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ACTIVITY 4
JOB ORDER COSTING
Problem 1
The following are transactions of Robina Corporation for the month of February 2020. Provide the corresponding journal entries for each transaction:
1. Purchase of materials (direct and indirect), on credit, P1,000,000
DEBIT CREDIT
Raw Materials 1,000,000
Accounts Payable 1,000,000
2. Usage of raw materials, P750,000 (20% are indirect materials)
DEBIT CREDIT
Work in Process 600,000
Factory Overhead Control 150,000
Raw Material 750,000
3. Manufacturing payroll for the month: Gross amount of 390,000 Direct labor, P90,000 of which for SSS and other government payable, and gross amount of indirect labor, P170,000, P45,000 of which for SSS and government payable. Net salary paid in cash.
DEBIT CREDIT
Payroll Expense 560,000
Cash 425,000
Government Payables 135,000
Work in Progress 390,000
Factory Overhead Control 170,000
Payroll Expense 560,000
OR
DEBIT CREDIT
Work in Progress 390,000
Factory Overhead Control 170,000
Cash 425,000
Government Payables 135,000
4. Other manufacturing overhead costs incurred during the month, P175,000, consisting of janitorial salaries, P80,000 paid in cash for plant utilities, repairs, and supervisory salaries, P130,000 and plant depreciation, P40,000
DEBIT CREDIT
Factory Overhead Control 175,000
Cash 175,000
Factory Overhead Control 80,000
Cash 80,000
Factory Overhead Control 130,000
Cash 130,000
Factory Overhead Control 40,000
Cash 40,000
DEBIT CREDIT
Factory Overhead Control 425,000
Account Salaries Payable 425,000
5. Allocation of manufacturing overhead to jobs using predetermined OH rate of P12/machine hour. Actual machine hour for the month is 50,000 hours.
DEBIT CREDIT
Work in Process 600,000
Finished Goods 600,000
6. Completion and transfer of individual jobs to finished goods, P1,555,000
DEBIT CREDIT
Finished Goods 1,555,000
Work in Process 1,555,000
7. Cost of goods sold, P880,000
DEBIT CREDIT
Cost of Goods Sold 880,000
Finished Goods 880,000
8. Marketing costs for February, P45,000 and customer service costs for February P15,000, paid in cash
Adjusting Entry: End of year
Debit Credit
Factory Overhead Applied 600,000
COGS 40,000
Factory Overhead Control 640,000
Compute/provide for the following:
1) Provide journal entries per transaction (please use compound entries)
2) Cost of Goods Sold
3) Total Manufacturing Cost
4) Cost per unit under normal costing
5) Cost per unit under actual costing
6) Cost of Goods Manufactured
7) Operating income
8) Ending Finished Goods Inventory
9) Ending Raw Materials Inventory
10) Net Income
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