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Chapter 3 - Cost Accounting Cycle Problem 1 - Queen Manufacturing Corporation
Chapter 3 - Cost Accounting Cycle Problem 1 - Queen Manufacturing Corporation
3. Sales 3,000,000
Less: Cost of goods sold 2,670,000
Gross profit 330,000
Less: Selling and general expenses 750,000
Gross profit (loss) ( 420,000)
Donna Company
Cost of Goods Sold Statement
For the month of May, 2011
b. Payroll 75,000
Withholding taxes payable 11,200
SSS Premiums payable 2,400
Phil Health contributions payable 375
Pag-ibig funds contributions payable 1,620
Accrued payroll 59,405
c. Materials 20,000
Accounts payable 20,000
d. Factory overhead control 5,595
SSS premiums payable 3,600
Phil Health contributions payable 375
Pag-ibig funds contributions payable 1.620
e. Work in process 85,000
Factory overhead control 11,000
Materials 96,000
f. Accounts payable 4,000
Materials 4,000
g. Accounts payable 148,300
Accrued payroll 59,405
Cash 207.705
h. Factory overhead control 24,900
Miscellaneous accounts 24,900
i. Work in process 67,200
Factory OH Applied (56,000 x 120%) 67,200
j. Finished goods 165.000
Work in process 165,000
k. Accounts receivable 190,000
Sales 190,000
Cost of goods sold 120,000
Finished goods 120,000
b. FOControl 35,000
Accounts payable 35,000
c. Payroll 210,000
W/Taxes payable 18,520
SSS Premium payable 8,400
Phil Health contributions payable 1,125
PFC payable 6,300
Accrued payroll 175,655
e. FO Control 14,200
Selling expense control 2,375
Adm. Expense control 1,350
SSS prem. Payable 10,500
MC payable 1,125
PFC payable 6,300
j. Cash 405,000
Accounts receivable 405,000
k. Accounts payable 220,000
Cash 220,000
3. Income Statement
Sales 539,000
Less: Cost of goods sold 385,000
Gross profit 154,000
Less: Operating expenses
Selling 27,375
Administrative 16,350 43,725
Net income 110,275
4 Balance sheet
Cash 110,000 Accounts payable 25,000
Accounts receivable 194,000 Accrued payroll 8,655
Finished goods 60,000 W/tax payable 18,520
Work in process 47,200 SSS Prem. payable 18,900
Materials 30,000 Medicare Cont. payable 2,250
PFC payable 12,600
Common stock 200,000
_______ Retained earnings 155,275
Total 441,200 441,200
Problem 6 - Blanche Corporation
1, Income Statement
Sales 1,200,000
Less: Cost of goods sold 755,230
Gross profit 444,770
Less: Operating expenses
Marketing 60,000
Administrative 12,000 72,000
Net income 372,770
Problem 7
1. Cost of goods manufactured 800,000
Work in process, December 31 87,000
Cost of goods put into process 887,000
Total manufacturing costs ( 790,000)
Work in process, January 1 97,000
4. Sales 400,000
Cost of goods sold ( 300,000)
Marketing and administrative expenses ( 40,000)
Net income 60,000
Problem 12