Blossoms Garden and Flowershop

Cost of Goods Manufactured

For the year ended December 31, 2020

Direct Materials
Beginning Inventory P35,000
Add: Purchases 250,000
Freight-in 5,000
Total purchases 255,000
Total Raw Materials Available for Production 290,000
Less: Ending inventory 40,000
250,000
Direct Labor 200,000
Manufacturing Overhead
Supplies 50,000
Depreciation Expense 10,000
Maintenance 5,000
Total Manufacturing Overhead 65,000
Total Manufacturing Costs 515,000
Add:Work in process inventory,beg. 90,000
Total Cost of Goods Placed in Process 535,000
Less:Work in process inventory, end 15,000
Cost of Goods Manufactured 520,000

Finished Goods inventory, beg. P100,000

Add: Cost of Goods Manufactured 520,000
Goods Available for Sale 620,000
Less:Finished Goods inventory, end 150,000
Cost of Goods Sold 770,000
 ACCOUNT CODES
110 Cash
120 Account Receivable
130 Supplies
140 Maintenance
150 Direct Materials
160 Direct Labor
170 Depreciation expense-factory building
180 Accounts Payable
200 Accumulated Depreciation
210 Sales
220 Sales return & allowances
230 Purchase return & allowances
 GENERAL LEDGER
Cash 110 Accounts Receivable 120 Factory Utilities 130
500,000 5,000 500,000 100,000 50,000
150,000 150,000 150,000
50,000 500,000 250,000
100,000 250,000
5,000
100,000
650,000 410,000
240,000

Maintenance 140 Direct Materials 150 Direct Labor 160

5,000 250,000 100,000
100,000
200,000

Depreciation Expense 170 Accounts payable 180 Notes payable 190

10,000 200,000 250,000 50,000
50,000
0
Accumulated Depreciation 200 Sales 210 Sales Return & Allowances 220
10,000 500,000 100,000
500,000
1,000,000
Purchase Return & Allowances
50,000
 Blossoms Garden and Flowershop
Statement of Comprehensive Income
For the year ended December 31,2020

Net Sales
Gross Sales P1,000,000
Less:Sales return and allowances 100,000
Net Sales 900,000
Cost of Goods Sold 770,000
Gross Profit 130,000
Operating Expenses
Depreciation Expense 10,000
Operating Profit 120,000

Blossoms Garden and Flowershop

Statement of Changes in Equity
For the month ended December ,2020

Delfin,Owner’s Equity,1/1/2020 P1,000,000

Add:Profit /2 60,000
Total 1,060,000
Less: Withdrawals 50,000
Magdayao, Owner’s Equity,12/31/2020 1,010,000

Magdayao ,Owner’s Equity, 1/1/2020 P1,000,000

Add:Profit /2 60,000
Total 1,060,000
Less: Withdrawals 50,000
Delfin, Owner’s Equity,12/31/2020 1,010,000

Blossoms Garden and Flowershop

 Statement of Financial Position
As of December 31, 2020

Current Assets
Cash 240,000
Account Receivable 250,000
Raw materials inventory 250,000
Total Current Assets 740,000

Non-current assets
Factory Building 1,340,000
Less:Accumulated Dep’n 10,000 1,330,000
Total Assets P2,070,000

Liabilities
Notes payable 50,000
Owner’s Equity
Delfin ,Capital, Dec.31 1,010,000
Magdayao , Capital 1,010,000
Total Liabilities and Owner’s Equity P2,070,000