The accounting records of VJ Company contained the following information for last year: Direct materials inventory Work in process inventory Finished goods inventory Manufacturing costs incurred Indirect materials Direct labor costs Depreciation on factory machinery Factory rent Indirect labor Taxes Purchases Freight in Purchase discount Selling and administrative costs incurred Advertising Rent Clerical Beginning Requirements: 1. Prepare the statement of cost of good manufactured and sold P90,000 200,000 185,000 Ending P65,000 100,000 155,000 P300,000 160,000 10,000 12,000 70,000 8,000 510,000 20,000 10,000 36,000 21,000 24,500

The accounting records of VJ Company contained the following information for last year: Direct materials inventory Work in process inventory Finished goods inventory Manufacturing costs incurred Indirect materials Direct labor costs Depreciation on factory machinery Factory rent Indirect labor Taxes Purchases Freight in Purchase discount Selling and administrative costs incurred Advertising Rent Clerical Beginning Requirements: 1. Prepare the statement of cost of good manufactured and sold P90,000 200,000 185,000 Ending P65,000 100,000 155,000 P300,000 160,000 10,000 12,000 70,000 8,000 510,000 20,000 10,000 36,000 21,000 24,500

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter7: Variable Costing For Management analysis

Section: Chapter Questions

Problem 1E: At the end of the first year of operations, 21,500 units remained in the finished goods inventory....

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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.
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During the year, a company purchased raw materials of $77,321, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
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For E2-17, prepare any journal entries that would have been different if the only trigger points had been the purchase of materials and the sale of finished goods. Davis Co. uses backflush costing to account for its manufacturing costs. The trigger points are the purchase of materials, the completion of goods, and the sale of goods. Prepare journal entries to account for the following: a. Purchased raw materials, on account, 70,000. b. Requisitioned raw materials to production, 70,000. c. Distributed direct labor costs, 15,000. d. Factory overhead costs incurred, 45,000. (Use Various Credits for the account in the credit part of the entry.) e. Completed all of the production started. f. Sold the completed production for 195,000, on account. (Hint: Use a single account for raw materials and work in process.)
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