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150 Cost Accounting Problem 9 Miracle Company provides you with the following information January 1 lanuary 31 Inventories: Materials Work in process Finished goods January transactions: P ? 80,000 60,000 P 50,000 95,000 78,000 Purchases of materials, P 46,000 Factory overhead (75% of direct labor cost) P 63,000 Selling and adm, Expenses (12.5% of sales, P 25,000 Factory overhead control, P 62,800 Net income for January, P 25,200 Indirect materials used, P 1,000 Requirements: 1. Materials inventory, January 1 2. Cost of goods manufactured 3. Cost of goods sold (normal) for the month of January of the current year Problem 10

150 Cost Accounting Problem 9 Miracle Company provides you with the following information January 1 lanuary 31 Inventories: Materials Work in process Finished goods January transactions: P ? 80,000 60,000 P 50,000 95,000 78,000 Purchases of materials, P 46,000 Factory overhead (75% of direct labor cost) P 63,000 Selling and adm, Expenses (12.5% of sales, P 25,000 Factory overhead control, P 62,800 Net income for January, P 25,200 Indirect materials used, P 1,000 Requirements: 1. Materials inventory, January 1 2. Cost of goods manufactured 3. Cost of goods sold (normal) for the month of January of the current year Problem 10

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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150 Cost Accounting 151 Problem 9 Miracle Company provides you with the following information Chapter 5 Job Order Costing Problem 11 The following T-accounts have incomplete postings; however, the amounts shown therein are correct: Inventories: January 1 January 31 Materials Work in process Finished goods January. transactions: P ? 80,000 . 60,000 P 50,000 95,000. 78,000 Work in process 1,000 15,000 Direct materials Beg. bal. 25,.000 Beg. bal. 10,000 30,000 2,000 Purchases of materials, P 46,000 Factory overhead (75% of direct labor cost) P 63,000 Selling and adm, Expenses (12.5% of sales, P 25,000 Factory overhead control, P 62,800 Net income for January, P 25,200 Indirect materials used, P 1,000 Cost of goods sold Finished goods 2,500 Beg. bal. 18,000 Requirements: 1. Materials inventory, January 1 2. Cost of goods manufactured. 3. Cost of goods sold (normal) for the month of January of the current year ´Factory overhead control 4,200 Accounts payable 2,000 Beg. bal. 25,000 Problem 10 Factory overhead applied The following were taken from the books of Nona Company. January 1 P 268,000 March 31 P 167,000 Raw materials Work in process Finished goods Additional information: a. The debit of P15,000 to work in process represents direct materials issued for the month. 43,000 (100 units) (300 units) P1,847,700 2,125,800 1,026,500 (12,300 units at P535.000) Direct materials used Direct labor Factory.overhead Sales b: Factory overhead is applied at a rate of P0.50 per direct labor hour. Work ticket for the month totaled 10,000 direct labor hours. Factory workers receive P1.00 per hour. The company uses the.FIF0 method of costing inventories. Required: Compute for the following Requirements: 1. The number of units manufactured 2. The cost of goods manufactured per unit 3. The cost of goods sold 1. Direct materials inventory, end 2. Direct labor charged to production 3. Defective materials returned to suppliers 4, Work in process inventory, end 5, Finished goods inventory, end· 6. Cost of goods sold 2021.12.02 02:35
Transcribed Image Text:150 Cost Accounting 151 Problem 9 Miracle Company provides you with the following information Chapter 5 Job Order Costing Problem 11 The following T-accounts have incomplete postings; however, the amounts shown therein are correct: Inventories: January 1 January 31 Materials Work in process Finished goods January. transactions: P ? 80,000 . 60,000 P 50,000 95,000. 78,000 Work in process 1,000 15,000 Direct materials Beg. bal. 25,.000 Beg. bal. 10,000 30,000 2,000 Purchases of materials, P 46,000 Factory overhead (75% of direct labor cost) P 63,000 Selling and adm, Expenses (12.5% of sales, P 25,000 Factory overhead control, P 62,800 Net income for January, P 25,200 Indirect materials used, P 1,000 Cost of goods sold Finished goods 2,500 Beg. bal. 18,000 Requirements: 1. Materials inventory, January 1 2. Cost of goods manufactured. 3. Cost of goods sold (normal) for the month of January of the current year ´Factory overhead control 4,200 Accounts payable 2,000 Beg. bal. 25,000 Problem 10 Factory overhead applied The following were taken from the books of Nona Company. January 1 P 268,000 March 31 P 167,000 Raw materials Work in process Finished goods Additional information: a. The debit of P15,000 to work in process represents direct materials issued for the month. 43,000 (100 units) (300 units) P1,847,700 2,125,800 1,026,500 (12,300 units at P535.000) Direct materials used Direct labor Factory.overhead Sales b: Factory overhead is applied at a rate of P0.50 per direct labor hour. Work ticket for the month totaled 10,000 direct labor hours. Factory workers receive P1.00 per hour. The company uses the.FIF0 method of costing inventories. Required: Compute for the following Requirements: 1. The number of units manufactured 2. The cost of goods manufactured per unit 3. The cost of goods sold 1. Direct materials inventory, end 2. Direct labor charged to production 3. Defective materials returned to suppliers 4, Work in process inventory, end 5, Finished goods inventory, end· 6. Cost of goods sold 2021.12.02 02:35
2021.12.02 02:34 148. Cost Accounting Chapter 5 Job Order Costing 149 Problem Star Wars Corporation, obtains the following information from its records for the month of August: Problem 7 The following inventory data relate to Abner Corporation. Inventories Jobs completed and sold Job 110 P 15,000 40,000 25,000 5,000 20% Beginning 90,000 80,000 95,000 Ending P 110,000 70,000 90,000 Finished goods. Work in process Direct materials P. Job 220 P 25,000 50,000 30,000 4,000 25% Job 330 P 20,000 30,000 20,000 10,000 30% Direct materials cost Direct labor cost Factory overhead Units manufactured GP rate (based on sales) Required: 1. Prepare in summary form, the journal entries that would have been made during the month to record the above. 2. Prepare the schedules showing the gross profit or loss for August. Revenues and costs for the period Sales Cost of goods available for sale Total manufacturing costs Factory overhead Direct materials used 900,000 775,000 675,000 175,000 205,000- Required: Compute the following for the year: 1. Direct materials purchased 2. Direct labor costs incurred a. For the business as a whole. b. For each job completed and sold. 3. Cost of goods sold 4. Gross profit Problem 8 Problem 6 The following account balances were taken from the general ledger accounts.of the Ellery Corporation. Assume the following relates to the Candy Corporation for the month of July Job No. 101 Job No.102 Job.No. 103 January 1 P 60,000 85,000 120,000 December 31 P. 80,000 110,000 90,000 330,000 In process, July 1 Materials Labor P 40,000 60,000 75,000 P 30,000 40,000 50,000 Materials Work in Process Finished Goods Factory Overhead Control Applied Factory Overhead (applied at a rate of 80% of DL Cost of Goods Sold Requirements: 1. Journal entries to record the transactions that were entered in the above accounts for the year 2019. 2. Cost of Goods Sold Statement for the year 2019. 3.. Entry to close the Factory Overhead Control account and Applied Factory Overhead to Cost of Goods Sold. Overhead Cost added in July 55,000 80,000 80,000 95,000 92,000 115,000 Materials Labor 320,000 850,000 Actual overhead incurred in July amounted to P 375,000. Job No. 101 and 102 were completed and transferred to finished goods warehouse in July. Overhead is applied using a predetermined overhead rate. Job 101 was sold for P 550,000. Requirements: Compute for the following - 1. Work in process, July 1 2. Overhead assigned to production in July assuming same factory OH rate 3. Cost of goods manufactured 4. Cost of goods sold (actual) 5. Finished goods inventory, July 31
Transcribed Image Text:2021.12.02 02:34 148. Cost Accounting Chapter 5 Job Order Costing 149 Problem Star Wars Corporation, obtains the following information from its records for the month of August: Problem 7 The following inventory data relate to Abner Corporation. Inventories Jobs completed and sold Job 110 P 15,000 40,000 25,000 5,000 20% Beginning 90,000 80,000 95,000 Ending P 110,000 70,000 90,000 Finished goods. Work in process Direct materials P. Job 220 P 25,000 50,000 30,000 4,000 25% Job 330 P 20,000 30,000 20,000 10,000 30% Direct materials cost Direct labor cost Factory overhead Units manufactured GP rate (based on sales) Required: 1. Prepare in summary form, the journal entries that would have been made during the month to record the above. 2. Prepare the schedules showing the gross profit or loss for August. Revenues and costs for the period Sales Cost of goods available for sale Total manufacturing costs Factory overhead Direct materials used 900,000 775,000 675,000 175,000 205,000- Required: Compute the following for the year: 1. Direct materials purchased 2. Direct labor costs incurred a. For the business as a whole. b. For each job completed and sold. 3. Cost of goods sold 4. Gross profit Problem 8 Problem 6 The following account balances were taken from the general ledger accounts.of the Ellery Corporation. Assume the following relates to the Candy Corporation for the month of July Job No. 101 Job No.102 Job.No. 103 January 1 P 60,000 85,000 120,000 December 31 P. 80,000 110,000 90,000 330,000 In process, July 1 Materials Labor P 40,000 60,000 75,000 P 30,000 40,000 50,000 Materials Work in Process Finished Goods Factory Overhead Control Applied Factory Overhead (applied at a rate of 80% of DL Cost of Goods Sold Requirements: 1. Journal entries to record the transactions that were entered in the above accounts for the year 2019. 2. Cost of Goods Sold Statement for the year 2019. 3.. Entry to close the Factory Overhead Control account and Applied Factory Overhead to Cost of Goods Sold. Overhead Cost added in July 55,000 80,000 80,000 95,000 92,000 115,000 Materials Labor 320,000 850,000 Actual overhead incurred in July amounted to P 375,000. Job No. 101 and 102 were completed and transferred to finished goods warehouse in July. Overhead is applied using a predetermined overhead rate. Job 101 was sold for P 550,000. Requirements: Compute for the following - 1. Work in process, July 1 2. Overhead assigned to production in July assuming same factory OH rate 3. Cost of goods manufactured 4. Cost of goods sold (actual) 5. Finished goods inventory, July 31
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