Journalize the transactions 10:31 MO 80%I10-COST-Less... /Scanned with CamScannerCost Accounting122During January, 2015, these transactions were completed:a) Purchases on account: Material X - 20,000 units at P5.20; Material Y - 24,000units at P 3.75; indirect materials - P35,040.b) Payroll totaling P220,000 was paid. Of the total payrollI, P40,000 was formarketing and administrative salaries. Payroll deductions consisted of P31,000for withholding taxes, P7,000 for SSS premiums, P 440 for Medicarecontributions, P 6,600 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 P5.00; Job 103 - 12,000 directlabor hours at P3.00; indirect labor - P24,000; marketing and administrativesalaries - P40,000. Employer's payroll taxes are:Medicare contributions - 0.2%; and Pag-ibig Funds - 2%.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);X - 2,000 units and Materials Y - 5,000 units (charged to Job 103): (Note:Transactions are to be taken in consecutive order).amounted to P15,040.SSS Premiums - 5%:erialIndirect materialse) Factory overhead was applied to Jobs 101, 102, and 103 based on a rate ofP2.25 per direct labor hour.f) Jobs 101 and 102 were completed and sold on account for P240,000 andP270,000, respectively.g) After allowing a 5% cash discount, a net amount of P494,000 was colleçted onaccounts receivable.h) Marketing and administrative expenses (other than salaries) paid during themonth amounted to P30,000. Miscellaneous factory overhead of P21,600 waspaid. Depreciation on machinery was P4,000.Payments on account, other than payroll paid, amounted to P170,000.i)The over or underapplied factory overhead is to be closed.j)Scanned with CamScannerII 10:31 OO 80%I10-COST-Less... IOn December 31, 2014, after closing, the ledgers of Golden Shower Companycontained these accounts and balances:94,000100,00065,00015,00044,00070,600118,750200,00069,850CashAccounts ReceivableFinished GoodsWork in ProcessMaterialsMachineryAccounts PayableCommon StockRetained EarningsDetails of the three inventories are:Finished goods inventory:Item A - 2,000 units at P 12.50Item B - 4,000 units at P 10.00Total25,00040,00065,000Job 102P.Work in process inventory:Job 101Direct materials:1,000 units at P 5.00400 units at P 3.00P 5,000P 1,200Direct labor:1,000 hours at P 4.00400 hours at P 5.004,0002,000Factory overhead:Applied at P 2.00/hourTotal2,000800P 4,000P11,000Materials inventory:Material X - 4,000 units at P 5.00Material Y - 8,000 units at P 3.0020,00024,000PTotal44,000Scanned with CamScannerII

Journal Entry The basic function of accounting is to enter the required transaction which are…

Answered: ournalize the transactions

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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roblem 12 (10 points)Compute the Cost of Goods Sold for 2020 of Pillows Company considering the following information: Raw materials purchased was P2,500,000 with freight-in of P120,000 Purchase returns was P50,000 and purchase discount is 60% of purchase returns Raw materials beginning was P460,000 Raw materials end was P40,000 more than the beginning inventory Direct labor is P1,000,000 Factory overhead is 50% of direct labor Total goods placed in process is 150% of manufacturing cost WIP, end is 75% of WIP, beg Finished goods beginning balance is lesser by P100,000 than the ending balance which was P600,000
24.2 Jabu manufactures and sells Product X. During the most recent financial period, he sold 500 units at R750 each. There were no units of Product X in opening or closing inventory. Sales people are paid a commission of 5% on sales. The following additional information is available for this sales level: Fixed administrative cost per unit R90.00 Total fixed manufacturing overhead R120 000 Total fixed marketing cost R50 000 Direct material usage per product 2 kg Direct material price per kilogram R14.50 Total direct labour cost R47 500 Required: All manufacturing cost increases with 10%. The marketing director estimates that sales volume will increase with 5% if an advertising campaign of R10 000 is undertaken. What is the operating income for Jabu? Refer to above. Do you think that it is viable for Jabu to…
24&26&27 Jabu manufactures and sells Product X. During the most recent financial period, he sold 500 units at R750 each. There were no units of Product X in opening or closing inventory. Sales people are paid a commission of 5% on sales. The following additional information is available for this sales level: Fixed administrative cost per unit R90.00 Total fixed manufacturing overhead R120 000 Total fixed marketing cost R50 000 Direct material usage per product 2 kg Direct material price per kilogram R14.50 Total direct labour cost R47 500 Required: All…
Ma4 . Tord Company processes 18.100 gallons of direct materials to produce two products, Product X and Product Y Product X sells for 30 per galon and Product Y, the main product sells for $200 per gallon. The following information is for December The manufacturing costs totaled $29,000 If the byproduct inventory is recorded at NRV less profit margin of 40%, the balance sheet will report______of byproduct inventory OA. $1.575 Ob. $0 Oc. $4,000 OD. $945
4.The following were taken from accounting records of Bella Company in December 2020.Prime cost, P301,000Gross profit rate on sales, 20%Cost of goods available for sale, P460,000Direct materials purchased, P170,000Work in process, December 1, 2020, P34,000Direct Materials, December 1, 2020, P16,000Finished goods, December 1, 2020, P30,000Factory overhead, 40% of conversion cost.Sales, P500,000Direct labor, P180,000Compute for December 31, 2020: (1) Direct materials inventory; (2) Work in process inventory; (3) Finished goodsinventory: A.(1) P6,000 ; (2) P25,400 ; (3) P30,000B. (1) P49,000 ; (2) P25,000 ; (3) P30,000C. (1) P65,000 ; (2) P25,400 ; (3) P60,000D. (1) P65,000 ; (2) P25,000 ; (3) P60,000
Inventories: March 1 March 31Raw material P18,000 P15,000Work in process 9,000 6,000Finished goods 27,000 36,000Additional information for March:Raw material purchased P42,000Direct labor payroll 30,000Direct labor rate per hour 7.50Overhead rate per direct labor hour 10.00 Required a. prime cost incurred b.conversion cost incurred c. Cost of Goods Manufactured
Problem 12 Compute the Cost of Goods Sold for 2020 of Pillows Company considering the followinginformation:  Raw materials purchased was P2,500,000 with freight-in of P120,000 Purchase returns was P50,000 and purchase discount is 60% of purchase returns Raw materials beginning was P460,000 Raw materials end was P40,000 more than the beginning inventory Direct labor is P1,000,000 Factory overhead is 50% of direct labor Total goods placed in process is 150% of manufacturing cost WIP, end is 75% of WIP, beg Finished goods beginning balance is lesser by P100,000 than the ending balance whichwas P600,000
8. The following cost relate to XYZ Corp for the year:Sales commission expenses P 185,000Direct materials 215,000Conversion cost 435,000Factory overhead 190,000 (40% of which is fixed)What is the TOTAL PERIOD COSTS?
CH11_HW_QA2_LA Required 1: 1-a. Compute the throughput time for each month. 1-b. Compute the manufacturing cycle efficiency (MCE) for each month. 1-c. Compute the delivery cycle time for each month. (Round your answers to 1 decimal place.) Throughput Time Manufacturing Cycle Efficiency (MCE) Delivery Cycle Time Month 1 days % days Month 2 days % days Month 3 days % days Month 4 days % days Required 3: 3-a. (Month 5) Refer to the inspection time, process time, and so forth, given for month 4. Assume that in month 5 the inspection time, process time, and so forth, are the same as for month 4, except that the company is able to completely eliminate the queue time during production using Lean Production. Compute the new throughput time and MCE. 3-b. (Month 6) Refer to the inspection time, process time, and so forth, given for month 4. Assume that in month 6 the inspection time, process time, and so…
72. The accounting records of X Corp shows the following: Increase of RM if 45,000; decrease din FG Inventory of 150,000; Purchases of raw materials of 1,290,000; Direct labor payroll of 600,000; Factory overhead of 900,000 (excludes indirect labor and indirect material of 10,000 and 20,000, respectively); Freight out of 135,000; Transportation in of 60,000 and decrease in WIP of 80,000. The cost of direct materials used for the period is?
Hw.52. The manufacturing concern has the following data available for the month of March 2020:Total manufacturing cost Rs. 10,000Total cost of goods manufactured Rs.15,500Cost of material purchased Rs.3,500Direct Labour Rs.2,100Direct material_ Begining Rs.3,100Direct material Ending Rs.600The amount of FOH must be RS. O a. 1,900 O b. 2,000 O C. 2,900 • d. 2,100
5. Calculate the direct material from the following information: Direct expenses RO 90,000, Direct labor RO 20,000, manufacturing overheads RO 30,000 and prime cost RO 170,000. a.RO 21,000 b.RO18,000 c.RO 60,000 d.RO 20,000 6. Which of the following are used for calculating economic order frequency? i. Total annual consumption ii. No of order per year iii. Buying cost per order iv. 365 days a.i and ii b.ii and iv c.iii and iv d.i and iv

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