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  • Cost Accounting Cycle

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    The document contains 4 sections: A) Journal entries for raw material purchases, manufacturing costs, payroll expenses, and sales transactions. B) Statement of cost of goods manufactured showing direct materials, direct labor, manufacturing overhead and calculation of cost of goods manufactured. C) Income statement showing sales, cost of goods sold, expenses and profit. D) Balance sheet with assets, liabilities and equity sections.

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    The document contains 4 sections: A) Journal entries for raw material purchases, manufacturing costs, payroll expenses, and sales transactions. B) Statement of cost of goods manufactured showing direct materials, direct labor, manufacturing overhead and calculation of cost of goods manufactured. C) Income statement showing sales, cost of goods sold, expenses and profit. D) Balance sheet with assets, liabilities and equity sections.

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    13 views7 pages

    Cost Accounting Cycle

    Uploaded by

    enzo
    The document contains 4 sections: A) Journal entries for raw material purchases, manufacturing costs, payroll expenses, and sales transactions. B) Statement of cost of goods manufactured showing direct materials, direct labor, manufacturing overhead and calculation of cost of goods manufactured. C) Income statement showing sales, cost of goods sold, expenses and profit. D) Balance sheet with assets, liabilities and equity sections.

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    © All Rights Reserved
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    of 7

    A.

    Journal Entries

    No General Journal Debit Credit


    1 Raw Materials ₱ 150,000.00
    Accounts Payable ₱ 150,000.00

    2 Work in Process ₱ 90,000.00


    Manufacturing Overhead ₱ 10,000.00
    Raw Materials ₱ 100,000.00

    3 Work in Process ₱ 62,000.00


    Manufacturing Overhead ₱ 20,000.00
    Sales Salaries ₱ 30,000.00
    Administrative Salaries ₱ 16,000.00
    Witholding Tax Payable ₱ 19,800.00
    SSS Contribution Payable ₱ 7,100.00
    PHIC Contribution Payable ₱ 2,000.00
    HDMF Contribution Payable ₱ 2,000.00
    Cash ₱ 97,100.00

    4 SSS Contribution Payable ₱ 7,100.00


    Selling - SSS/EC Contribution ₱ 2,300.00
    Administration - SSS/EC Contribution ₱ 1,300.00
    PHIC Contribution Payable ₱ 2,000.00
    Selling - PHIC Contribution ₱ 500.00
    Administration - PHIC Contribution ₱ 300.00
    HDMF Contribution Payable ₱ 2,000.00
    Selling - HDMF Contribution ₱ 700.00
    Administration - HDMF Contribution ₱ 400.00
    Manufacturing Overhead ₱ 8,900.00
    Accounts Payable ₱ 25,500.00

    5 Manufacturing Overhead ₱ 42,000.00


    Selling Cost ₱ 30,000.00
    Administrative Cost ₱ 10,000.00
    Accounts Payable ₱ 82,000.00

    6 Manufacturing Overhead ₱ 2,000.00


    Selling Expense ₱ 1,000.00
    Administrtaive Expense ₱ 1,000.00
    Accumulated Depreciation ₱ 4,000.00

    7 Work in Process ₱ 82,900.00


    Manufacturing Overhead ₱ 82,900.00

    8 Finished Goods ₱ 178,000.00


    Work in Process ₱ 178,000.00

    9 Accounts Receivables ₱ 320,000.00


    Sales ₱ 320,000.00

    Cost of Goods Sold ₱ 200,000.00


    Finished Goods ₱ 200,000.00

    10 Cash in Back ₱ 260,000.00


    Accounts Receivables ₱ 260,000.00

    11 Raw Materials ₱ 15,000.00


    Work in Process ₱ 15,000.00

    12 Accounts Payable ₱ 120,000.00


    Cash ₱ 120,000.00

    13 Provision for Income tax ₱ 6,000.00


    Income Tax Payable ₱ 6,000.00
    B. Peter Senen Corporation
    Statement of Cost of Goods Manufactured
    For the month ended October 31,2019

    Direct Materials:
    Raw Materials, beg.
    Purchases
    Raw Materials, end
    Direct Materials used in production

    Direct Labor:

    Manufacturing Overhead:
    Indirect Materials
    Indirect Labor
    Factory Benefits
    Indirect factory overhead
    Factor overhead depreciation
    Total Manufacturing cost

    Add: Work in process, beg.


    Less: Work in process, end.

    Cost of Goods Manufactured


    Peter Senen Corporation
    Statement of Cost of Goods Manufactured C.
    For the month ended October 31,2019

    ials, beg. ₱ 52,000.00


    ₱ 150,000.00
    ials, end -₱ 117,000.00
    erials used in production ₱ 85,000.00

    ₱ 62,000.00

    terials ₱ 10,000.00
    bor ₱ 20,000.00
    nefits ₱ 8,900.00
    tory overhead ₱ 42,000.00
    head depreciation ₱ 2,000.00
    ufacturing cost ₱ 82,900.00

    in process, beg. ₱ 36,000.00


    in process, end. -₱ 77,900.00

    ods Manufactured ₱ 188,000.00


    Peter Senen Corporation
    Income Statement
    For the month ended October 31, 2019

    Sales Revenue ₱ 320,000.00

    Less: Cost of Goods Sold ₱ 200,000.00

    Gross Profit ₱ 120,000.00

    Selling Expenses:
    Sales Salaries ₱ 30,000.00
    Selling SSS/EC Contributions ₱ 2,300.00
    Selling PHIC Contributions ₱ 500.00
    Selling HDMF Contributions ₱ 700.00
    Selling Other Cost ₱ 30,000.00
    Selling Depreciation ₱ 1,000.00

    Administrative Expenses
    Administrative Salaries ₱ 16,000.00
    Administrative SSS/EC Contributions ₱ 1,300.00
    Administrative PHIC Contributions ₱ 300.00
    Administrative HDMF Contributions ₱ 400.00
    Administrative Other Cost ₱ 10,000.00
    Administrative Depreciation ₱ 1,000.00 ₱ 29,000.00

    TOTAL EXPENSES ₱ 93,500.00

    PROFIT BEFORE TAX ₱ 26,500.00

    Other Expense:
    Provision for income tax -₱ 6,000.00

    PROFIT AFTER TAX ₱ 20,500.00


    Peter Sene Co
    D. Balance S
    For the month ended

    ASSETS
    Current Assets
    Cash
    Raw Materials inventory
    Work in process inventory
    Finished goods inventory
    Accounts Receivables

    Total Current Assets

    Property, Plant and Equipment


    Plant, property and Equipment
    Accumulated Depreciation

    Total Property, Plant and Equipment

    TOTAL ASSETS
    Peter Sene Corporation
    Balance Sheet
    For the month ended October 31,2019

    ETS LIABILITIES AND EQUITY


    Liabilities:
    ₱ 84,900.00 Accounts Payable ₱ 107,500.00
    ₱ 117,000.00 Withholding Tax Payable ₱ 19,800.00
    ₱ 77,900.00 Income Tax Payable ₱ 15,000.00
    ₱ 26,000.00
    ₱ 124,000.00 Total Liabilities ₱ 142,300.00

    ₱ 429,800.00 Equity:
    Share Capital ₱ 500,000.00
    Retained Earnings ₱ 227,500.00
    ₱ 480,000.00
    -₱ 40,000.00 Total Equity ₱ 727,500.00

    ₱ 440,000.00

    ₱ 869,800.00 TOTAL LIABILITIES AND EQUITY ₱ 869,800.00

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