On January 8, ABC Company purchases Raw material of $42,000 on account On January 30, ABC Company incurs $32,000 of factory labor costs. Of that amount, $27,000 relates to wages payable and $5,000 relates to payroll taxes payable in February 30/1/2020 ABC company incurred the following manufacturing overhead for the month of January: $1500 Depreciation of factory machines $3000 Depreciation of factory building $500 Factory water and electricity bill on account $250 Factory building property taxes will be paid at the end of the year 2020 $200 Factory machines repair on account On January, ABC Company uses $24,000 of direct materials and $6,000 of indirect materials in January On January, the $32,000 total factory labor cost consists of $28,000 of direct labor and $4,000 of indirect labor

On January 8, ABC Company purchases Raw material of $42,000 on account On January 30, ABC Company incurs $32,000 of factory labor costs. Of that amount, $27,000 relates to wages payable and $5,000 relates to payroll taxes payable in February 30/1/2020 ABC company incurred the following manufacturing overhead for the month of January: $1500 Depreciation of factory machines $3000 Depreciation of factory building $500 Factory water and electricity bill on account $250 Factory building property taxes will be paid at the end of the year 2020 $200 Factory machines repair on account On January, ABC Company uses $24,000 of direct materials and $6,000 of indirect materials in January On January, the $32,000 total factory labor cost consists of $28,000 of direct labor and $4,000 of indirect labor

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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The following transactions were taken from the books ofMasayun La Eni Corporation during the month of June 2020: a. Purchased raw materials on account, P200,000 and factorysupplies, P70,000.b. Issued raw materials to production, P400,000.c. Paid direct factory labor, P950,000.d. Paid indirect factory labor, P160,000.e. Consumed factory supplies in production, P80,000.f. Paid production supervisor’s salary, P60,000.g. Received factory utility bills for the month, P122,460.h. Depreciation of production assets for the month,P64,000.i. Units finished were 10,000 units in the amount ofP1,600,000.j. Sales for the month, P3,600,000. Goods related to salescost P1,800,000. Required: 1. Establish T-accounts for the following manufacturingaccounts and post corresponding beginning balances.Manufacturing Accounts Beginning BalancesRaw Materials Inventory P205,000Work-in-Process Inventory P630,000Finished Goods Inventory P360,000Indirect Materials Inventory P100,000Factory Overhead -2. Prepare…
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The following data summarizes in part the results of operations for 2021 of Diamond Company. Of the total cost of goods manufactured for 2021, 38% was for materials used, 30% for direct labor, and 32% for manufacturing overhead. During 2021, the company paid 90% of the materials purchased, leaving P293,000 of unpaid invoices for materials at year end.The company commenced 2021 operations with materials inventory of P421,000. All materials were purchased FOB company’s plant. The company disbursed P2,101,500 for direct labor during 2021. As of December 31, 2021, the accrued liability for direct labor amounted to P144,000, which was twice as much as last year’s accrual. The inventory of finished goods on December 31, 2021, was 10% of the cost of the units finished during the year, and goods in process on that date were one-half the finished goods inventory. This year’s finished goods inventory was 150% of last year. There are no in process last year. The manufacturing overhead, except for…
The following transactions were taken from the books of Masayun La Eni Corporation during the month of June 2020: a. Purchased raw materials on account, P200,000 and factory supplies, P70,000. b. Issued raw materials to production, P400,000. c. Paid direct factory labor, P950,000. d. Paid indirect factory labor, P160,000. e. Consumed factory supplies in production, P80,000. f. Paid production supervisor’s salary, P60,000. g. Received factory utility bills for the month, P122,460. h. Depreciation of production assets for the month, P64,000. i. Units finished were 10,000 units in the amount of P1,600,000. j. Sales for the month, P3,600,000. Goods related to sales cost P1,800,000. Required: Manufacturing Accounts Beginning Balances Raw Materials Inventory P205,000 Work-in-Process Inventory P630,000 Finished Goods Inventory P360,000 Indirect Materials Inventory P100,000 Factory Overhead - 1. Post entries to T-accounts. 2. Prepare statement of Cost of Goods Manufactured in good form.…
The following transactions were taken from the books of Masayun La Eni Corporation during the month of June 2020: a.Purchased raw materials on account, P200,000 and factory supplies, P70,000. b. Issued raw materials to production, P400,000. c. Paid direct factory labor, P950,000. d. Paid indirect factory labor, P160,000. e. Consumed factory supplies in production, P80,000. f. Paid production supervisor’s salary, P60,000. g. Received factory utility bills for the month, P122,460. h. Depreciation of production assets for the month, P64,000. i. Units finished were 10,000 units in the amount of P1,600,000. j. Sales for the month, P3,600,000. Goods related to sales cost P1,800,000. Required: 1. Establish T-accounts for the following manufacturing accounts and post corresponding beginning balances. Manufacturing Accounts Beginning Balances Raw Materials Inventory - P205,000 Work-in-Process Inventory - P630,000 Finished Goods Inventory - P360,000 Indirect Materials Inventory -…
The following cost incurred by Lucky corporation for October 2019 were as follows: Direct Materials used, P20,000 Indirect materials used, P1,000 Direct labor, P9,000 Indirect labor, P5,000 Other factory cost, P5,000 Selling expenses,P10,000 Administrative expenses, P12,000 Question: How much is the total product cost? a. P62,000 b. P50,000 c. P29,000 d. P40,000 Plz answer fast without plagiarism and don't copy answer plz
XYZ Incorporation provides the following financial data for the month of July 2020: Beginning Inventories 'Rs.' Direct Material 12,000 WIP - Finished Goods - 1. Purchased material on accounts for Rs. 200,000 2. Defective material returned to supplier worth Rs. 5,000 3. Material and labor issued to job during the month Direct material Direct Labor Job # 101 40,000 65,000 Job # 102 50,000 80,000 Job # 103 30,000 50,000 Job # 104 25,000 40,000 Indirect 5,000 15,000 4. FOH rate is 120% of direct labor cost 5. Actual FOH cost incurred on account Rs. 250,000 Required a) Prepare journal entries to record the…