Name: Kemee Limocon BSMA-2

1.) Raw materials inventory 150,000

Accounts payable 150,000

2.) Work in process inventory 90,000

Factory overhead control 10,000

Raw materials inventory 100,000

3.) Work in process inventory 62,000

Factory overhead control 20,000

Selling expense 30,000

Administrative expense 16,000

Payroll 128,000

Payroll 128,000

Withholding taxes payable 19,800

SSS Contribution payable 7,100

Philhealth contribution payable 2,000

HDMF Contribution payable 2,600

Cash 96,500

4.) Factory overhead control 8,900

Selling expense 3,500

Administrative expense 2,000

SSS Contribution payable 8,800

Philhealth contribution payable 2,000

EC Contribution payable 900

HDMF Contribution payable 2,700

5.) Factory overhead control 42,000

Selling expense 30,000

Administrative expense 10,000

Accounts payable 82,000

6.) Factory overhead control 2,000

Selling expense 1,000

Administrative expense 1,000

Accumulated depreciation 4,000

7.) Work in process inventory 82,900

Factory overhead control 82,900

8.) Finished goods inventory 178,000

Work in process inventory 178,000

9.) Accounts receivable 320,000

Sales 320,000

Cost of Goods Sold 200,000

Finished goods inventory 200,000

10.) Cash 260,000

Accounts receivable 260,000

11.) Accounts payable 15,000

Raw materials inventory 15,000

12.) Accounts payable 190,000

Cash 190,000

13.) Provisions for income tax 6,000

Income tax payable 6,000

 Ahmerst Corporation

Statement of Cost of Goods Manufactured

For the month ended October 31,2015

Direct material used

Raw materials inventory, beginning 52,000

Add: Net raw materials purchased 135,000

Total materials available for use 187,000

Less: lndirect materials 10,000

Raw materials inventory, end 87,000 97,000 90,000

Direct labor 62,000

Factory overhead

Indirect materials 10,000

Indirect labor 20,000

Depreciation 2,000

Employee contribution 8,900

Other manufacturing cost 42,000 82,900

Total manufacturing costs 234,000

Add: Work in Process inventory beginning 36,000

Total goods placed into process 270,900

Less: Work in Process inventory ending 92,900

Total cost of Goods Manufactured 178,000

 Ahmerst Corporation

Income Statement

For the month ended October 31,2015

Sales 320,000

Less: Cost of goods sold

Finished goods inventory, beginning 48,000

Add: Cost of goods manufactured 178,000

Total goods available for sale 226,000

Less: Finished goods inventory, ending 26,000 200,000

Gross margin 120,000

Less: Operating expenses

Selling 64,500

Administrative 29,000 93,500

Income before tax 26,500

Provisions for income tax 6,000

Net Income 20,500

 Ahmerst Corporation

Balance Sheet

For the month ended October 31, 2015

Assets

Current assets

Cash 85,500

Accounts receivable 124,000

Inventories

Finished goods 26,000

Work in process 92,900

Raw materials 87,000 205,900 415,400

Property and equipment 480,000

Less: Accumulated Depreciation 40,000 440,000

Total Assets 855,400

Liabilities and Owners Equity

Current liabilities

Accounts payable 67,000

Withholding taxes payable 19,800

SSS Contribution payable 15,900

Philhealth contribution payable 4,000

EC Contribution payable 900

HDMF Contribution payable 5,300

Income tax payable 15,000 131,900

Owners Equity

Capital Stock 500,000

Retained earnings 227,000 727,500

Total Liabilities and Stockholders Equity 859,400