REQUIREMENT 1

DATE PARTICULARS DEBIT CREDIT

1.. Raw Materials Inventory 500,000.00
Cash 500,000.00
To record the purchased raw materials

2 Work in Process 250,000.00

Manufacturing Overhead 31,250.00
Raw Materials Inventory 250,000.00
To record the requisition of materials

3 Factory Payroll 125,000.00

Cash
To record the payment of labor

Work in Process 100,000.00

Manufacturing Overhead 25,000.00
Factory Payroll 125,000.00

4 Manufacuring Overhead 25,000.00

Rent Payable 10,000.00
Utilities Payable 8,000.00
Prepaid Insurance 2,000.00
Accumulated Depreciation 5,000.00

Work in Process 81,250.00

Manufacturing Overhead 81,250.00

5 Finished Goods Inventory 1,000,000.00

Work in Process 1,000,000.00
To record the goods completed

Cost of Goods Sold 670,000.00

FinishedGoods Inventory 670,000.00
To record the goods sold
REQUIREMENT 2
Raw Materials Inventory Work in Process Inventory Finished Goods Inventory
500,000.00 250,000.00 400,000.00 400,000.00
100,000.00
81,250.00

500000 31250 132000

 REQUIREMENT 3
inished Goods Inventory ABC Company
268,000.00 Statement of Cost of Goods Manufactured

Raw Materials USed

Direct Labor
Manufacturing Overhead
Indirect Labor 25,000.00
Indirect Materials 31,250.00
Rent 10,000.00
Utilities, factory 8,000.00
Insurance, factory 2,000.00
Depreciation, factory 5,000.00
Total Manufacturing Cost
Add: Work in Process, beginning
Total Cost of Goods Put into Process
Less: Work in Process, ending
Cost of Goods Manufactured

REQUIREMENT 4
ABC Company
Statement of Cost of Goods Sold

Raw Materials USed

Direct Labor
Manufacturing Overhead
Indirect Labor 25,000.00
Indirect Materials 31,250.00
Rent 10,000.00
Utilities, factory 8,000.00
Insurance, factory 2,000.00
Depreciation, factory 5,000.00
Total Manufacturing Cost
Add: Work in Process, beginning
Total Cost of Goods Put into Process
Less: Work in Process, ending
Cost of Goods Manufactured
Add: Finsihed Goods, beginning
Total Goods Available for Sale
Less: Finished Goods Ending, ending
Cost of Goods Manufactured

REQUIREMENT 5
ABC Company
 Income Statement

Sales
Less: Cost of Goods Sold
Gross Profit
Less: Operating Expenses
Selling Expenses 120,600.00
Administrative Expenses 140,250.00
Net Income
 Requiremnt 6
a Cost of Goods Sold 268,000.00
ufactured Divided by: Units 67,000.00
Unit Cost ₱ 4.00

₱ 250,000.00 b Raw Materials Used ₱ 250,000.00

100,000.00 Direct Labor 100,000.00
Prime Cost ₱ 350,000.00

c Direct Labor 100,000.00

Manufacturing Overhead 81,250.00
Conversion cost ₱ 181,250.00

81,250.00
₱ 431,250.00
-
431,250.00
31,250.00
₱ 400,000.00

Sold

₱ 250,000.00
100,000.00

81,250.00
₱ 431,250.00
-
431,250.00
31,250.00
₱ 400,000.00
-
400,000.00
132,000.00
₱ 268,000.00
₱ 1,000,000.00
268,000.00
732,000.00

260,850.00
₱ 471,150.00