P 160,000 were billed to customers at markup of 40% of cost. i Collected 80% of receivables from customers. Required: Prepare all necessary journal entries to record the foregoing transactions

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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2. During the current month, Barnum Company incurs the following manufacturing costs: (a) Purchased raw materials of $18,000 on account. (b) Incurred factory labor of $40,000. Of that amount, $31,000 relates to wages payable and $9,000 relates to payroll taxes payable. (c) Factory utilities of $3,100 are payable, prepaid factory property taxes of $2,700 have expired and depreciation on the factory building is $9,500. Required: Prepare journal entries for each type of manufacturing cost.
. Manutacturlng coste. The payroll records of the E. W. Grant Company show Payments for labor of $400,000, of which $80,000 Is indirect labor. Materials reqilsitlons Show $300,000 for materials used, of whlch $280.000 represents direct matorials. Other manuracturing expenses tolal $124,000, Finlshed goods on hand at the ond of the perlod are stated at cost, $176,000, of which $40,000 Is direct malerlals cost. Factory overheadls allocated on the basls of direct labor cost. Hoquirod: Dotormine the amount of direcl labor and the amount of factory oveihoad In Finished Goods.
The following information is given for the activity of the accounts of the company "PLIADES" during the cost period from 1/1 – 30/6. Initial stock (r.a.) of direct materials = 5100, n.a. of semi-finished products = 6200, n.a. of finished products = 7700. During the period, purchases of materials worth 29,000 were made in cash. The cost of direct labor was 58000. The charging rate of the CBS was 25% of the cost of direct labour. Sales totaled 198,000, before returns were 1.5% of sales. Sales were made as follows: 1/3 with promissory notes, 1/3 cash and 1/3 with credit. The promissory notes incurred interest worth 1400 euros. The final stocks were: direct materials = 4500, semi-finished products = 3900 and finished products = 6800. The company's expenses during the above period were: depreciation = 1500, exhibition expenses = 800, factory insurance premiums = 650, administrative employees' fees=22000, depreciation of factory machinery = 1400, rent=6500, salesmen's travel expenses =…
1. Purchased $75,180 in materials on account. Check my work 2. Issued $2,100 in supplies from the materials inventory to the production department. 3. Paid for the materials purchased in transaction (1) 4. Issued $35,700 in direct materials to the production department. 5. Incurred wage costs of $58,800, which were debited to Payroll, a temporary account. Of this amount, $18,900 was withheld for payroll taxes and credited to Payroll Taxes Payable. The remaining $39,900 was paid in cash to the employees. See transactions (6) and (7) for additional information about Payroll. 5. Recognized $29,400 in fringe benefit costs, incurred as a result of the wages paid in (5). This $29,400 was debited to Payroll and credited to Fringe Benefits Payable 7. Analyzed the Payroll account and determined that 60 percent represented direct labor; 30 percent, indirect manufacturing labor, and 10 percent, administrative and marketing costs. 8. Paid for utilities, power, equipment maintenance, and other…
Juan Rubio is the manager of the production department of Baird Corporation. Baird incurred the following costs during Year 2 Production department supplies $ 6,800 Administrative salaries 392,000 584,000 533,200 Production wages Materials used Depreciation on manufacturing equipment Corporate-level rental expense Property taxes Sales salaries Required Prepare a list of expenditures that Mr. Rubio controls. Controllable Items Total Amount 356,600 249,000 60,600 296,800
1. FAN Company has the following data for the year 2021 (in thousand) January 1, 2021 December 31, 2021 Raw Materials Inventory $16,300 $15,000 Work-in-process Inventory $40,000 $40,110 Finished Goods Inventory $49,600 $44,256 During 2021 the amount of raw material purchased was $21,700 and direct labor costs incurred were $10,100. The finance department also provides the following additional data : Factory Machinery Rent $ 1,840 Indirect Materials $ 3,400 Delivery Expense $ 760 Factory Utilities $ 1,200 Depreciation on Factory Building $ 3,500 Sales Commissions $ 340 Administrative Expense 1,620 Factory Insurance $ 1,266 Sales Revenue $ 98,600 Factory Manager's Salary $ 2,240 Indirect Labor $ 5,670 Instructions: b. Prepare an Income Statement for the year ended 2021! %24
Rooney Manufacturing Company began operations on January 1. During the year, it started and completed 1,700 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: 1. Raw materials purchased and used-$3,190. 2. Wages of production workers-$3,560. 3. Salaries of administrative and sales personnel-$1,975, 4. Depreciation on manufacturing equipment-$4,810. 5. Depreciation on administrative equipment-$1,755. Rooney sold 1,110 units of product. Required a. Determine the total product cost for the year. b. Determine the total cost of the ending inventory. Note: Do not round intermediate calculations. c. Determine the total of cost of goods sold.. Note: Do not round intermediate calculations. a. Total product cost b. Total cost of ending inventory e. Total cost of goods sold $ $ 11,560 4,012
T1.
1. FAN Company has the following data for the year 2021 (in thousand) January 1, 2021 December 31, 2021 Raw Materials Inventory $16,300 $15,000 Work-in-process Inventory $40,000 $40,110 Finished Goods Inventory $49,600 $44,256 During 2021 the amount of raw material purchased was $21,700 and direct labor costs incurred were $10,100. The finance department also provides the following additional data : Factory Machinery Rent $ 1,840 Indirect Materials $ 3,400 Delivery Expense $ 760 Factory Utilities $4 1,200 Depreciation on Factory Building $ 3,500 Sales Commissions $ 340 Administrative Expense $ 1,620 Factory Insurance $ 1,266 Sales Revenue $ 98,600 Factory Manager's Salary $ 2,240 Indirect Labor $ 5,670 Instructions: c. Assume that FAN Company's accounting records show the balance of the following current asset accounts on December 31, 2021 (in thousand): Cash $110,250 Accounts Receivable $ 12,440 Prepaid Expenses $9,250 Supplies $ 500 Short-Term Investment $ 550 Prepare the current…
Blossom Corporation had the following transactions during its first month of operations: 1. Raw materials were purchased for $105,400. 2. Raw Materials of $37,200 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $7,440 was classified as indirect materials. က 3. Factory labor costs incurred were $217,000. 4. 5. 6. 7. Time tickets indicated that $179,800 was direct labor and $37,200 was indirect labor. Manufacturing overhead costs incurred were $245,520. Manufacturing overhead was applied at the rate of 150% of direct labor cost. Goods costing $142,600 were still incomplete at the end of the month; the other goods were completed and transferred to finished goods. 8. Finished goods costing $124,000 to manufacture were sold. Using the grid below, record the above transactions for Blossom Corporation. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) S Work in Process Inventory…
The following cost incurred by Lucky corporation for October 2019 were as follows: Direct Materials used, P20,000 Indirect materials used, P1,000 Direct labor, P9,000 Indirect labor, P5,000 Other factory cost, P5,000 Selling expenses,P10,000 Administrative expenses, P12,000 Question: How much is the total product cost? a. P62,000 b. P50,000 c. P29,000 d. P40,000 Plz answer fast without plagiarism and don't copy answer plz
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