Number 1

Current Scenario
May By-Product Major Product
SP 4 SP 10 10
Selling Cost 1 COGS 5 2
Net Amount 3 Gross Profit 5 8

MP May
SP 10 4
COGS 5
Gross Profit 5 4 9

Number 2

MP BP MP Zafa
SP 10 3 Sales 50,000 3,000
COGS 5 COGS 25,000
GP 5 GP 25,000 3,000 28,000
GP for 5K un 25,000

Sales 50,000
COGS, adj 22,000
GP 28,000

Number 3

Net Amount of Robon 2

Total Net Amount 4,000

Sales Revenue 500,000

COGS, adjusted 396,000
Gross Margin 104,000

Number 4

Indirect Materials 25,000

Indirect Labor 22,000
47,000

Work-in-Process, Beginning XX 12,000

Add: Total Manufacturing Cost XX 208,000
Total Cost Placed in Process XX 220,000
Less: Work-in-Process, Ending XX 40,000
Total Cost of Goods Manufactured XX 180,000
Add: Finished Goods, Beginning XX 80,000
Total Cost of Goods Available for Sale XX 260,000
Less: Finished Goods, Ending XX 50,000
Total Cost of Goods Sold XX 210,000

Total Manufacturing Cost 208,000

Less: Direct Labor 63,500
Less: Direct Materials 110,000
Factory Overhead 34,500

Number 5

Job 888 has 600 motor drills

Direct Materials 3,500

Direct Labor 2,000
Applied FOH 750
6,250
Total produced 600
Total Cost Produced 3,750,000
Rework Cost 35,000
Less: Proceeds Spoilage 52,000
Net Cost 3,733,000
Remaining Good Units 565
6,607

Number 6

Beginning Units 29,250

Started in Process 74,200 103,450

Ending Units 42,400

Finished and Transferred 61,050 103,450

Units % complete EUP

Finished and Transferred 61,050 100.00% 61,050
Add: EWIP 42,400 37.50% 15,900
EUP, weighted average 76,950
Less: BWIP 29,250 66.67% 19,500
EUP, FIFO 57,450

Number 7

BWIP 10,125
Started 11,250
TUTBAF 21,375

F&T 15,750
EWIP 5,625
TUAF 21,375

Units % complete EUP

Finished and Transferred 15,750 100.00% 15,750
Add: EWIP 5,625 20.00% 1,125
EUP, weighted average 16,875
Less: BWIP 10,125 40.00% 4,050
EUP, FIFO 12,825

Number 8 Materials CC
Units % Complete EUP % Complete EUP
Finished and Transferred 25,000 100% 25,000 100% 25,000

Less: BWIP 12,000 - 40% 4,800

Started and Finished 13,000 100% 13,000 100% 13,000

Materials CC
13,000 17,800
3.40 4.70
44,200 83,660 127,860
56,400 184,260

Number 9

BWIP 14,000
Started 53,000
TUTBAF 67,000

EWIP 17,000
F&T 50,000
TUAF 67,000

Units % Complete EUP

F&T 50,000 100% 50,000
Add: EWIP 17,000 20% 3,400
EUP, WA 53,400
Less: BWIP 14,000 70% 9,800
EUP, FIFO 43,600
80,660
43,600
1.85
Number 10 A

Number 11 D

Number 12 D
A B C
Budgeted Variable 137,500 220,000 247,500
Budgeted Fixed 135,000 135,000 180,000
272,500 355,000 427,500
Number 13 B

Number 14 B

Number 15

Materials Price Variance (AP - SP) X AQ

Materials Usage Variance (AQ - SQ) X SP

Labor Rate Variance (AR - SR) X AH

Labor Efficiency Variance (AH - SH) X SR

AFOH Actual Factory Overhead

BusH Budgeted Fixed OH + Variable OH based on SH
SH X SR Standard Hours x Standard Rate

AFOH Actual Factory Overhead

BuAH Budgeted Fixed OH + Variable OH based on AH
AH X SR Actual Hours x Standard Rate
SH X SR Standard Hours x Standard Rate

Spending Variance + Variable Efficiency Variance Controllable Variance

Capacity Variance + Fixed Efficiency Variance Volume Variance

(AR - SR) x AH 520 unfavorable

(?? - 2.60) x ?? 520 unfavorable

(AH - SH) X SR 2,080 unfavorable

(?? - 4,200) X 2.60 2,080 unfavorable

5,000 - 4,200 x 2.60 2,080 unfavorable

Number 16

AGUILAR 148,000
AGUIRRE 260,000
AHADI 192,000 600,000 80%
ALBURO 150,000 20%

Number 17 D

ALCONTIN, Capital 60,000

ALCOBER, Capital 60,000

Number 18 A

Number 19 B

Number 20 B

Number 21 B

AMORA ANO AQUINO

Total Interest 90,000 30,000 50,000
Total Loss Absorption 270,000 90,000 150,000

Cash Priority Program

I 40,000
II 20,000 20,000
III 33% 33% 33%

Number 22 B

Number 23 D

Number 24 D

ARAYANI ASAL
Capital 641,976 728,352
AR (20,000) (35,000)
Inventory (5,500) (6,700)
Other Asset (2,000) (3,600)
Adjusted 614,476 683,052

Number 25 C

ARAYANI ASAL
Asset 1,020,916 1,317,002
AR (20,000) (35,000)
Inventory (5,500) (6,700)
Other Asset (2,000) (3,600)
Adjusted 993,416 1,271,702 2,265,118

Number 26 C

HERNIE BHERT Total

Capital 450,000
Equipment (175,000)
(18,500)
Adjusted 513,000 256,500
Liabilities 375,000
Assets 868,500 631,500 1,500,000

Number 27 A

MERCIER BAURNE TOTAL

Assets 450,000 350,000 800,000
Liabilities 225,000 162,000
Capital 225,000 188,000 413,000
Assets 12,000 15,000
Adj. Capital 237,000 203,000 440,000
Drawing (17,000)
Investment 55,000 35,000
12,500
Net Income 184,880 265,120
489,380 486,120

Net Income
450,000 MERCIER BAURNE
(35,200) 18,960 16,240
(414,800) 165,920 248,880
184,880 265,120

Number 28 A

Dalton Edwards Finley

Capital 40,000 90,000 30,000
LAC 120,000 270,000 90,000

Cash Priority Program

Dalton Edwards Finley
I 50,000
First Priority 50,000
Less: Equipment FMV 35,000
15,000

Number 29 B

Allen Branden Caylin

Capital (5,000) 18,000 6,000
Ant. Loss (2,800) (7,000) (4,200)
(7,800) 11,000 1,800
7,800 (4,875) (2,925)
6,125 (1,125)
(1,125) 1,125
5,000

Number 30 C

Callie Adams and Beal Total

50,000 130,000 180,000
36,000 144,000 180,000

14,000
Adams 11,200 80%
Beal 2,800 20%

Number 31 B

20,000 x 50 per share 1,000,000

Number 32 A

Sales 4,500 44 198,000

5,000 25 125,000
6,000 28 168,000
7,600 35 266,000
757,000

Sales 757,000
Cost of Sales 1,000,000
Gross Profit (243,000)
Expenses (7,700)
Dividends 13,600
Net Profit (237,100)
Baba (71,130)
Bacarro (118,550)
Balayo (47,420)

Number 33 C

Bacarro 500,000
Share of Loss (118,550)
Adjsuted 381,450

Number 34 D

Number 35 B

Inventory 10,000
Freight 240

Sales 7,200
COS 5,120
Gross Profit 2,080
Less: Delivery 260
Net Profit 1,820

Number 36 D

MM RR
25,000 25,000
18,000 20,200
1,000 1,800
1,850 2,600
45,850 49,600 95,450
(2,800) 92,650

Number 37 C

JV 15,000
Inventory 10,500 25,500
Less: Salary 12,000
Net Profit 13,500

Reyes Silva Tan

Capital (1,000) 27,000
Share 4,500 4,500 4,500
Unsold Merchandise (10,500)
21,000
Number 38 B

Sales 6,600,000
Cost of Tickets 4,290,000
Gross Profit 2,310,000
Less: Expenses (1,899,150)
Net Profit 410,850
Less: Bonus (82,170)
Net Profit after Bonus 328,680

Number 39 A

Crisostomo Rizal
300,000 300,000
240,000 210,000
30,000 39,000
9,000 14,000
579,000 563,000 1,142,000
23,000 1,119,000

Number 40 C

80,000 x 10/12 x 30% 20,000

Number 41 C
Number 42 B
Number 43 B

Installment Sales - 2016 4,460,000

Less: Cost of Installment Sales 2,787,500
Gross Profit - 2016 1,672,500
Gross Profit Rate - 2016 37.50%

Instalment Sales - 2016 4,460,000

Less: Installment Receivables - 2016 2,700,000
Collections from 2016 Installment Sales 1,760,000
Gross Profit Rate - 2016 37.50%
Realized Gross Profit - 2016 Installment Sales 660,000

Deferred Gross Profit - 2015 393,600

Gross Profit Rate - 2015 32%
Installment Receivables - 2015, Beginning 1,230,000
Less: Installment Receivables - 2015, Ending 450,000
Change in Installment Receivable 780,000
Less: Repossessed Installment Receivable 210,000
Collections from 2015 Installment Sales 570,000
Gross Profit Rate - 2015 32%
Realized Gross Profit - 2015 Installment Sales 182,400

Deferred Gross Profit - 2014 222,000

Gross Profit Rate - 2014 30%
Installment Receivables - 2014, Beginning 740,000
Less: Installment Receivables - 2014, Ending 150,000
Change in Installment Receivable 590,000
Less: Repossessed Installment Receivable 180,000
Collections from 2014 Installment Sales 410,000
Gross Profit Rate - 2014 30%
Realized Gross Profit - 2014 Installment Sales 123,000

Realized Gross Profit - 2016 Installment Sales 660,000

Realized Gross Profit - 2015 Installment Sales 182,400
Realized Gross Profit - 2014 Installment Sales 123,000
Total Realized Gross Profit - Installment Sales 965,400

Cash Sales 900,000

Charge Sales 1,800,000
Total Regular Sales 2,700,000
Less: Cost of Goods Sold - Regular Sales 1,535,500
Realized Gross Profit - Regular Sales 1,164,500

Merchandise Inventory, Beginning 525,000

Purchases 3,900,000
Freight-In 30,000
Repossessed Merchandise 150,000
Total Cost of Goods Available for Sale 4,605,000
Less: Cost of Installment Sales 2,787,500
Total Cost of Goods Available for Sale - Regular Sales 1,817,500
Less: Merchandise Inventory, Ending 282,000
Cost of Goods Sold - Regular Sales 1,535,500

Total Realized Gross Profit - Installment Sales 965,400

Realized Gross Profit - Regular Sales 1,164,500
Total Realized Gross Profit 2,129,900

Balance GPR DGP

Installment Receivable - 2016 2,700,000 37.50% 1,012,500
Installment Receivable - 2015 450,000 32.00% 144,000
Installment Receivable - 2014 150,000 30.00% 45,000
Total Deferred Gross Profit 1,201,500
Total Realized Gross Profit 2,129,900
Less: Operating Expenses 150,000
Less: Repossession Loss 118,800
Net Income for 2016 1,861,100

Correct Entry for Repossession

Repossessed Merchandise 150,000

Deferred Gross Profit - 2014 54,000
Deferred Gross Profit - 2015 67,200
Repossession Loss 118,800
Installment Receivable - 2014 180,000
Installment Receivable - 2015 210,000

Number 44 D

Number 45 B
Number 46 A
Number 47 B

GPR - 2010 40%

GPR - 2011 30%

2010
Installment Sales 400,000
Less: Collections 210,000
Installments Receivable 190,000
Gross Profit 40%
Deferred Gross Profit 76,000

2010 2011
Installment Sales 400,000 500,000
Collections (210,000) (300,000)
(150,000)
40,000 200,000
40% 30%
16,000 60,000 76,000

Appraised Value 5,000

Unrecovered Cost 4,800
Loss on Repossession 200

Number 48 B
Number 49 D

True Worth 1,960

Unrecovered Cost 3,360
Loss on Repossession 1,400

Number 50 B

Number 51 B
Number 52 A

2011 2012
Cost 800 450
Gross Profit 533 217
Revenue 1,333 667

Number 53 C

Number 54 C
Number 55 A
Number 56 A

2014 2015 2016

Construction in Progress 441,000 1,349,250 2,100,000
Estimated Costs to Complete 1,599,750 750,750
Costs Incurred to Date 425,250 1,394,250 2,070,000
Gross Profit Recognized to Date 15,750 (45,000) 30,000
Excess of CIP over Billings (84,000) (330,750)
Progress Billings 525,000 1,680,000 2,100,000

Total Contract Price 2,100,000

Construction in Progress - 2014 441,000
Percentage of Completion 21%

Cost Incurred to date 425,250

Percentage of Completion 21%
Total Costs to Complete 2,025,000

Total Contract Price 2,100,000

Less: Total Costs to Complete 2,025,000
Estimated Gross Profit 75,000
Percentage of Completion 21%
Gross Profit Recognized to Date 15,750

Total Contract Price, 2015 2,100,000

 Total Cost to Complete, 2016 2,145,000
Estimated Gross Profit (45,000)

Number 57 D
Costs Inc. Gross Prof CIP
Digos 100,000 40,000 140,000
Tagum 100,000 25,000 125,000
265,000

Number 58 A

Gross Profit Recognized to Date 1,750,000

Gross Profit Previously Recognized 1,500,000
Gross Profit to be Recognized this year 250,000

Number 59 B

Cumu. Costs Incurred 20,000,000

Costs at Completion 24,000,000
% of completion - 2009 83%
% of completion - 2008 50%
% completed 2009 33%

Number 60 A

Number 61 D

437,500 2.28 997,500

875,000
Franchise Revenue 1,872,500
Interest Revenue 149,625
Continuing Franchise Fee 393,750
Total Revenues 2,415,875

Number 62 D

468,750 3.0373 1,423,734

1,250,000
Franchise Revenue 2,673,734
Cost of Franchise 771,875
Gross Profit 1,901,859 71.13%

Downpayment 1,250,000
1st semi-annual payment 297,902
2nd semi-annual payment 333,650 1,881,552
Gross Profit Rate 71.13%
Realized Gross Profit 1,338,348

Number 63 A

Number 64 A

Number 65 A

Initial Franchise Fee 137,500

Continuing Franchise Fee 55,000 192,500

Number 66 A

Initial Franchise Fee 550,000

Less: Direct Franchise Cost 325,000
Less: Indirect Franchise Expenses 31,250
193,750
Add: Interest 5,000
Net Income 198,750

Number 67 C

Downpayment 50,000
Installment Payments (125,000 x 3.04) 380,000
430,000
Less: Direct Franchise Cost 325,000
Less: Indirect Franchise Expenses 31,250
Add: Interest 3,800
77,550

Number 68 D

Downpayment 30,000
Installment 17,355
Initial Franchise Fee 47,355
Continuing Franchise Fee 25,000
Interest Income 1,736
74,091
Number 69 B

Downpayment 200,000
Installment 545,872
Less: Bargain Purchase (24,000)
Total Revenue 721,872
Number 70 D

Contingent Franchise Fee 50,000

Downpayment 5,000,000
Installment 7,581,600 12,581,600

Interest Income (7,581,600 x 10%) 758,160

Contingent Franchise Fee 50,000
808,160