Date Account Title and Description

2-Jan Raw Material X Purchases

Accounts Payable
Purchase of Material X on account

8 Raw Material Y Purchases

Accounts Payable
Purchase of Material Y on account

12 Factory Supplies
Cash
Purchase of factory material

15 Direct Labor
Indirect Labor
Sales Salaries
Office Salaries
Withholding Taxes Payable
Cash
Paid first half of payroll and collected employee taxes share

17 Factory Real Estate Taxes Expense

Factory Repairs expense
Cash
Paid factory expenses

20 Utilities Expense - Factory

Utilities Expense - Distribution
Utilities Expense - Administrative
Utilities Payable - Factory
Utilities Payable - Distribution
Utilities Payable - Administrative
Record utilities expense

26 Prepaid Factory insurance

Cash
Record prepaid insurance for one year

28 Cash
Sales
Record sales for the month

30 Direct Labor
Indirect Labor
 Sales Salaries
Office Salaries
Withholding Taxes Payable
SSS Premiums Payable
PHILHEALTH Premiums Payable
HDMF Premiums Payable
Cash

Adjustments
A PhilHealth Contributions Expense - Factory
PhilHealth Contributions Expense - Distribution
PhilHealth Contributions Expense - Administrative
PhilHealth Premiums Payable - Factory
PhilHealth Premiums Payable - Distribution
PhilHealth Premiums Payable - Administrative
Payment of PhilHealth contributions expense

EC Contributions Expense - Factory

EC Contributions Expense - Distribution
EC Contributions Expense - Administrative
EC Premiums Payable - Factory
EC Premiums Payable - Distributions
EC Premiums Payable - Administrative
Payment of EC contributions expense

SSS Contributions Expense - Factory

SSS Contributions Expense - Distributions
SSS Contributions Expense - Alternative
SSS Premiums Payable - Factory
SSS Premiums Payable - Distribution
SSS Premiums Payable - Administrative
Payment for SSS Contributions Expense

HDMF Contributions Expense - Factory

HDMF Contributions Expense - Distribution
HDMF Contributions Expense - Administrative
HDMF Premiums Payable - Factory
HDMF Premiums Payable - Distribution
HDMF Premiums Payable - Administrative
Payment for HDMF Contributions Expense

B Depreciation Expense - Building - Factory

Depreciation Expense - Building - Distribution
Depreciation Expense - Building - Administrative
Accumulated Depreciation - Factory
 Accumulated Depreciation - Distribution
Accumulated Depreciation - Administrative
Record depreciation of the building

Depreciation Expense - Machineries

Accumulated Depreciation Expense - Machineries
Record depreciation of machineries

C Factory Insurance Expense

Prepaid Factory Insurance
Expired insurance for one month

D Factory Supplies Expense

Factory Supplies

E Raw Material Inventory (X), end

Manufacturing Summary

Finished Goods, end (250 units * 43.74375)

Income and Expense Summary

REQUIREMENT
A Construct a Manufacturing summary Account listing the Direct Materials Used, direct labor and manufac
Manufacturing summary 82,975.00

B What is the unit Product cost?

Material X P 20.00

C If sales price is at a mark-up based on product cost, what was the mark- up rate used by the company
Material X 20.00
Selling Price 100.00
Mark- Up 80.00
Mark- Up Percentage 80%
 Debit Credit

PHP 20,000
20,000

55,000
55,000

10,000
10,000

9,000
3,000
2,000
2,000
1,700
14,300

15,000
30,000
45,000

6,750
3,375
3,375
6,750
3,375
3,375

48,000
48,000

375,000
375,000

9,000
3,000
 2,000
2,000
1,700
1,350
750
600
11,600

PHP 562.50
93.75
93.75
PHP 562.50
93.75
93.75

900.00
150.00
150.00
900.00
150.00
150.00

1,312.50
218.75
218.75
1,312.50
218.75
218.75

450.00
75.00
75.00
450.00
75.00
75.00

9,000.00
1,500.00
1,500.00
9,000.00
 1,500.00
1,500.00

5,000.00
5,000.00

4,000.00
4,000.00

4000.00
4000.00

1000.00
1000.00

10,935.94
10,935.94

s Used, direct labor and manufacturing overhead incurred.

- up rate used by the company