Chapter 3: Cost Accounting Cycle - Problems 2-4 PDF

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Summary

MARVIN MANUFACTURING COMPANYRaw Materials Inventory, beg ₱175,000.Add: Purchases 250,000.Total Raw Materials Available for Use 425,000.Less: Raw Materials Inventory, ending -125,000.Direct Materials used 300,000.Direct Labor 270,000.Factory Overhead (1*270,000) 324,000.Total Manufacturing Cost 894,0...

Description

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PROBLEM 2 MARVIN MANUFACTURING COMPANY Statement of Cost of Goods Sold For the year ended December 2019 Raw Materials Inventory, beg Add: Purchases Total Raw Materials Available for Use Less: Raw Materials Inventory, ending Direct Materials used Direct Labor Factory Overhead (1.20*270,000) Total Manufacturing Cost Add: WIP, beg Total Cost of work put into Process Less: WIP, end Cost of Goods Manufactured Add: FGI, beg Cost of Goods Available for Sale Less: FGI, end Cost of Goods Sold

₱175,000.00 250,000.00 425,000.00 -125,000.00 300,000.00 270,000.00 324,000.00 894,000.00 90,000.00 984,000.00 -120,000.00 864,000.00 100,000.00 964,000.00 -80,000.00 884,000.00

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PROBLEM 3 DONNA COMPANY Statement of Cost of Goods Sold For the month ended May 31, 2019 Direct Materials used Materials, May 1 Purchases Total Materials Available for use Less: Materials, May 31 Direct Labor Factory Overhead (1.50*160,000) Total Manufacturing Costs Add: Work in Process, May 1 Cost of Goods Put into Process Less: Work in Process, May 31 Cost of Goods Manufactured Finished Goods, May 1 Total Goods Available for Sale Less: Finished Goods, May 31 Cost of Goods Sold

124,000 107,800 231,800 -115,000 116,800 160,000 240,000 516,800 129,200 646,000 -124,000 522,000 150,000 672,000 -122,000 550,000

107800

516,800 646,000 522,000 672,000 550,000

0

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PROBLEM 4 Ram Company completed the following transactions for October2019 Requirements: 1. Entries to record the transactions given above. 2. Statement of Fost of Goods Sold a)

b)

Materials Accounts Payable Factory payroll Withholding taxes SSS Premiums Phil Health Contributions Pag-ibig Funds Contribution Accrued Payroll Work in Process Inventory - DL Factory Overhead Control - IL Payroll

c)

d)

e)

f)

g)

h)

i)

Materials Accounts Payable Factory Overhead Control SSS Premiums Phil Health Contributions Pag-ibig Funds Contributions Work in Process -DM Factory Overhead Control - IM Materials Accounts Payable Direct Materials

180,000 180,000 80,000 11,200 2,400 375 1,620 64,405 60,000 20,000 80,000 20,000 20,000 5,595 3,600 375 1,620 120,000 10,000 130,000 5,000 5,000

Accounts Payable Accrued Payroll Cash

83,895 64,405

Factory Overhead Control Accrued Expense

24,900

148,300

Work in Process 72,000 Factory Overhead Applied (DL*120%)

24,900

72,000

-64,405.00

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j)

k)

Finished Goods Work in Process

180,000

Accounts Receivable Sales

210,000

Cost of Goods Sold Finished Goods

140,000

180,000

210,000

140,000

Ram Company Statement of Cost of Goods Manufactured and Sold For the month ended October 2019 Net Purchases (200,000-5,000) Total Materials available for production Less Materials, end Indirect Materials Direct Materials used Direct Labor Factory Overhead (1.20*60,000) Total Manufacturing Costs Less Work in Process, end Cost of Goods Manufactured Less Finished Goods, end Cost of Goods Sold, normal Less Over applied factory overhead Cost of Goods Sold, actual

Actual factory overhead (FO Control) Less Applied Factory Overhead Over Applied Factory Overhead

₱ 195,000 195,000 65,000 10,000

₱ ₱ ₱ ₱

75,000 120,000 60,000 72,000 252,000 72,000 180,000 40,000 140,000 -11,505 128,495

60,495 72,000 -11,505...