STOCKCARDS and

JOB COST SHEET

DEL ROSARIO, JAMEINE S.

 PROBLEM
The Northern Consolidated Company has the following balances as of January l, 2019
Materials P 4,900
Work in process 4,600
Finished goods 6,000
Accrued factory payroll 200
Details of the three inventories are:
Finished goods
Commodity x - 2,000 units at P 3.00 P 6,000
Work in process - Job No. 101
Materials:
A - 200 units at P 5.00 P 1,000
B - 175 units at P 4.00 700 P 1,700
Direct labor:
290 hours at P 5.00 1,450
Factory overhead - applied at 100%
of direct labor cost 1,450 4,600
PROBLEM
Materials

Material A - 600 units at P 5.00 P 3,000

Material B - 350 units at P 4.00 1,400

Indirect materials 500

P 4,900
 PROBLEM
The transactions for the month of January, 2019 are as follows:

1. Purchases for the month of January - Material A 600 units at P5.50; Material B – 800 unit at P5.00', Indirect materials -
P700.

2. Materials requisitioned and issued on a fifo basis amounted to P 7,000.

Material A, 200 units (charged to Job 101);
Material A, 600 units and Material B, 225 units (charged to Job 102 ); Material
B, 425 units (charged to Job 103). Indirect
materials amounted to P 1,000.

3. Material B returned to vendors, 70 units at P 5.00.

4. Payroll during January amounted to P 10,300, of which P 2,000 is for Job 101; P 4,000 is for Job 102; P 2,000 for Job 103,
and P 2,300 is indirect labor. Deductions are as
follows:
 PROBLEM
SSS Premiums P 412
Medicare Contributions 225 Withholding
taxes 1,050

5. Factory overhead is applied on the basis of 100% of direct labor cost.

6. Jobs completed during the month - Job 101 for 3,000 units of Commodity X and Job 102 for 5,000 units of Commodity Y.

7. Sales during January on FIFO basis - 4,000 units of Commodity X at P 6.00 per unit and 4,000 units of Commodity Y at P
4.00 per unit.

8. Cash collection from customers P 35,000.

9. 9. Recorded the following liabilities: Factory overhead, P 4,800; Selling expenses, P 2,100; General expenses; P 1,500.

10. 10. Paid accounts - P 9,500; payroll - P 8,500.

 PROBLEM
Requirements:

l. Journal entries to record the above transactions.

2. Job Order Cost Sheets.

3. Stock cards for materials and finished goods.

4. Cost of goods sold statement for the month of January.

PROBLEM
Finished goods
Commodity x - 2,000 units at P 3.00 P 6,000

Materials

Material A - 600 units at P 5.00 P 3,000

Material B - 350 units at P 4.00 1,400

Indirect materials 500

P 4,900
Stock Cards
COMMODITY X
Received Issued Balance
2,000 at P 3.00 P6,000

COMMODITY Y
Received Issued Balance
Stock Cards
MATERIAL A
Received Issued Balance
600 at P5.00 P3,000

MATERIAL B
Received Issued Balance
350 at P 4.00 P1,400

INDIRECT MATERIALS
Received Issued Balance
P500
 PROBLEM
Work in process - Job No. 101
Materials:
A - 200 units at P 5.00 P 1,000
B - 175 units at P 4.00 700 P 1,700
Direct labor:
290 hours at P 5.00 1,450
Factory overhead - applied at 100%
of direct labor cost 1,450 4,600
 Job Cost Sheet
Job 101
Materials Labor Overhead
A - 200 at P 5.00 P1,000 P1,450 P1,450
B - 175 at P 4.00 700
 PROBLEM
The transactions for the month of January, 2019 are as follows:

1. Purchases for the month of January - Material A 600 units at P5.50; Material B – 800 units at P5.00', Indirect materials -
P700.

Journal entry

2. Materials 8,000

Account payable 8,000

 Stock Cards
MATERIAL A
Received Issued Balance
600 at P5.00 P3,000
1. 600 at P5.50 P 3,000 600 at P5.00 P3,000
600 at P5.50 3,000

MATERIAL B
Received Issued Balance
350 at P 4.00 P1,400
1. 800 at P5.00 P4,000 350 at P 4.00 P1,400
800 at P5.00 4,000
 Stock Cards
INDIRECT MATERIALS
Received Issued Balance
P500
1. P700 P1,200
 PROBLEM
The transactions for the month of January, 2019 are as follows:

2. Materials requisitioned and issued on a fifo basis amounted to P 7,000.

Material A, 200 units (charged to Job 101);
Material A, 600 units and Material B, 225 units (charged to Job 102 ); Material
B, 425 units (charged to Job 103). Indirect
materials amounted to P 1,000.

Journal entry

3. Work in process 7,000

Factory Overhead Control 1,000

Materials 8,000
 Stock Cards
MATERIAL A
Received Issued Balance
600 at P5.00 P3,000
1. 600 at P5.50 P 3,000 600 at P5.00 P3,000
600 at P5.50 3,000

2. 600 at P5.00 P3,000

200 at P5.50 1,100 400 at P5.50 P
2,200
MATERIAL B
Received Issued Balance
350 at P 4.00 P1,400
1. 800 at P5.00 P4,000 350 at P 4.00 1,400
800 at P5.00 4,000
2. 350 at P4.00 P1,400
300 at P5.00 1,500 500 at P5.00
P2,500
 Stock Cards
INDIRECT MATERIALS
Received Issued Balance
P500
1. P700 1,200
2. P1000 200
 Cost Sheet
Job 101
Materials Labor Overhead
A - 200 at P 5.00 P1,000 P1,450 P1,450
B - 175 at P 4.00 700
2. A-200 at P 5.00 1,000

Job 102
Materials Labor Overhead
2. A-400 at P 5.00 P 2,000
200 at P 5.50 1,100

B-225 at P 4.00 900

 Cost Sheet
Job 103
Materials Labor Overhead
2. B–125 at P 4.00 P500
300 at P 5.00 1,500
 PROBLEM
The transactions for the month of January, 2019 are as follows:

3. Material B returned to vendors, 70 units at P 5.00.

Journal entry

4. Accounts Payable 350

Materials 350
 Stock Cards
MATERIAL A
Received Issued Balance
600 at P5.00 P3,000
1. 600 at P5.50 P 3,000 600 at P5.00 P3,000
600 at P5.50 3,000

2. 200 at P5.00 P1,000

400 at P5.00 2,000
200 at P5.50 1,100 400 at P5.50 P 2,200

MATERIAL B
Received Issued Balance
350 at P 4.00 P1,400
1. 800 at P5.00 P4,000 350 at P 4.00 P1,400
800 at P5.00 4,000
2. 225 at P4.00 P900
125 at P4.00 500
300 at P5.00 1,500 500 at P5.00 P2,500
3. (70) at P5.00 (350) 430 at P5.00 P2,150
 PROBLEM
The transactions for the month of January, 2019 are as follows:

4. Payroll during January amounted to P 10,300, of which P 2,000 is for Job 101; P 4,000 is for Job 102; P 2,000 for Job 103, and P 2,300 is indirect
labor.
Deductions are as follows:
SSS Premiums P 412
Medicare Contributions 225
Withholding taxes 1,050

Journal entry

5. Payroll 10,300

SSS Premium Payable 422

Medicare Contributions Payable 225

Withholding Taxes Payable 1,050

Accrued Factory Payroll 8,603

Payroll for the month.

 PROBLEM
The transactions for the month of January, 2019 are as follows:

4. Payroll during January amounted to P 10,300, of which P 2,000 is for Job 101; P 4,000 is for Job 102; P 2,000 for Job 103, and
P 2,300 is indirect labor. Deductions are as follows:
SSS Premiums
P 412
Medicare Contributions 225
Withholding taxes 1,050

Journal entry

5. Work in process 8,000

Factory overhead Control 2,300

Payroll 10,300

Classification of payroll.
 Cost Sheet
Job 101
Materials Labor Overhead
A - 200 at P 5.00 P1,000 P1,450 P1,450
B - 175 at P 4.00 700
2. A-200 at P 5.00 1,000 4. 2,000

Job 102
Materials Labor Overhead
2. A-400 at P 5.00 P2,000 4. P4,000
200 at P 5.50 1,100

B-225 at P 4.00 900

 Cost Sheet
Job 103
Materials Labor Overhead
2. B–125 at P 4.00 P 500 4. P2,000
300 at P 5.00 1,500
 PROBLEM
The transactions for the month of January, 2019 are as follows:

5. Factory overhead is applied on the basis of 100% of direct labor cost.

Journal entry

6. Work in Process 8,000

Factory Overhead Applied 8,000

Factory overhead applied to production.

 Cost Sheet
Job 101
Materials Labor Overhead
A - 200 at P 5.00 P1,000 P1,450 P1,450
B - 175 at P 4.00 700
2. A-200 at P 5.00 1,000 4. 2,000 5. 2,000

Job 102
Materials Labor Overhead
2. A-400 at P 5.00 P2,000 4. P4,000 5. P4,000
200 at P 5.50 1,100

B-225 at P 4.00 900

 Cost Sheet
Job 103
Materials Labor Overhead
2. B–125 at P 4.00 P500 4. P2,000 5. P2,000
300 at P 5.00 1,500
 PROBLEM
6. Jobs completed during the month - Job 101 for 3,000 units of Commodity X and Job 102 for 5,000 units of Commodity Y.

Journal entry

6. Finished goods 21,600

Work in Process 21,600

 Cost Sheet
Job 101
Materials Labor Overhead
A - 200 at P 5.00 P1,000 P1,450 P1,450
B - 175 at P 4.00 700
2. A-200 at P 5.00 1,000 4. 2,000 5. 2,000
P
2,700 P3,450 P3,450

Job 102
Materials Labor Overhead
2. A-400 at P 5.00 2,000 4. 4,000 5. 4,000
200 at P 5.50 1,100

B-225 at P 4.00 900

P4,000 P4,000 P4,000

 Cost Sheet
Job 103
Materials Labor Overhead
2. B–125 at P 4.00 500 4. 2,000 5. 2,000
300 at P 5.00 1,500
 Stock Cards
COMMODITY X
Received Issued Balance
2,000 at P 3.00 P6,000
6. 3,000 at P3.20 P9,600 2,000 at P 3.00 P6,000
3,000 at P3.20 9,600

COMMODITY Y
Received Issued Balance
6. 5,000 at P2.40 P12,000 5,000 at P2.40 P12,000
 PROBLEM
7. Sales during January on FIFO basis - 4,000 units of Commodity X at P 6.00 per unit and 4,000 units of Commodity Y at P
4.00 per unit.

Journal entry

8. Accounts Receivable 40, 000

Sales 40, 000

Cost of goods sold 22,000

Finished Goods 22, 000

 Stock Cards
COMMODITY X
Received Issued Balance
2,000 at P3.00 P6,000
6. 3,000 at P3.20 P 9,600 2,000 at P3.00 P6,000
3,000 at P3.20 9,600
7. 2,000 at P3.00 P6,000
2,000 at P3.20 6,400 1,000 at P3.20
P3,200

COMMODITY Y
Received Issued Balance
6. 5,000 at P2.40 P12,000 5,000 at P2.40 P12,000
7. 4,000 at P2.40 P9,600 1,000 at 2.40 P2,400
 PROBLEM
8. Cash collection from customers P 35,000.

Journal entry

8. Cash 35,000

Accounts Receivable 35,000

Collection of accounts.
 PROBLEM
9. Recorded the following liabilities: Factory overhead, P 4,800; Selling expenses, P 2,100; General expenses; P 1,500.

Journal entry

10. Factory Overhead Control 4,800

Selling Expense Control 2,100
General Expense Control 1,500
Accounts Payable
8,400
 PROBLEM
10. Paid accounts - P 9,500; payroll - P 8,500.

Journal entry

11. Accounts Payable 9,500

Accrued Factory Payable 8,500
Cash
18,000
 Cost Sheet
Job 101
Materials Labor Overhead
A - 200 at P 5.00 P1,000 P1,450 1,450
B - 175 at P 4.00 700
2. A-200 at P 5.00 1,000 4. 2,000 5. 2,000

P2,700 P3,450 P3,450

Job 102
Materials Labor Overhead
2. A-400 at P 5.00 2,000 4. P4,000 5. P4,000
200 at P 5.50 1,100

B-225 at P 4.00 900

P
P4,000 P4,000 4,000
 Cost Sheet
Job 103
Materials Labor Overhead
2. B–125 at P 4.00 P500 4. P2,000 5. P2,000
300 at P 5.00 1,500
 Stock Cards
MATERIAL A
Received Issued Balance
600 at P5.00 P3,000
1. 600 at P5.50 P 3,000 600 at P5.00 P3,000
600 at P5.50 3,000

2. 200 at P5.00 P 1,000

400 at P5.00 2,000
200 at P5.50 1,100 400 at P5.50 2,200

MATERIAL B
Received Issued Balance
350 at P 4.00 P1,400
1. 800 at P5.00 P4,000 350 at P 4.00 P1,400
800 at P5.00 4,000
2. 225 at P4.00 P900
125 at P4.00 500
300 at P5.00 1,500 500 at P5.00 P2,500
3. (70) at P5.00 (350) 430 at P5.00 P2,150
 Stock Cards
INDIRECT MATERIALS
Received Issued Balance
P500
1. P700 P1,200
2. P1000 P200
 Stock Cards
COMMODITY X
Received Issued Balance
2,000 at P3.00 P6,000
6. 3,000 at P3.20 P9,600 2,000 at P3.00 P6,000
3,000 at P3.20 9,600
7. 2,000 at P3.00 P 6,000
2,000 at P3.20 6,400 1,000 at P3.20
P3,200

COMMODITY Y
Received Issued Balance
6. 5,000 at P2.40 P12,000 5,000 at P2.40 P12,000
7. 4,000 at P2.40 P9,600 1,000 at 2.40 P2,400