Professional Documents
Culture Documents
58:
A.
1. Service 6. Direct cost
2. Cost of Goods Manufactured 7. Distribution cost
3. Work In Process Inventory 8. Direct Labor
4. Direct Materials 9. Administrative
5. Product Cost/Factory Cost 10. Periodic method
B. a. S f. A
b. A g. M
c. DM h. M
d. M i. A
e. DL j. A
C.
Raw Materials Used:
Raw Materials Inventory, beg. P 58,400
Add: Purchases 297,600
Raw Materials Available for Use 356,000
Less: Raw Materials, end 67,200 288,800
Direct Labor 184,200
Factory Overhead:
Depreciation Expense, Machinery 54,100
Supplies Expense 17,700
Insurance expense 10,700
Indirect labor expense 46,900
Supervisory Salaries, Factory 32,700
Property Tax Expense, Factory 16,500 178,600
Total Manufacturing Cost P651,600
Add: WIP Beg. 98,400
Less: WIP End ( 96,400)
Cost of Goods Sold P653,600
QUIZ No. 59
1) Materials Inventory, Jan. 1, 2010 P 596,950
Add: Materials Purchases 1,525,330
Total Materials Available for use P2,122,280
Less: Materials Inventory, March 31, 2010 514,030
Raw Materials Used P1,608,250
2) Raw Materials Used P1,608,250
Direct Labor 146,310
Manufacturing Expenses:
Depreciation - Plant & Equipt. P14,230
Equipt. Repairs Expense – Factory 1,290
Plant Supervisor’s Salaries 18,750
Insurance Expense -Plant & Equipment 1,040
Utilities Expense – Plant 3,420
Indirect Labor 15,000
Manufacturing Supplies Expense 3,760
Small Tools Expense 800 58,290
Total Mfg. Costs P1,812,850
3) Total Mfg. Costs P1,812,850
Add: Work In Process Inventory, Jan. 1, 2010 829,840
Total Work In Process 2,642,690
Less: Work In Process, Inventory March 31, 2010 815,560
Cost of Goods Manufactured P1,827,130 / 50,000
Unit Cost 36.54
QUIZ 60
a) Materials Inventory, Jan. 1, 2010 P 268,000
Add; Materials Purchased 1,946, 700
Total Materials Available for Use P2,214,700
Less: Materials Inventory, March 31, 2007 167,000
Raw Materials Used P2,047,700
Direct Labor 2,125,800
Factory Overhead 764,000
Cost of Goods Manufactured P4,937,500
Units mftd (200 unsold+12,400 sold= total available 12,600-100 beg) 12,500
Unit cost P395
2) Freight In 3,000
Cash 3,000
Rent-Manufacturing 10,000
Rent- Selling 6,000
Rent-Administrative 4,000
Prepaid Rent 20,000
Matis Corp.
Cost of Goods Sold Statement
for the year ended Dec. 31, 2010
Raw Materials, Jan. 1 P 12,000
Add: Raw Materials Purchases P125,000
Add: Freight In 3,000 128,000
Total Materials Available for Use P140,000
Less: Raw Materials, Dec. 31 10,000
Raw Materials Used P130,000
Direct Labor 25,000
Manufacturing Expenses:
Factory Supplies Expense P 2,000
Indirect Labor 8,000
Factory Heat, Light & Power 15,000
Utility Expense 6,000
Rent Expense 10,000
Depreciation Expense – Machinery 8,000
SS Premium Expense 1,650
MCR Premium Expense 660
HDMF Premium Expense 660
Factory Insurance 2,000 53,970
Total Mfg. Cost 208,970
Add: Work In Process, Jan. 1 15,000
Total Work Placed In Process 223,970
Less: Work In Process, Dec. 31 12,000
Cost of Goods Manufactured 211,970
Add: Finished Goods Inventory, Jan. 1 20,000
Cost of Goods Available for Sale 231,970
Less: Finished Goods Inventory, Dec. 31 25,000
Cost of Goods Sold 206,970
Matis Corp.
Income Statement
For the year ended Dec. 31, 2010
Sales P300,000
Less: Cost of Goods Sold 206,970
Gross Profit P 93,030
Less: Operating Expenses:
Selling Expenses
Salaries P10,000
Utility Expense 3,600
Rent Expense 6,000
Commission Expense 7,500
SS Premium Expense 500
MCR Premium Expense 200
HDMF 200
EC Premium Expense 100
Depreciation - Delivery Truck 3,000 31,100
Administrative Expense
Salaries P17,000
Utility Expense 2,400
Rent Expense 4,000
SS Premium Expense 850
MCR Premium Expense 340
HDMF 340
EC Premium Expense 170
Bad Debts Expense 5,000 30,100 61,200
Net Income P31,830