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Remson Mark C.

Macawile

MCP Quiz Part 2

Required: (Note: All in Php)

1. POR= Budgeted Manufacturing Overhead / Budgeted amt. of cost Driver

POR 14.5
Budgeted Manufacturing Overhead 1,261,500.00
Budgeted amt. of cost driver 87,000.00

2.
Journal Entries
Transaction Account title Debit Credit Manufacturing Overhead
a Raw Material Inventory 130,000.00 Debit Credit
a Accounts Payable 130,000.00
1,116.00
b Manufacturing Supplies Inventory 1,800.00
b Accounts Payable 1,800.00
46,000.00 93,525.00
c WIP Inventory 91,000.00 15,230.00
c Raw Material Inventory 91,000.00 12,000.00
c Manufacturing Overhead 1,116.00 13,500.00
c Manufacturing Supplies Inventory 1,116.00 87,846.00 93,525.00
d WIP Inventory 141,900.00
d Manufacturing Overhead 46,000.00
d Cash 187,900.00
d WIP Inventory 93,525.00
d Manufacturing Overhead 93,525.00
e Manufacturing Overhead 15,230.00
e Cash 15,230.00
f Manufacturing Overhead 12,000.00
f prepaid Insurance 3,500.00
f accumuluated depreciation-mfg eqpt 8,500.00
h Selling and Admin Expense 7,900.00
h accumullated depreciation-admin eqpt 2,400.00
h Cash 5,500.00
i Manufacturing Overhead 13,500.00
i Cash 13,500.00
k Selling and Admin Expense 13,250.00
k Accounts Payable 13,250.00
l Finished Goods Inventory 146,000.00
l WIP Inventory 146,000.00
m Accounts Recievable 132,000.00
m Revenue 132,000.00
m Cost of Goods Sold 112,000.00
m Finished Goods Inventory 112,000.00
957,221.00 957,221.00

846.000.000.846. Overapplied Overhead Journal Entry Trans Account Title Debit Credit a Manufacturing Overhead 5.000. POR 14.00 Less: Finished Stock Inventory (34.500.00 Cost of Goods Manufactured 146.00 Total Manufacturing Overhead 87.500.00 Overapplied Manufacturing Overhead (5.500.00 Costs of Goods Sold Schedule Cost of Finished Goods 146.00 Used Direct labor hours during April(DL-hrs) 6.746.000.5 Budgeted Manufacturing Overhead 1.00 Direct Labor (Php) for April 141.746.00 .00 Less: Cost of Finished Goods (146.00 Budgeted amt.900.00 Cost of Goods Sold 117.679.00 Prepaid Insurance 3.00 Factory Utility Bill 15.230.00) 3.116.00 TOTAL COST 320.000.00 Less: Ending Raw Materials Inventory (39.00 a Cost of Goods Sold 5.261.00 Direct Labor 141. of cost driver 87.525.00 accumuluated depreciation-mfg eqpt 8.00) Ending WIP Inventory 174.00) Total Raw Materials Used 91.00 4.00 Indirect Labor 46.679.00 Others 13. Cost of Goods Manufactured Direct Materials Used Total Raw Materials Available 130.450.00 Applied Manufacturing Overhead 93.679.500.000.00) Overapplied Production Overhead 5.00 Manufacturing Overhead Indirect Materials 1.679.00 Php/ hr Rate 22 Actual Manufacturing Overhead 87.679.900.000.000.000.