Madagascar Company's beginning and ending inventories for the month of November are:

MANUFACTURING INVENTORY
Direct Materials
Work-in-process
Finished goods
Producation data for the of November follows:
Direct Labor
Actual factory overhead
Direct materials purchased
Transporation-In
Purchase returns and allowance
Madagascar uses one factory overhead control account and charges factory overhead to production of 70% direct labor cost.
How much is the cost of goods transferred to finished goods. (Cost of Goods Manufactured)
ANSWER:

Raw Materials, beg 67,000.00

Add: Net Cost of Purchases
Purchases 163,000.00
Less: Purchase Returns and Allowance 2,000.00
Net Purchases 161,000.00
Add: Transportation-In 4,000.00
Net Cost of Purchases 165,000.00
Raw Materials Available for use 232,000.00
Less: Raw Materials, end 62,000.00
Raw Materials used in production 170,000.00
Direct Labor 200,000.00
Factory Overhead 140,000.00
Manufacturing Costs 510,000.00
Add: Work-in-Process, beg 145,000.00
Cost of Goods Placed in Process 655,000.00
Less: Work-in-Process, end 171,000.00
Cost of Goods Manufactured 484,000.00
Add: Cost of Finished Goods, beg 85,000.00
Cost of Goods Available for sale 569,000.00
Less: Cost of Finished Goods, end 78,000.00
Cost of Goods Sold 491,000.00

The following are the information provided to you for the computation of costs of goods sold:
MANUFACTURING ENTITY
Purchased of Raw Materials 100,000.00
Work-in-Process Inventory, beg 20,000.00
Finished Goods Inventory, beg 30,000.00
 Raw Materials Inventory, end 15,000.00
Raw Materials Inventory, beg 40,000.00
Direct Labor 80,000.00
Factory Overhead 10,000.00
Finished Goods Inventory, end 10,000.00
Work-in-Process Inventory, end 25,000.00

ANSWER:
Raw Materials Inventory, beg 40,000.00
Add: Purchases 100,000.00
Raw Materials Available for use 140,000.00
Less: Raw Materials Inventory, end 15,000.00
Raw Materials used 125,000.00
Direct Labor 80,000.00
Factory Overhead 10,000.00
Manufacturing Costs 215,000.00
Add: Work-in-Process, beg 20,000.00
Cost of Goods Placed in Process 235,000.00
Less: Work-in-Process, end 25,000.00
Cost of Manufactured Goods 210,000.00
Add: Finished Goods, beg 30,000.00
Cost of Goods Available for sale 240,000.00
Less: Finished Goods, end 10,000.00
Cost of Goods Sold 230,000.00

Maverick Company had the following transactions last year:

Raw Materials purchased on account totaled 165,000.

Raw Materials issued from the storeroom, 140,000 (90% direct materials, 10% indirect materials).
Factory utility costs incurred, 35,000.
Employee salaries and wages incurred 200,000 (80% direfct labor, 10% indirect labor and 10% selling and administr
Depreciation on factory equipment, 30,000.
Depreciation on autos used by the sales staff, 15,000.
Overhead was applied to producation at a rate of 50% of direct cost.
Goods costing 310,000 were transferred from Work-in-Process to Finished Goods
The total cost added to Work-In-Process during the year was:
ANSWER:
Raw Materials Inventory, beg 126,000.00
Add: Purchases 165,000.00
Raw Materials Available for use 291,000.00
Less: Raw Materials Inventory, end -
Raw Materials Used 291,000.00
Direct Labor 160,000.00
Factory Overhead 35,000.00
Less: Depreciation of Equipment 30,000.00
Depreciation on Autos 15,000.00
Factory Overhead 35,000.00

Manufacturing Costs ???

Add: Work-in-Process, beg 310,000.00
Cost of Goods Placed in Process 841,000.00
Less: Work-in Process, end 221,000.00
Cost of Goods Manufactured 620,000.00
Add: Cost of Finished Goods, beg

Mar-01
Materials 40,000.00
Work-in-Process 25,000.00
Finished Goods 60,000.00

Direct Labor Costs 120,000.00

Factory Overhead Applied 108,000.00
Cost of Goods Sold 378,000.00

Raw Materials, beg 40,000.00

Add: Purchases 170,000.00
Raw Materials Available for use 210,000.00
Less: Raw Materials, end 50,000.00
Raw Materials Used 160,000.00
Direct Labor 120,000.00
Factory Overhead 108,000.00
Manufacturing Costs 388,000.00
Add: Work-in-Process, beg 25,000.00
Cost of Goods Placed in Process 413,000.00
Less: Work-in-Process, end 35,000.00
Cost of Goods Manufactured 378,000.00

Work-in-Process, beg 420,000.00

Raw Materials used 30,000.00
Direct Labor 55,000.00
Actual Overhead 70,000.00
Overhead Applied 65,000.00
Work-in-Process, end 40,000.00
Cost of Goods Manufactured ???

Raw Materials used 30,000.00

Direct Labor 55,000.00
Factory Overhead 65,000.00
Manufacturing Costs 150,000.00
Add: Work-in-Process, beg 420,000.00
Cost of Goods Placed in Process 570,000.00
Less: Work-in-Process, end 40,000.00
Cost of Goods Manufactured 530,000.00

Work-in-Process, beg 110,000.00

Raw Materials Used 45,000.00
Actual Overhead 60,000.00
Overhead Applied 70,000.00
Work-in-Process, end 30,000.00
Cost of Goods Manufactured 235,000.00

Raw Materials Used 45,000.00

Direct Labor ???
Factory Overhead 70,000.00
Manufacturing Cost 115,000.00
Add: Work-in-Process, beg 110,000.00
Cost of Goods Placed in Process 225,000.00
Less: Work-in-Process, end 30,000.00
Cost of Goods Manufactured 195,000.00

Raw Materials 120,000.00

Direct Labor 120,000.00
Conversion Costs 100,000.00
Factory Overhead Costs 60,000.00

Raw Materials, beg 20,000.00

Work-in-Process, beg 20,000.00
Finished Goods, beg 40,000.00
Raw Materials, end 10,000.00
Work-in-Process, end 100,000.00
Finished Goods, end 50,000.00
Purchases 140,000.00
Direct Labor 160,000.00
Factory Overhead 200,000.00
Raw Materials, beg 20,000.00
Add: Purchases 140,000.00
Raw Materials avail for use 160,000.00
Less: Raw Materials, end 10,000.00
Raw Materials Used 150,000.00
Direct Labor 160,000.00
Factory Overhead 200,000.00
Manufacturing Costs 510,000.00

Raw Material 2,260.00

Direct Labor 481.00
Overhead' 1,974.00
Manufacturing Cost 4,715.00
 Nov-01 Nov-31
67,000.00 62,000.00
145,000.00 171,000.00
85,000.00 78,000.00

200,000.00
132,000.00
163,000.00
4,000.00
2,000.00
uction of 70% direct labor cost.
rect materials).

or and 10% selling and administrative.

 -10000

Mar-31
50,000
35,000
70,000
QUESTION 1:
Squidward Company has the following cost information for the year-ended December 31, 2019

Beginning Inventory ₱ 34,560.00

Purchases ₱ 123,900.00
Purchase Returns and Allowances ₱ 2,000.00
Transportation In ₱ 2,100.00
Ending Inventory ₱ 55,670.00
Cost of Sales ₱ 102,890.00

Compute the amount of Purchase Discount.

ANSWER:

Purchases 123,900.00
Less: Purchase Returns and Allowances 2,000.00
Net Purchases 121,900.00
Purchase Discount -

Purchases ₱ 123,900.00
Purchase Discount ₱ -
Purchase Returns and Allowances ₱ 2,000.00
Transportation In ₱ 2,100.00
Ending Inventory ₱ 55,670.00
Cost of Sales ₱ 102,890.00

QUESTION 2:
The complete accounting records of Squidball Company were knowhere to be found due to Typhone Kikiam.
The Ccompany's manager gave you the following remaining information from his personal notes:

Selling price of each unit of products is 140% of costs of goods sold.

Total sales of the date before the typhoon is 504000.

Based on physical inventory before the typhoon, there are still 867 units remaining on stock.

Units sold so far was 24000 units

The amount of beinning inventory for the period was 82275

So far, the company's purchases were 290730.

Compute the amount of inventory before the typhoon.

Beginning Inv. ₱ 82,275.00

Add: Purchases ₱ 290,730.00
Net Purchases ₱ 373,005.00
Cost of Goods Available for Sale ₱ 455,280.00