PROBLEM 2

Marvin Manufacturing Company

Cost of Goods Sold Statement
For the Year Ended December 31, 2019

Direct Materials Used

Materials, January 1 175,000
Purchases 250,000
Total Available for Use 425,000
Less: Materials, December 31 125,000 300,000
Direct Labor 270,000
Factory Overhead 120% 324,000
Total Manufacturing Costs 894,000
Add: Work in Process, January 1 90,000
Cost of Goods Put into Process 984,000
Less: Work in Process, December 31 120,000
Cost of Goods Manufactured 864,000
Add: Finished Goods, January 1 100,000
Total Goods Available for Sale 964,000
Less: Finished Goods, December 31 80,000
Cost of Goods Sold- Normal ₱884,000
PROBLEM 3
Donna Company
Cost of Goods Sold Statement
For the Month Ended May 31, 2019

Direct Materials Used FINISHED GOODS

Materials, May 1 124,000 WIP
Purchases 107,800 MATERIALS
Total Available for Use 231,800
Less: Materials, May 31 115,000 116,800
Direct Labor 160,000
Factory Overhead 150% 240,000
Total Manufacturing Costs 516,800
Add: Work in Process, May 1 129,200
Cost of Goods Put into Process 646,000
Less: Work in Process, May 31 124,000
Cost of Goods Manufactured 522,000
Add: Finished Goods, May 1 150,000
Total Goods Available for Sale 672,000
Less: Finished Goods, May 31 122,000
Cost of Goods Sold- Normal ₱550,000
 01-May-19 31-May-19
FINISHED GOODS 150,000 122,000 28,000
129,200 124,000 5,200
MATERIALS 124,000 115,000 9,000
42,200
PURCHASES 107,800
Required 1
debit
a. Materials 180,000
Accounts Payable
To record purchase of materials on account

b. Payroll 80,000
Withholding Taxes Payable
SSS Premiums Payable
Philhealth Contribution Payable
Pag-Ibig Funds Contribution Payable
Accrued Payroll
To record factory Payroll

c. Materials 20,000
Cash
To record purchase of indirect materials

d. Factory Overhead Control 5,595

SSS Premiums Payable
Philhealth Contribution Payable
Pag-Ibig Funds Contribution Payable

e. Work in Process 120,000

Factory Overhead Control 10,000
Materials
To record issuance of materials

f. Accounts Payable 5,000

Materials
To record return of defective materials

g. Accounts Payable 148,300

Accrued Payroll 64,405
Cash
To record payment of liabilities

h. Factory Overhead Control 24,900

Miscellaneous Accounts
To record miscellaneous expenses

i. Work in Process 72,000

Factory Overhead Applied
To record factory overhead charged to production
j. Finished Goods 180,000
Work in Process
To record transfer of Goods

k. Accounts Receivable 210,000

Sales
To record sales

Cost of Goods Solds 140,000

Finished Goods
To record cost of goods sold
 Required 2
credit Ram Company
Statement of Cost of Goods Sold
180,000 For the Month Ended October 31,2019

Direct Materials Used:

Purchases
11,200 Less: Purchase Returns
2,400 Materials,Oct.31
375 Indirect Materials
1,620 Direct labor
64,405 Factory Overhead Applied
Total Manufacturing Cost
Less: Work in Process,Oct.31
Cost of Goods Manufactured
20,000 Less:Finished Goods,Oct.31
Cost of Goods Sold,Normal
Less: Over-applied Factory Overhead
Cost of Goods Sold,Actual
3,600
375
1,620

130,000

5,000

212,705

24,900

72,000
180,000

210,000

140,000
 am Company
t of Cost of Goods Sold
h Ended October 31,2019

200,000
5,000
65,000
10,000 80,000 120,000
60,000
72,000
252,000
72,000
180,000
40,000
140,000
11,505
128,495
Required 1: Cost of goods manufactured ₱ 800,000.00
Work in Process, December 31 87,000.00
Cost of goods put into process 887,000.00
Total manufacturing costs 790,000.00
Work in Process, January 1 ₱ 97,000.00

Required 2: Cost of goods manufactured ₱ 800,000.00

Finished goods, January 1 80,000.00
Total goods available for sale ₱ 880,000.00
Cost of goods sold 750,000.00
Finished goods, December 31 ₱ 130,000.00

Required 3: Materials used ₱ 590,000.00

Materials, December 31 150,000.00
Materials, January 1 100,000.00
Materials purchased ₱ 640,000.00