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BS Accountancy Decrease in finished goods inventory Lyceum of the Philippines University

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Lyceum of the Philippines University

BS Accountancy Decrease in finished goods inventory Lyceum of the Philippines University

Direct Materials P47,000
Direct Labor 28,000
Factory Overhead:
Depreciation – Factory equipment P1,000
Factory rent 2,000
Factory insurance 500
Materials handling 1,500 5,000
Manufacturing cost P80,000
2. (a)
Decrease in finished goods inventory P35,000
Add: Raw materials purchased P430,000
Direct labor payroll 200,000
Factory overhead 300,000 930,000
Total P965,000
Less: Increase in raw materials inventory 15,000
Cost of goods sold P950,000
3. (d)
Direct labor- Wages of machine operations P200,000
Direct materials:
Metal wire P500,000
Plastic coating 380,000 P880,000
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4. (c)
Materials inventory, beginning P 32,400
Purchases 40,000
Materials available for use 72,400
Materials inventory, ending 34,000
Materials used 38,400
Direct labor 33,000
Factory overhead 17,160
Manufacturing cost 88,560
Work in process inventory, beginning 7,200
Total 95,760
Work in process inventory, ending 16,240
Cost of goods manufactured P 79,520
5. (d)
Materials inventory, Jan. 1 P 17,000
Purchases 240,000
Freight in 3,000
Materials available for use 260,000
Materials inventory, Dec. 31 19,000
Materials used 241,000
Direct labor 320,000
Factory overhead 188,000
Factory cost 749,000 (1)
Work in process inventory, Jan. 1 12,000
Total 761,000
Work in process inventory, Dec. 31 13,000
Cost of goods manufactured 748,000
Finished goods inventory, Jan. 1 62,000
Goods available for sale 810,000
Finished goods inventory, Dec. 31 46,000
Cost of goods sold P764,000 (2)
6. (b) Solve upward from Cost of Goods Sold.
Materials inventory, Jan. 1 P 16,000
Purchases (squeeze) 72,000
Materials available for use 88,000
Materials inventory, Dec. 31 17,000
Materials used 71,000
Direct labor 30,000
Factory overhead 20,000
Factory cost 121,000
Work in process inventory, Jan. 1 16,000
Total 137,000
Work in process inventory, Dec. 31 30,000
Cost of goods manufactured 107,000
Finished goods inventory, Jan 1 14,000
Goods available for sale 121,000
Finished goods inventory, Dec. 31 20,400
Cost of goods sold (given) P100,600
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7. (c)
Direct materials used P100,000
Direct labor 250,000
Factory overhead:
Factory supplies P 6,000
Indirect labor 50,000
Machine maintenance and repair 10,000
Factory rent, light and power 24,000
Depreciation 10,000
Payroll taxes 30,000 130,000
Factory cost 480,000
Work in process inventory, Jan. 1 30,000
Total 510,000
Work in process inventory, Dec. 31 40,000
Cost of goods manufactured 470,000 (1)
Finished goods inventory, Jan. 1 50,000
Goods available for sale 520,000
Finished goods inventory, Dec. 31 60,000
Cost of goods sold P460,000 (2)
8. (b)
Raw materials inventory, beginning P 44,000
Purchases 600,000
Materials available for use 644,000
Raw materials inventory, ending 60,000
Raw materials used 584,000
Direct labor 240,000
Factory overhead:
Indirect labor P120,000
Taxes, utilities and depreciation 100,000 220,000
Factory cost 1,044,000
Work in process inventory, beginning 80,000
Total 1,124,000
Work in process inventory, end 96,000
Cost of goods manufactured 1,028,000
Finished goods inventory, beginning 50,000
Goods available for sale 1,078,000
Finished goods inventory, end 36,000
Cost of goods sold P1,042,000
9. (b)
Direct materials used P 500,000
Direct labor 600,000
Factory overhead 700,000
Factory cost 1,800,000
Work in process inventory, beginning 200,000
Total 2,000,000
Work in process inventory, end 250,000
Cost of goods manufactured 1,750,000
Finished goods inventory, beginning (squeeze) 610,000
Goods available for sale 2,360,000
Finished goods inventory, end 760,000
Cost of goods sold P1,600,000

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BS Accountancy Decrease in finished goods inventory Lyceum of the Philippines University

 

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