In the course of your review of the accounts, you discover the following adjustments: Depreciation – for the year was ₱50,000. 75% is chargeable to factory operation and 25% to general operations. There is unpaid payroll of ₱2,800 (direct) and ₱500 for factory supervision. Prepayments that expired are ₱8,000 where 50% is applicable to factory operation and 10% to general operation. Inventories at Dec. 31, 2005 are: Finished Goods ₱25,000Work in Process 45,000Direct Materials 25,000 Income tax is 20% of net income of 2005. Requirement (using above details): Prepare statement of cost of goods manufactured of 2005. Directions. Solve the following.Shown below is a trial balance of XYZ, manufacturing company from the beginning of the year2005.Cash50,000.00Accounts Receivable65,000.00Allowances of Doubtful accounts10,000.00Finished Goods75,000.00Work in Process20,000.00Direct Material21,000.00Repayments (control)8,000.00Fixed Assets (control)750,000.00Accumulated Depreciation, Fixed Assets250,000.00Accounts Payable25,000.00Capital Stocks564,200.00Retained Eamings80,000.00Sales610,000.00Direct Material Purchase200,000.00Direct Labor150,000.00Factory Overhead (control)50,000.00Administrative and Selling Expensed (control)125,000.00Interest on Loans200.00Income Tax25,000.001,539,200.001,539,200.00

Name: In the course of your review of the accounts, you discover the followi
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Description: In the course of your review of the accounts, you discover the following adjustments: Depreciation – for the year was ₱50,000. 75% is chargeable to factory operation and 25% to general operations. There is unpaid payroll of ₱2,800 (direct) and ₱500 f

Cost of Goods Manufactured The Calculation of cost of goods manufactured by taken the consideration…

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In the course of your review of the accounts, you discover the following adjustments: Depreciation – for the year was ₱50,000. 75% is chargeable to factory operation and 25% to general operations. There is unpaid payroll of ₱2,800 (direct) and ₱500 for factory supervision. Prepayments that expired are ₱8,000 where 50% is applicable to factory operation and 10% to general operation. Inventories at Dec. 31, 2005 are: Finished Goods ₱25,000 Work in Process 45,000 Direct Materials 25,000

In the course of your review of the accounts, you discover the following adjustments: Depreciation – for the year was ₱50,000. 75% is chargeable to factory operation and 25% to general operations. There is unpaid payroll of ₱2,800 (direct) and ₱500 for factory supervision. Prepayments that expired are ₱8,000 where 50% is applicable to factory operation and 10% to general operation. Inventories at Dec. 31, 2005 are: Finished Goods ₱25,000 Work in Process 45,000 Direct Materials 25,000

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section: Chapter Questions

Problem 6AP

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