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lumban probs

lumban probs

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Published by Shinji

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Published by: Shinji on Jul 06, 2009
Copyright:Attribution Non-commercial

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07/06/2009

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 The following information were obtained from the records of SunshineEnterprises for the current year ended Dec. 31CashP 19,800Accounts Receivable44,000Accounts Payable22,350Direct Materials January 170,000December 3180,000Work in Process January 115,000December 3142,000Finished Goods January 1109,900December 31155,000Indirect Labor50,000Direct Labor142,500Factory Supplies Used30,000Freight In9,000Advertising Expense16,000Sales salaries25,000Administrative Salaries41,000Bad Debts Expense5,000Allowance for Bad Debts3,100Direct Material Purchase137,500Direct Material Returns6,500Sales471,000
 The costs below were incurred by the various facilities to be allocated as follows Total CostFactorySalesAdministrativeUtilitiesP25,00060%10%30% Taxes35,00060%25%15%Insurance10,00060%20%20%Depreciation30,00060%20%20%Direction :a) Prepare a statement of cost of goods manufactured.b) Prepare an income statement, tax rate is 32%.
 
 The following are the transactions of Beauty Products for the month of March, 2007:1. Raw materials purchased on account, P 80,000Factory supplies purchased for cash, P 3,0002. Freight paid in cash for the materials purchased, P 1,5003. Factory payroll for the month was as follows:Paid to workers net of following deductions64,200Withholding taxes 3,200SS Premiums 2,500Phil Health Premiums 1,300HDMF Premiums 600Note: Debit to Factory Payroll.4. Employer’s share to the premiumsPhil Health 1,300Combined EC & Maternity 750SSS 3,250HDMF 6005. Of the total payroll, direct labor was P74,000 and the balance was for indirectlabor.Note: Credit to factory payroll.6. Monthly depreciation charges for the factory building, P 2,000 and the factorymachinery, P 3,000.7. Factory taxes accrued P 1,500 and factory insurance expired, P 8008. A total of 1,000 goods were finished out of which 800 units were sold at a 100%mark up.9. Inventories at the end of the month were :Finished Goods ?Work in Process 15,000

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