Problem. 1-4 Continued & Pier factors overhead incurred (eacluding labor) 67,500 fhe overhedd application rate is P12 per direes tabor hour. f ‘fife gonts ooh completed during the month tas foye, 320000 1 Allcompleted jobs were shipped to customers at cost plus 5036 1 Undertppliod or overapphia iacoss eaten g ape 6 of Goods Sola, Required: 1. Prepare journal en the above data If the balance of Work in P; would be the October 31 Work i EXSEEEBES Jo:senal Bniries The following job order cost detail ps fi Ce tries to record the transactions resulting * ‘rocess on October 1 was P15,000, what in Process balance? ertains to the three jobs that were in Process at the Michelle Company during January. : PERERA Tob 66 Jeb 67 Job 68 «fin rior pri 40,000 Pi5,000 PS indanuaby Direct materials” 35,000 49,000 5,000 Direct ab 45,000 46,000 85,000 Cor osha B60 per ’ zs January machin 610 560 Required: Prepare thi following January tran () Direct materials Job Ord in process. (2) ) 4) ished goods storeroom. The payroll was distribui rouse ie appropriate nsactions, were issued fr tory overhead was aj On January 1, the general lowing accounts an Cash Accounts Receivable shed Goods ledger of balances: ed Dey Payable ;preciation ~ Machinery journal entry to record each of the om the materials storeroom to work ited to work in process. plied to lers 66 and 67 were com; production for the period. pleted and transferred to the fin Journal Entries and Statement of Cost of Goods Sold Jocelyn Company contained the fol-Cost Accounting - Basie : ind the Job Order Cast C Problem 1-6 Continued Work in process inventory: = Direct materisls: 1000 units of A@ PS 5.000 400 units of B@ P3. PLO Directlabor: 1000 hours @ Pa 4000 400 hours @ P5 2000 Factory overhead applied at the rate af P2 per direct labor hour 2.000 so Total Pico _Pacoe ‘Materials inventory: P44,000 During January, the following transactions were completed: (@) Materials were purchased on account for P229,040. (b) Payroll totaling P220,000 was accrued. (©) Payroll was distributed as follows: Jobs 101, 5000 direct Hee Eesr= @P38; Job 102, 8000 hrs. @ P10; Job 103, 6000 hrs. @ PG. Inciamest Eeibor, 24,000 and selling and adm. expense P40,000. (@) Materials were issued as follows: P103,200 to Job 101; PS4.G00 seem 102; P29,150 to Job 103. Indirect materials costing P15,040 === = sued. (e) Factory overhead was applied to Job 101, 102 and 103 at = este of 4.50 per direct labor hour. (® Jobs 101 and 102 were completed and immediately sold om sensene for P240,000 and P270,000 respectively. (@® After allowing a 5% cash discount, a net amount of P4S4.Q00 was collected on accounts receivable. (h) Marketing and administrative expenses (other than salaries) paid during the month amounted to P30,000. Other factory overhead paid, P49, 720. (Payments on account, other than payrolls paid, amounted to P270,000. @ Applied Factory Overhead is closed to Factory Overhead Control. ‘Tho over- or under applied overhead is then closed to Gost of Goods Sold. Required: (1) Journalize the January transactions. (2) Prepare a cost of goods sold statement for January.Cost Accoumtin Cinnabar Company has provided the following data concerning its opera- tions for the year ended December 31, 2008: 73 Statement of Cost of Goods Sold Raw materials on hand, December 31 P_ 24,000 Work in process, December 31 30,000 Finished goods, Decomber 31 40,000 Factory supplies on hand, December 31 14,000 Sales 1,100,000 Factory maintenance 38,400 Administrative salaries 208,000 Discounts on raw materials purchases 4200 Delivery expenses 36,000 Interest income 1.000 Factory supplies used 200 ‘Common stock (P10 par value) 2,000,000 Retained earnings, ‘525,000 ‘Trade accounts payable 273,500 Accumulated depreciation-factory building and equipment 47.500 Building and equipment 500,000 ‘Trade accounts receivable 450,000 Cash’ 170,000 Finished goods, January 1, 2008 37,500 Direct labor 180,000 Bad debt expense 2,500 Factory power and heat 19,400 Advertising 8,400 Insurance expired factory building and equipment 4,800 Work in process, January 1, 2008 84,000 Depreciation-factory building and equipment 17,500 Factory superintendence 100,000 Interest expense 1.500 Raw materials purchased 40,200 Indirect factory labor 20,000 Sales returns 2200 Sales discounts J Required: Prepare the cost of goods sold statement.Cost Cycle counting ~ Basie Concepts and the.lob Ord inka Incomplete Data You are asked to bring the following incomplete Gizelle Co. sess FP You ave ftrough May 2008. Also, consider the additional saiersamon G2 pesos) that follows the T-accounts. Accounts Papstile Bia1/08 J Balance | | Beexx 10.000 1 Factory Desa Workin Process Control Overhead Comal “4730108 ‘Total charges Balance | 2,000 formay 55,000 | Finished Goods cont Cost of Goods Sai 4130/08 ] Balance | 25,000 | Additional Information: Addition! Ff tis applied by using a budgeted rate that is set GES Sears a ovenr by forenasting the year’s overhead and relating sSSS==reses = cae eotae: The budget for 1988 called for a total of 15,000 === esas 750,000 of factory overhead. be ere eants payable are for direct materials only, The bala Ssms au m== 12,000. Payments of P78,000 were made during May the finished goods inventory as of May 31 was D7,000. ‘The cost of goods sold during the month was P165,000- Pe Ney dL there was only one unfinished job in the factors: Cosseserss So Seat bc0 (40 houre) of direct labor and 2,000 of direct sesteeseme mes Boe Eharged to the job. Thirty machine hours were used on ths saree to ]0 durect labor hours were worked during the messes Max Il factory workers earn the same rate of pay. Factory ce accory overhead incurred during May bas alread Beeseasses- ‘Rtotal of 1,000 machine hours was used during May: ome equired: Compute the following: ‘Materials purchased during May Cost of goods completed during May Overhead applied during May Balance, Work in Process Control, May 51, 2008 Direct materials used during May Balance, Direct Materials Control, April 30, 2008 Overapplied or underapphed overhead for May noesepry FR