Raw materials Inventory 224,000.

00
Accounts Payable

Direct Materials 109,500.00

Factory Overhead Control 20,000.00
Raw Materials Inventory

Payroll 400,000.00
SSS payable
Pag-ibig premiums payable
Philhealth payable
Withholding taxes payable
Accrued Payroll

Accrued Payroll 312,000.00

Cash

Direct Labor 240,000.00

Factory Overhead Control 80,000.00
Administrative Salaries 60,000.00
Selling Salaries 20,000.00
Payroll

Work in Process 180,000.00

Factory Overhead Control (Applied)

Factory Overhead Control 68,500.00

Accumulated Depreciation - Factory Equipment
Accumulated Depreciation - Factory Building
Prepaid Insurance
Accounts Payable

Finished Goods Inventory 367,500.00

Work in Process

Accounts Receivable 591,500.00

Sales

Cost of Goods Sold 414,050.00

Finished Goods Inventory

Cash 550,000.00
Accounts Receivable
224,000.00

129,500.00

20,000.00
4,000.00
4,000.00
60,000.00
312,000.00

312,000.00

400,000.00

180,000.00

20,000.00
40,000.00
3,500.00
5,000.00

367,500.00

591,500.00

414,050.00

550,000.00
1 Raw Materials Inventory
Cash
 Problem 9
Raw Materials Work in Process
₱ 64,800.00 ₱ 648,000.00 ₱ 129,600.00 ₱ 2,432,000.00
₱ 1,312,200.00 ₱ 332,100.00
₱ 1,377,000.00 ₱ 648,000.00 ₱ 1,296,000.00
₱ 729,000.00 ₱ 972,000.00
₱ 2,729,700.00 ₱ 2,432,000.00
₱ 297,700.00
Finished Goods
₱ 567,000.00 ₱ 2,918,000.00 Cost of Goods Sold
₱ 2,432,000.00 ₱ 2,918,000.00 ₱ 2,000.00
₱ 2,999,000.00 ₱ 2,918,000.00 ₱ 2,916,000.00
₱ 81,000.00
Factory Overhead (Applied/Budgeted)
Accounts Payable ₱ 970,000.00 ₱ 972,000.00
₱ 1,312,200.00 ₱ 194,400.00 ₱ 2,000.00
₱ 178,200.00 ₱ 1,312,200.00
₱ 1,490,400.00 ₱ 1,506,600.00 Accounts Receivable
₱ 16,200.00 ₱ 129,600.00 ₱ 3,321,000.00
₱ 4,374,000.00
Wages Payable ₱ 4,503,600.00 ₱ 3,321,000.00
₱ 1,287,900.00 ₱ 16,200.00 ₱ 1,182,600.00
₱ 1,296,000.00
₱ 1,287,900.00 ₱ 1,312,200.00
₱ 24,300.00
 Ivan Corporation Requir
Statement of Cost of Goods Sold 1
For the year ended xxx 2
3
Raw Materials, beginning ₱ 64,800.00 4
Add: Net Purchases ₱ 1,312,200.00 5
Total materials available for use ₱ 1,377,000.00 6
Less: Raw Materials, ending ₱ 729,000.00 7
Indirect materials used ₱ 315,900.00 8
Direct Materials used ₱ 332,100.00 9
Direct Labor ₱ 1,296,000.00 10
Factory Overhead ₱ 972,000.00
Total Manufacturing Cost ₱ 2,600,100.00
Add: Work-in process, beginning ₱ 129,600.00
Total costs placed in process ₱ 2,729,700.00
Less: Work-in process, ending ₱ 297,700.00
Cost of goods manufactured ₱ 2,432,000.00
Add: Finished goods beginning ₱ 567,000.00
Total goods available for sale ₱ 2,999,000.00
Less: Finished goods, ending ₱ 81,000.00
Over-applied factory overhead ₱ 2,000.00
Cost of goods sold ₱ 2,916,000.00

Ivan Corporation
Statement of Cost of Goods Sold
For the year ended xxx

Raw Materials, beginning ₱ 243,000.00

Add: Net Purchases ₱ 1,134,000.00
Total materials available for use ₱ 1,377,000.00
Less: Raw Materials, ending ₱ 729,000.00
Indirect materials used ₱ 396,900.00
Direct Materials used ₱ 332,100.00
Direct Labor ₱ 1,296,000.00
Factory Overhead ₱ 972,000.00
Factory Costs ₱ 2,600,100.00
Add: Work-in process, beginning ₱ 129,600.00
Total costs placed in process ₱ 2,729,700.00
Less: Work-in process, ending ₱ 615,600.00
Cost of goods manufactured ₱ 2,114,100.00
Add: Finished goods beginning ₱ 567,000.00
Total goods available for sale ₱ 2,681,100.00
Less: Finished goods, ending ₱ 81,000.00
Cost of goods sold ₱ 2,600,100.00
 Required:
Raw materials used during February ₱ 648,000.00
Beginning balance of raw materials ₱ 64,800.00
Raw materials purchased during February ₱ 1,312,200.00
Work in process end in February ₱ 297,700.00
Direct labor cost charged to production ₱ 87,480.00
Applied Factory overhead ₱ 972,000.00
Cost of goods manufactured during February ₱ 2,432,000.00
Total sales revenue ₱ 4,374,000.00
Accounts Receivable ending balance ₱ 1,182,600.00
Factory overhead variance -₱ 2,000.00
 Bread Corporation
Statement of Cost of Goods Sold
For the Year Ended Dec. 31, 2030

Raw Materials, beginning ₱ 731,250.00

Add: net purchases ₱ 1,374,750.00
Total materials available for use ₱ 2,106,000.00
Less: Raw Materials, ending ₱ 910,000.00
Direct Materials used
Direct Labor
Property taxes - factory ₱ 38,025.00
Miscellaneous costs - factory ₱ 19,890.00
Indirect Labor ₱ 164,050.00
Heat, light and water - factory ₱ 46,800.00
Depreciation expense - factory equipment ₱ 117,000.00
Rent - expense - factory ₱ 64,350.00
Supplies - factory ₱ 32,175.00
Factory Overhead
Factory costs
Add: Work-in process, beginning
Total costs placed in process
Less: Work-in process, ending
Cost of goods manufactured
Add: Finished goods beginning
Total goods available for sale
Less: Finished goods, ending

Cost of goods sold

on Bread Corporation
oods Sold Income Statement
. 31, 2030 For the Year Ended Dec. 31, 203

Sales
Less: Cost of goods sold
Gross Profit
Office Salaries Expense
₱ 1,196,000.00 Advertising Expense
₱ 1,397,500.00 Depreciation Expense - Office
Property Taxes - Office
Sales salaries expense
Less: Operating expenses
Net operating income

₱ 482,290.00
₱ 3,075,790.00
₱ 1,316,250.00
₱ 4,392,040.00
₱ 1,235,000.00
₱ 3,157,040.00
₱ 1,267,500.00
₱ 4,424,540.00
₱ 1,200,000.00

₱ 3,224,540.00
 Bread Corporation
Income Statement
or the Year Ended Dec. 31, 2030

₱ 6,435,000.00
₱ 3,224,540.00
₱ 3,210,460.00
₱ 479,375.00
₱ 617,500.00
₱ 87,750.00
₱ 78,975.00
₱ 789,750.00
₱ 2,053,350.00
₱ 1,157,110.00
 Ocampo Corporation
Statement of Cost of Goods Sold
For the month of Aug. 2030

Raw Materials, beginning ₱ 35,700.00

Add: net purchases ₱ 68,544.00
Total materials available for use ₱ 104,244.00
Less: Raw Materials, ending ₱ 31,416.00
Direct Materials used ₱ 72,828.00
Direct Labor ₱ 64,260.00
Indirect Labor ₱ 6,854.00
Machinery Depreciation ₱ 4,080.00
Factory Utilities ₱ 1,428.00
Supplies ₱ 1,142.00
Property Taxes ₱ 1,000.00
Other factory costs ₱ 1,856.00
Factory Overhead ₱ 16,360.00
Factory costs ₱ 153,448.00
Add: Work-in process, beginning ₱ 24,276.00
Total costs placed in process ₱ 177,724.00
Less: Work-in process, ending ₱ 27,132.00
Cost of goods manufactured ₱ 150,592.00
Add: Finished goods beginning ₱ 18,564.00
Total goods available for sale ₱ 169,156.00
Less: Finished goods, ending ₱ 21,420.00
Cost of Goods Sold ₱ 147,736.00
 Problem 13

Work in Process, January 1 ₱ 34,560.00 ₱ 77,760.00 ₱ 15,120.00

Cost of goods manufactured ₱ 224,640.00 ₱ 349,920.00 ₱ 92,880.00
Total cost of goods put into process ₱ 276,480.00 ₱ 453,600.00 ₱ 105,840.00
Total manufacturing costs ₱ 241,920.00 ₱ 375,840.00 ₱ 90,720.00
Work in process, January 31 ₱ 51,840.00 ₱ 103,680.00 ₱ 12,960.00

Factory costs ₱ 241,920.00 ₱ 375,840.00 ₱ 90,720.00

Add: Work-in process, beginning ₱ 34,560.00 ₱ 77,760.00 ₱ 15,120.00
Total costs placed in process ₱ 276,480.00 ₱ 453,600.00 ₱ 105,840.00
Less: Work-in process, ending ₱ 51,840.00 ₱ 103,680.00 ₱ 12,960.00
Cost of goods manufactured ₱ 224,640.00 ₱ 349,920.00 ₱ 92,880.00
Add: Finished goods beginning
Total goods available for sale
Less: Finished goods, ending
Cost of goods sold
 MARK Inc.
Statement of Cost of Goods Sold
For the Year Ended Dec. 31, 2016

Raw Materials, beginning

Add: net purchases
Gross Purchases ₱ 1,000,000.00
Less: Purchase returns, allowance and discount ₱ 200,000.00
Net Purchases
Add: Freight in
Total materials available for use
Less: Raw Materials, ending
Indirect materials used
Direct Materials used
Direct Labor
Indirect Labor
Indirect Materials
Depreciation - factory
Expired Insurance - factory
Utilities expense -factory
Factory Overhead
Factory Costs
Add: Work-in process, beginning
Total costs placed in process
Less: Work-in process, ending
Cost of goods manufactured
Add: Finished goods beginning
Total goods available for sale
Less: Finished goods, ending
Cost of goods sold

MARK Inc.
Income Statement
For the Year Ended Dec. 31, 2016

Sales ₱ 9,000,000.00
Less: Cost of goods sold ₱ 3,100,000.00
Gross Profit ₱ 5,900,000.00
Less: Operating expenses ₱ 5,000,000.00
Net operating income ₱ 900,000.00
 MARK Inc.
t of Cost of Goods Sold
ar Ended Dec. 31, 2016
Answers:
₱ 100,000.00 Prime Cost
Conversion Cost
Cost of Goods Manufactured
Cost of Goods Sold
₱ 800,000.00 Work in Process Jan.1,2016
₱ 400,000.00 ₱ 1,200,000.00
₱ 1,300,000.00
₱ 300,000.00
₱ 100,000.00 ₱ 400,000.00
₱ 900,000.00
₱ 800,000.00
₱ 200,000.00
₱ 100,000.00
₱ 300,000.00
₱ 100,000.00
₱ 500,000.00
₱ 1,200,000.00
₱ 2,900,000.00
₱ 500,000.00
₱ 3,400,000.00
₱ 200,000.00
₱ 3,200,000.00
₱ 500,000.00
₱ 3,700,000.00
₱ 600,000.00
₱ 3,100,000.00

MARK Inc.
ome Statement
ar Ended Dec. 31, 2016

10% of net sales

Answers:
₱ 1,700,000.00
₱ 2,000,000.00
₱ 3,200,000.00
₱ 3,100,000.00
₱ 500,000.00