The following transactions were taken from the books of Masayun La Eni Corporation during the month of June 2020: a.Purchased raw materials on account, P200,000 and factory supplies, P70,000. b. Issued raw materials to production, P400,000. c. Paid direct factory labor, P950,000. d. Paid indirect factory labor, P160,000. e. Consumed factory supplies in production, P80,000. f. Paid production supervisor’s salary, P60,000. g. Received factory utility bills for the month, P122,460. h. Depreciation of production assets for the month, P64,000. i. Units finished were 10,000 units in the amount of P1,600,000. j. Sales for the month, P3,600,000. Goods related to sales cost P1,800,000. Required: 1. Establish T-accounts for the following manufacturing accounts and post corresponding beginning balances. Manufacturing Accounts Beginning Balances Raw Materials Inventory - P205,000 Work-in-Process Inventory - P630,000 Finished Goods Inventory - P360,000 Indirect Materials Inventory - P100,000 Factory Overhead - 2. Prepare journal entries for the transactions above.
The following transactions were taken from the books of Masayun La Eni Corporation during the month of June 2020:
a.Purchased raw materials on account, P200,000 and factory supplies, P70,000.
b. Issued raw materials to production, P400,000.
c. Paid direct factory labor, P950,000.
d. Paid indirect factory labor, P160,000.
e. Consumed factory supplies in production, P80,000.
f. Paid production supervisor’s salary, P60,000.
g. Received factory utility bills for the month, P122,460.
h.
i. Units finished were 10,000 units in the amount of P1,600,000.
j. Sales for the month, P3,600,000. Goods related to sales cost P1,800,000.
Required:
1. Establish T-accounts for the following manufacturing accounts and post corresponding beginning balances.
Manufacturing Accounts Beginning Balances
Raw Materials Inventory - P205,000
Work-in-Process Inventory - P630,000
Finished Goods Inventory - P360,000
Indirect Materials Inventory - P100,000
Factory
2. Prepare
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