Professional Documents
Culture Documents
6.
7.
8.
9.
10.
A
A
A
A&C
A
11.
12.
13.
14.
15.
A
A
A
A
A
16.
17.
18.
19.
20.
A
A
C
A
A
P1,440,000
966,000
P 474,000
P72,000
14,400
86,400
P 387,600
135,660
P251,940
P120,000
720,000
P840,000
170,000
P 670,000
300,000
200,000
P1,170,000
160,000
P1,330,000
300,000
P1,030,000
140,000
P1,170,000
204,000
P 966,000
P150,000
240,000
P390,000
120,000
P270,000
2.
3.
page 2
P240,000
P140,000
160,000
300,000
P540,000
P300,000
P168,000
128,000
296,000
P596,000
4.
P240,000
300,000
296,000
P836,000
5.
P836,000
160,000
P996,000
128,000
P868,000
6.
P868,000
108,000
P976,000
120,000
P856,000
E 12-4
Company A
Finished Goods, beginning
Add Cost of Goods Manufactured
Cost of Goods Available for Sale
Less Cost of Goods Sold (P8,000,000 x 60%)
Finished Goods, end
P1,200,000
7,600,000
P8,800,000
4,800,000
P4,000,000
Company B
Cost of goods sold
Add Finished goods, end
Cost of goods available for sale
P2,600,000
380,000
P2,980,000
Company C
Cost of Goods Manufactured
Add Finished Goods, beginning
Cost of Goods Available for Sale
Less Finished Goods, end
Cost of Goods Sold
Add Gross Profit
Sales
P680,000
90,000
P770,000
104,000
P666,000
192,000
P858,000
page 3
E 12-5
a.
80,000
80,000
b.
no entry
c.
Factory Payroll
Withholding Taxes Payable
SSS Contributions Payable
Medicare Contributions Payable
Vouchers Payable
80,000
Vouchers Payable
Cash
64,120
Direct Labor
Indirect Labor
Factory Payroll
64,000
16,000
d.
e.
f.
g.
h.
i.
9,600
6,000
280
64,120
64,120
80,000
8,000
6,000
640
1,360
36,000
36,000
4,200
1,560
2,500
1,560
4,200
2,500
10,000
18,260
28,260
Accounts Receivable
Sales
Cash
Accounts Receivable
160,000
160,000
80,000
80,000
l.
m.
Manufacturing Summary
Raw Materials Purchases
Direct Labor
Indirect Labor
Factory Payroll Taxes
Sundry Factory Overhead
Depreciation Expense Factory
Insurance Factory
Property Taxes Factory
Finished Goods, end
Income Summary
P184,000 (P160,000 x 75%) = P64,000
E 12-6
1. Direct Materials, January 1
Add Purchases of Direct Materials
Direct Materials Available for Use
Less Direct Materials, December 31
Direct Materials Used
page 4
212,260
80,000
64,000
16,000
8,000
36,000
4,200
1,560
2,500
64,000
64,000
P12,800
18,000
P30,800
10,800
P20,000
2.
P105,400
22,600
P128,000
3.
P100,000
16,000
P116,000
10,600
P105,400
4.
P 20,000
26,000
58.000
P104,000
5.
P100,000
4,000
P104,000
104,000
P - 0--
6.
P11,800
9,200
P21,000
14,000
P 7,000
7.
page 5
P43,000
P16,000
15,200
31,200
P11,800
8.
P44,000
10,600
P54,600
8,000
P46,600
9.
Sales
Less Cost of Goods Sold
Gross Profit
P67,600
44,000
P23,600
P43,000
9,600
P52,600
46,600
P 6,000
11.
P80,800
P18,800
26,000
44,800
P36,000
P18,800
11,000
P29,800
13,800
P16,000
P110,000
24,000
P 86,000
P86,000
12,400
P98,400
15,600
P82,800
P82,800
600
P83,400
2,600
P80,800
page 6
P 3,000
16,000
P19,000
11,200
P 7,800
P36,200
P11,200
12,000
23,200
P13,000
P36,200
12,000
P48,200
34,000
P14,200
19. Sales
Less Cost of Goods Sold
Gross Profit
P80,000
34,000
P46,000
P36,200
5,000
P41,200
36,200
P 5,000
P 12 1
1.
P3,600,000
3,400,000
P 200,000
20%
P1,000,000
2.
P3,600,000
800,000
P4,400,000
3.
P3,600,000
P 900,000
1,250,000
2,150,000
P1,450,000
P 12 2
1.
a.
b.
400,000
70,000
400,000
c.
d.
e.
Vouchers Payable
Direct Labor
Indirect Labor
Sales Salaries
Administrative Salaries
Withholding Taxes Payable
SSS Contributions Payable
Medicare Contributions Payable
Pag-ibig Contributions Payable
Vouchers Payable
Vouchers Payable
Cash
Factory Payroll Taxes
Sales Payroll Taxes
Administrative Payroll Taxes
SSS Contributions Payable
Medicare Contributions Payable
Pag-ibig Contributions Payable
f.
No entry
g.
No entry
h.
Accounts Receivable
Sales
i.
j.
k1
page 7
70,000
280,000
60,000
50,000
30,000
37,040
16,800
2,250
12,600
351,310
351,310
351,310
28,400
4,750
2,700
21,000
2,250
12,600
1,078,000
1,078,000
Cash
Accounts Receivable
810,000
Vouchers Payable
Cash
440,000
810,000
440,000
94,400
60,000
70,000
224,400
k2.
Manufacturing Summary
Raw Material Purchases
Other Factory Overhead
Direct Labor
Indirect Labor
Factory Payroll Taxes
Indirect Materials
908,400
400,000
70,000
280,000
60,000
28,400
70,000
k3.
k4.
k5.
k6.
k7.
page 8
Manufacturing Summary
Work in Process, beginning
Raw Materials, beginning
136,000
Finished Goods
Income Summary
P70,000 + P820,000 P770,000 = P120,000
120,000
Income Summary
Finished Goods, beginning
Sales
Manufacturing Summary
Sales Salaries
Administrative Salaries
Sales Payroll Taxes
Administrative Payroll Taxes
Income Tax
Income Summary
Income Summary
Retained Earnings
36,000
100,000
120,000
70,000
70,000
1,078,000
820,000
50,000
30,000
4,750
2,700
66,165
104,385
154,385
154,385
Lamasan Company
Cost of Goods Sold Statement
For the Month Ended July 31, 2010
Direct Materials:
Raw Materials, beginning
Add Raw Materials Purchases
Raw Materials Available for Use
Less: Indirect Materials
Raw Materials, end
Direct Materials Used
Direct Labor
Factory Overhead:
Indirect Materials
Indirect Labor
Factory Payroll Taxes
Other Factory Overhead
Total Manufacturing Cost
Add Work in Process, beginning
Total Cost of Work Put into Process
Less Work in Process, end
Cost of Goods Manufactured
Add Finished Goods, beginning
Cost of Goods Available for Sale
Less Finished Goods, end
Cost of Goods Sold
P100,000
400,000
P500,000
P70,000
60,000
P70,000
60,000
28,400
70,000
130,000
P370,000
280,000
228,400
P878,400
36,000
P914,400
94,400
P820,000
70,000
P890,000
120,000
P770,000
3.
page 9
Lamasan Company
Income Statement
For the Month Ended July 31, 2010
Sales
Cost of Goods Sold
Gross Profit
Operating Expenses:
Administrative Salaries
Administrative Payroll Taxes
Sales Salaries
Sales Payroll Taxes
Profit before Income Tax
Income Tax
Profit
P1,078,000
770,000
P 308,000
P30,000
2,700
50,000
4,750
Lamasan Company
Statement of Financial Position
July 31, 2010
ASSETS
Cash (P200,000 - P351,310 + P810,000 P440,000)
Accounts Receivable (P120,000 + P1,078,000 P810,000)
Finished Goods
Work in Process
Raw Materials
TOTAL ASSETS
87,450
P 220,550
66,165
P154,385
P218,690
388,000
120,000
94,400
60,000
P881,090
LIABILITIES
Vouchers Payable (P36,000 + P400,000 + P70,000 + P351,310 P351,310
P440,000)
Income Tax Payable
Withholding Taxes Payable
SSS Contributions Payable (P16,800 + P21,000)
Medicare Contributions Payable (P2,250 + P2,250)
Pag-ibig Contributions Payable (P12,600 + P12,600)
TOTAL LIABILITIES
66,165
37,040
37,800
4,500
25,200
P236,705
SHAREHOLDERS EQUITY
Ordinary Share Capital
Retained Earnings (P90,000 + P154,385)
TOTAL STOCKHOLDERS EQUITY
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY
644,385
P881,090
P 66,000
P400,000
244,385
P 12 3
1.
P128,000
168,000
P296,000
P156,000
120,000
276,000
page 10
P 20,000
P 88,000
12,000
(64,000)
P 36,000
3.
Indirect Materials
Indirect Labor
Factory Insurance
Depreciation of Factory Equipment
Factory Utility Service
Total Factory Overhead
P 20,000
36,000
1,200
6,800
12,000
P 76,000
4.
P156,000
64,000
76,000
P296,000
164,000
P460,000
188,000
P272,000
5.
P272,000
592,000
P864,000
608,000
P256,000
2.
P 12 4
1. P180,000
2. P 30,000
3. P 46,000
4. P 12,000
5. P 34,000
6. P 36,000
7. P 94,000
8. P 30,000
9. P 82,000
1.
10.
11.
12.
13.
14.
15.
16.
17.
P 12,000
P 34,000
P 42,600
P123,600
P 42,000
P 36,600
P132,400
P 95,000
MC
Cost of Goods Manufactured
Finished Goods, beginning
Finished Goods, end
Cost of Goods Sold
Gross Profit
Sales
18.
19.
20.
21.
22.
23.
24.
25.
P260,000
P18,000
P78,000
P53,400
P80,400
P32,600
P36,600
P40,000
P680,000
90,000
( 104,000)
P666,000
192,000
P858,000
page 11
P 860,000
30,000
P 830,000
400,000
600,000
P1,830,000
70,000
P1,900,000
P 72,000
168,000
( 60,000)
P 180,000
120,000
P300,000
Direct Labor
Factory Overhead [(P120,000 /15) x 20]
Conversion Cost
P120,000
160,000
P280,000
Prime Cost
Factory Overhead
Total Manufacturing Cost
Work in Process, December 1
Work in Process, December 31
Cost of Goods Manufactured
P300,000
160,000
P460,000
36,000
(24,000)
P472,000
P250,000
(310,000)
240,000
216,000
(756,000)
P360,000
P756,000
140,000
(120,000)
P776,000
P756,000 x 200% =
10
P1,512,000
P246,000
825,720
(375,908)
P695,812
P 695,812
428,216
P1,124,028
page 12
11
Direct Labor
Factory Overhead (P16,470 x 11)
Conversion Cost
P428,216
181,170
P609,386
12
Prime Cost
Factory Overhead
Total Manufacturing Cost
Work in Process, June 1
Total Cost of Goods Placed in Process
P1,124,028
181,170
P1,305,198
648,040
P1,953,238
13
P1,953,238
1,153,382
P 799,856
14
P799,856
1,196,642
(1,587,278)
P409,220
15
P428,216/16470 =
P26.00
16
P125,000/12.5% =
P1,000,000
17
P315,000/75% =
18
Sales
Operating Expenses
Profit
Cost of Goods Sold
P420,000
P1,000,000
P125,000
125,000
19
Beginning Inventories
Ending inventories
Purchases
Direct Labor
Factory Overhead
Cost of Goods Sold
Raw Materials, beginning
20
TM 44
1. T
2. F
3. T
4. F
5. F
6.
7.
8.
9.
10.
F
T
F
T
F
250,000
P750,000
P700,000
(1,115,000)
230,000
420,000
315,000
(750,000)
P200,000
11.
12.
13.
14.
15.
F
T
T
F
F
P180,000
16.
17.
18.
19.
20.
F
T
F
T
F
TM 45
1.
2.
3.
4.
5.
A
B
H
D
K
TM 46
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
TM 47
1. B
page 13
E
G
K, L, M
I
N
A plus J
J
C
M
G
1.
2.
3.
4.
5.
B
B
C
C
C
6. D
7. A
8. C
9. B
10. C
Sales
Gross Profit
Cost of Goods Sold
Finished Goods, end
Cost of Goods Manufactured
Finished Goods, beginning
P720,000
(440,000)
P280,000
60,000
(240,000)
P100,000
P1,400,000
(650,000)
P 750,000
70,000
(120,000)
P 700,000
2.
Sales
Gross Profit
Cost of Goods Sold
Finished Goods, end
Finished Goods, beginning
Cost of Goods Manufactured
3.
P170,000
(120,000)
P 50,000
4.
P200,000
300,000
400,000
( 30,000)
20,000
P890,000
5.
P600,000
100,000
P700,000
6.
P340,000
600,000
(100,000)
P840,000
(220,000)
(500,000)
page 14
Factory Overhead
Cost of Goods Available for Sale
Finished Goods, end
Cost of Goods Sold
Gross Profit
Sales
P120,000
P360,000
(240,000
P120,000
560,000
P680,000
7.
8.
Direct Materials
Direct Labor
Factory Overhead
Total Manufacturing Cost
Work in Process, beginning
Total Cost of Work Put into Process
Cost of Goods Manufactured
Work in Process, end
9.
P120,000
50,000
P170,000
P190,000
30,000
P220,000
10. B
P3,400,000
1,600,000
2,400,000
P7,400,000
600,000
P8,000,000
(4,800,000)
P3,200,000
P60,000
80,000
40,000
180,000
P 40,000
TM 48
Liwasan Corporation
Cost of Goods Sold Statement
For the Year Ended December 31, 2010
Direct Materials:
Raw Materials Inventory, beginning
Raw Materials Purchases
Add Freight-in on raw materials purchased
Delivered Cost of Raw Materials Purchases
Raw Materials Available for Use
Less Raw Materials Inventory, end
Direct Materials Used
Direct Labor
Factory Overhead*
Total Manufacturing Cost
Add Work in Process, beg
Total Cost of Work Put into Process
Less Work in Process, end
Cost of Goods Manufactured
Add Finished Goods, beginning
Cost of Goods Available for Sale
Less Finished Goods, end
P 176,000
P732,000
13,200
745,200
P 921,200
128,000
P 793,200
1,047,200
1,145,600
P2,986,000
59,600
P3,045,600
77,600
P2,968,000
108,400
P3,076,400
132,000
page 15
P2,944,400
P 936,800
208,800
P1,145,600
TM 49
a. Raw Materials Purchases
Factory Supplies
Vouchers Payable
692,000
196,000
888,000
b.
no entry
c.
no entry
d.
Direct Labor
Cash
98,000
44,000
e.
f.
g.
h.
i1.
i2.
Indirect Labor
Cash
Utilities Factory
Cash
Other Factory Overhead
Cash
98,000
44,000
372,000
372,000
52,000
52,000
166,000
166,000
10,000
178,000
162,000
10,000
340,000
i3.
i4.
Manufacturing Summary
Direct Materials Inventory, beginning
Work in Process Inventory, beginning
Manufacturing Summary
Raw Materials Purchases
Factory Supplies
Direct Labor
Depreciation Expense Factory Building and Equipment
Indirect Labor
420,000
256,000
164,000
1,610,000
692,000
186,000
98,000
44,000
372,000
j.
k.
l1.
l2.
m.
Utilities Factory
Other Factory Overhead
Accounts Receivable
Sales
Cash
Accounts Receivable
page 16
52,000
166,000
2,524,000
2,524,000
2,390,000
2,390,000
294,000
Income Summary
Finished Goods, beginning
344,000
Vouchers Payable
Cash
936,000
294,000
344,000
936,000