Journalize the transactions CPA Processing Co. had the following inventories on August of the current year:Finished Goods InventoryWork in Process InventoryMaterials InventoryP410,00035,000P 82,000Details of the above mentioned three inventories are:Finished Goods Inventory:Job 101Job 102Work in Process Inventory:Job 103Job 104P 140,000135,000P 275,000Р 9,00017,00014,000P 40,000TotalJob 105TotalThe following information pertains to August operations:1. Materials Purchased P100,000, on account P55,000 and balance in cash.2. Materials returned to vendors due to defects and was not replaced, P7,000 from cash and P3,000 on account.3. Materials issued for production, P50,000. Of this amount, P10,000 was for indirect materials; the differencewas distributed as follows:Job 103, P11,000 Job 104, P9,000Job 105, P7,000Job 106, P13,0004. Materials returned to warehouse from the factory, P10,000, of which P3,000 was for indirect materials, thebalance from Job 405 ,60% and Job 404, 40%.5. The total payroll was P170,000. It was distributed as follows: 6,500 for store attendant, 10,000 foradministrative staff and the balance represents indirect labor and direct labor allocated as follows:Job 103 – 12,000 direct labor hours at P3.00Job 104 – 14,000 direct labor hours at P4.00Job 105 – 7,000 direct labor hours at P2.00Job 106 – 9,000 direct labor hours at P5.00Indirect Labor 2Payroll Deductions are as follows:Withholding TaxesSSS PremiumsP 8,0005,5005,0004,500Phil Health ContributionPag-ibig Funds6. Employer payroll expense is as follows:Factory3,4002,5003,000Selling2,4002,0001,000GeneralSSS PremiumsPhil Health Contributions1,6001,800900Pag-ibig Funds7. Factory overhead, other than any previously mentioned, amounted to P25,000. Included in this figure wereP12,000 for depreciation of factory building and P15,000 for factory equipment, and P1,000 for expiredinsurance on the factory. The remaining overhead was unpaid at the end of August.

Journal Entry The basic process accounting is to journalize the required transaction into both debit…

Answered: Journalize the transactions

Business

Accounting

Journalize the transactions

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter1: Introduction To Cost Accounting

Section: Chapter Questions

Problem 9P: Glasson Manufacturing Co. produces only one product. You have obtained the following information...

See similar textbooks

Similar questions

Selected information concerning the operations of a company for the year ended December 31 is as follows: Work in process inventories at the beginning and end of the year were zero. Beginning inventory of finished goods was 9,650 (for 1,000 units). Cost of goods sold was 174,600. What was the companys finished goods inventory cost at December 31? a. 98,050 b. 29,100 c. 29,050 d. 40,600
Loanstar had 100 units in beginning inventory before starting 950 units and completing 800 units. The beginning work in process inventory consisted of $2,000 in materials and $500O in conversion costs before $8.500 of materials and $11,200 of conversion costs were added during the month. The ending WIP inventory was 100% complete with regard to materials and 40% complete with regard to conversion costs. Prepare the journal entry to record the transfer of inventory from the manufacturing department to the finished goods department.
The journal entry to record the $500 of work in process ending inventory that consists of $300 of direct materials, $50 of manufacturing overhead, and $150 od direct labor is which of the following?
Webster Company uses backflush costing to account for its manufacturing costs. The trigger points for recording inventory transactions are the purchase of materials, the completion of products, and the sale of completed products. Required: 1. Prepare journal entries, if needed, to account for the followingtransactions. a. Purchased raw materials on account, 135,000. b. Requisitioned raw materials to production, 135,000. c. Distributed direct labor costs, 20,000. d. Incurred manufacturing overhead costs, 80,000. (Use Various Credits for the credit part of the entry.) e. Cost of products completed, 235,000. f. Completed products sold for 355,000, on account. 2. Prepare any journal entries that would be different from theabove, if the only trigger points were the purchase of materialsand the sale of finished goods.
There were 2.000 units in beginning inventory that were 70% complete with regard to conversion. During the month. 15.000 units were started, and 16,000 were transferred to finished goods. The ending work in process was 55% complete with regard to conversion costs, and materials are added at the beginning of the process. What is the total amount of equivalent units for materials and conversion at the end of the month using the weighted-average method?
A company started a new product, and in the first month started 100,000 units. The ending work in process inventory was 20,000 units that were 100% complete with materials and 75% complete with conversion costs. There were 100,000 units to account for, and the equivalent units for materials was $6 per unit while the equivalent units for conversion was $8 per unit. What is the value of the inventory transferred out, using the weighted-average inventory method?
A company started the month with 4,519 units in work in process inventory. It started 15,295 units and had an ending inventory of 4,936. The units were 100% complete to materials and 30% complete with conversion. How many units were transferred out during the period?
Production data show 35,920 units were transferred out of a stage of production and 6,150 units remained in ending WIP inventory that was 100% complete to material and 35% complete to conversion. The unit material cost is $5 for material and $8 for conversion. What is the amount of inventory transferred out and remaining in ending work in process inventory?
A company started the month with 8,329 units in work in process inventory. It started 23,142 unit and had an ending inventory of 9,321. The units were 100% complete to materials and 67% complete with conversion. How many units were transferred out during the period?
SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 77,000 Materials inventory, January 1 31,000 Materials purchases 35,000 Materials inventory, December 31 26,000 Direct labor 48,000 Overhead 20,000 Work in process, December 31 62,000
The packaging department began the month with 750 units that were 100% complete with regard to material and 25% complete with regard to conversion. It received 9,500 units from the processing department and ended the month with 500 units that were 100% complete with regard to materials and 75% complete with regard to conversion. With a $7 per unit material cost and a $4 per unit cost for conversion, what is the cost of the units transferred out and remaining in ending inventory?
Inventory Accounts for a Manufacturing Company Fujita Company produces a single product. Costs accumulated at the end of the period are as follows: Assume the beginning raw materials inventory was 62,800, the beginning finished goods inventory was 118,400, and there was no beginning work-in-process inventory. Required: Compute the closing account balances of each of the three inventory accounts: Raw Materials, Work in Process, and Finished Goods.