YY Corporation has two branches to which merchandise is transferred at cost plus 20%, plus freight charges. On November 30, 2024, YY Corporation shipped merchandise that cost P5,500 to its CC Branch, and the P200 shipping charges were paid by YY Corporation. On December 15, 2024, the DD Branch encountered an inventory shortage, and the CC Branch shipped the merchandise to the DD Branch at a freight cost of P160 paid by the CC Branch. Shipping charges from the home office to the DD Branch would have been P175. Prepare the journal entries of home office and branches.

YY Corporation has two branches to which merchandise is transferred at cost plus 20%, plus freight charges. On November 30, 2024, YY Corporation shipped merchandise that cost P5,500 to its CC Branch, and the P200 shipping charges were paid by YY Corporation. On December 15, 2024, the DD Branch encountered an inventory shortage, and the CC Branch shipped the merchandise to the DD Branch at a freight cost of P160 paid by the CC Branch. Shipping charges from the home office to the DD Branch would have been P175. Prepare the journal entries of home office and branches.

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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Zina Manufacturing Company started and completed Job 501 in December with the following Job Cost Sheet and transferred it to the warehouse. Direct Materials Date Dec 17 Dec 30 Total Direct Labor Amount Date Amount $2,000 Dec 20 $4,000 8,000 Dec 30 3,800 Total Job Cost Sheet - Job No. 501 Total Cost The journal entry to record the transaction is A) WIP Inventory FG Inventory B) Cost of Goods Sold WIP Inventory C) FG Inventory WIP Inventory D) FG Inventory WIP Inventory Debit Credit 35,800 17,800 17,800 Manufacturing Overhead Date Amount Dec 24 $10,000 Dec 30 8,000 Total 35,800 35,800 17,800 17,800 35,800