Homework Help is Here – Start Your Trial Now!
Business
Accounting
On December 31, 2016, after closing, the ledgers of Dodol Company contained these accounts and balances: Cash Finished Goods Materials Accounts Payable Details of the three inventories are: Finished Goods Inventory: P 93,000 P 65,000 P 4,000 P118,000 Accounts Receivable P105.000 Retained Eamings P74,000 Work In Process Machinery Common Stock P 15,000 P 70,000 P 200,000 Materials Inventory: Material X (PS/ unit) P 20,000 Material Y (P3/ unit) 24,000 JOB 101 P 5,000 Item A- 2,000 units at P 12.50 Irem B- 4,000 units at P 10.00 P 25,000 40,000 Work in Process Inventory: Direct Materials: JOB 102 1,000 units at P 5.00 400 units at P3.00 1,000 hours at P 4.00 400 hours at P 5.00 P1.200 Direct Labor: 4,000 2,000 800 Factory Overhead: Applied at P 2.00/hour During January, 2012, these transactions were completed: a. Purchases on account: Material X- 20,000 units at P 5.60; Material Y- 24,000 units at P 3.75; indirect materials- P 35,040. b. Payroll totaling P 220,000 was paid. Of the total payroll P 40,000 was for marketing and administrative salaries. Payroll deductions consisted of P 31,000 for withholding taxes, P 7,000 for SSS, P 440 for Medicare Contributions, and P 6,600 for Pag-ibig Funds. 2,000

On December 31, 2016, after closing, the ledgers of Dodol Company contained these accounts and balances: Cash Finished Goods Materials Accounts Payable Details of the three inventories are: Finished Goods Inventory: P 93,000 P 65,000 P 4,000 P118,000 Accounts Receivable P105.000 Retained Eamings P74,000 Work In Process Machinery Common Stock P 15,000 P 70,000 P 200,000 Materials Inventory: Material X (PS/ unit) P 20,000 Material Y (P3/ unit) 24,000 JOB 101 P 5,000 Item A- 2,000 units at P 12.50 Irem B- 4,000 units at P 10.00 P 25,000 40,000 Work in Process Inventory: Direct Materials: JOB 102 1,000 units at P 5.00 400 units at P3.00 1,000 hours at P 4.00 400 hours at P 5.00 P1.200 Direct Labor: 4,000 2,000 800 Factory Overhead: Applied at P 2.00/hour During January, 2012, these transactions were completed: a. Purchases on account: Material X- 20,000 units at P 5.60; Material Y- 24,000 units at P 3.75; indirect materials- P 35,040. b. Payroll totaling P 220,000 was paid. Of the total payroll P 40,000 was for marketing and administrative salaries. Payroll deductions consisted of P 31,000 for withholding taxes, P 7,000 for SSS, P 440 for Medicare Contributions, and P 6,600 for Pag-ibig Funds. 2,000

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 1E: Inventory Accounts for a Manufacturing Company Fujita Company produces a single product. Costs...
See similar textbooks
icon
Related questions
Question

What is the answer and solution for the qustions 1,2,3

On December 31, 2016, after closing, the ledgers of Dodol Company contained these accounts and balances: P 93,000 P 65.000 P 44,000 P118,000 Details of the three inventories are: Finished Goods Inventory: Accounts Receivable P 105,000 Retained Eamings P74,000 Work In Process Machinery Common Stock Cash Finished Goods P 15,000 P 70,000 P 200,000 Materials Accounts Payable Materials Inventory: Material X (P5/ unit) P 20,000 Material Y P3/ unit) 24,000 JOB 101 P5,000 Item A-2,000 units at P 12.50 Irem B- 4,000 units at P 10.00 P 25,000 40,000 Work in Process Inventory: Direct Materials: JOB 102 1,000 units at P5.00 400 units at P3.00 P1,200 Direct Labor: 1,000 hours at P 4.00 400 hours at P 5.00 4,000 2,000 800 Factory Overhead: Applied at P 2.00/hour During January, 2012, these transactions were completed: a. Purchases on account: Material X- 20,000 units at P 5.60; Material Y- 24,000 units at P 3.75; indirect materials- P 35,04o. b. Payroll totalings P 220,000 was paid. Of the total payroll P 40,000 was for marketing and administrative salaries. Payroll deductions consisted of P 31,000 for withholding taxes, P 7,000 for S5S, P 440 for 2.000 Medicare Contributions, and P6,600 for Pag-ibig Funds. c. Payroll is to be distributed as follows: Job 101- 10,000 direct labor hours at P4.00, Job 102-16,000 direct labor hours at P 5.00, Job 103- 12,000 direct labor hours at P 3.00, indirect labor- P 24,000, Marketing and administrative salaries- P 40,000. Employer's Payroll taxes are: SSS Premium 5%, Medicare Contribution 0.2%, and Pag-ibig Funds 3%. d. Materials were issued on a FIFO basis as follows: Material X- 20,000 units ( charged to Job 101). Material Y- 24,000 units ( charged to Job 102). Material X- 2,000 units and materials Y-5,000 units (charged to Job 103). (Note: Transactions are to be taken in consecutive order). Indirect Materials amounted to P 15,040. e. Factory Overhead was applied to Jobs 101, 102 and 103 based on a rate of P2.40 per direct labor hour. f. Jobs 101 and 102 were completed and sold on account for P 240,000 and P 270,000, respectively. 5 After allowing a 5% cash discount, a net amount of P 494,000 was collected on accounts receivable. h. Marketing and administrative expenses (other than salaries) paid during the month amounted to P 30,000. Miscellaneous factory overhead of P 20,900 was paid. Depreciation for the month P 12,000 (20% pertains to factory machinery). i. Payments on account, other than payroll paid, amounted to P170,000. j. The over or under-applied factory overhead is to be closed. 1. Total Manufacturing cost 2. COGM 3. Over/Under-applied OH 4. Cost of goods sold 5. Total assets
Transcribed Image Text:On December 31, 2016, after closing, the ledgers of Dodol Company contained these accounts and balances: P 93,000 P 65.000 P 44,000 P118,000 Details of the three inventories are: Finished Goods Inventory: Accounts Receivable P 105,000 Retained Eamings P74,000 Work In Process Machinery Common Stock Cash Finished Goods P 15,000 P 70,000 P 200,000 Materials Accounts Payable Materials Inventory: Material X (P5/ unit) P 20,000 Material Y P3/ unit) 24,000 JOB 101 P5,000 Item A-2,000 units at P 12.50 Irem B- 4,000 units at P 10.00 P 25,000 40,000 Work in Process Inventory: Direct Materials: JOB 102 1,000 units at P5.00 400 units at P3.00 P1,200 Direct Labor: 1,000 hours at P 4.00 400 hours at P 5.00 4,000 2,000 800 Factory Overhead: Applied at P 2.00/hour During January, 2012, these transactions were completed: a. Purchases on account: Material X- 20,000 units at P 5.60; Material Y- 24,000 units at P 3.75; indirect materials- P 35,04o. b. Payroll totalings P 220,000 was paid. Of the total payroll P 40,000 was for marketing and administrative salaries. Payroll deductions consisted of P 31,000 for withholding taxes, P 7,000 for S5S, P 440 for 2.000 Medicare Contributions, and P6,600 for Pag-ibig Funds. c. Payroll is to be distributed as follows: Job 101- 10,000 direct labor hours at P4.00, Job 102-16,000 direct labor hours at P 5.00, Job 103- 12,000 direct labor hours at P 3.00, indirect labor- P 24,000, Marketing and administrative salaries- P 40,000. Employer's Payroll taxes are: SSS Premium 5%, Medicare Contribution 0.2%, and Pag-ibig Funds 3%. d. Materials were issued on a FIFO basis as follows: Material X- 20,000 units ( charged to Job 101). Material Y- 24,000 units ( charged to Job 102). Material X- 2,000 units and materials Y-5,000 units (charged to Job 103). (Note: Transactions are to be taken in consecutive order). Indirect Materials amounted to P 15,040. e. Factory Overhead was applied to Jobs 101, 102 and 103 based on a rate of P2.40 per direct labor hour. f. Jobs 101 and 102 were completed and sold on account for P 240,000 and P 270,000, respectively. 5 After allowing a 5% cash discount, a net amount of P 494,000 was collected on accounts receivable. h. Marketing and administrative expenses (other than salaries) paid during the month amounted to P 30,000. Miscellaneous factory overhead of P 20,900 was paid. Depreciation for the month P 12,000 (20% pertains to factory machinery). i. Payments on account, other than payroll paid, amounted to P170,000. j. The over or under-applied factory overhead is to be closed. 1. Total Manufacturing cost 2. COGM 3. Over/Under-applied OH 4. Cost of goods sold 5. Total assets
Expert Solution
steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Characteristics Of Insurance
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
SEE MORE TEXTBOOKS