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Estimated Sales:
Units
Price per unit
Finished goods inventory:
Beginning
Ending
Work in process inventory:
NONE
Raw Materials:
Overhead is as follows:
VARIABLE:
Indirect materials and supplies
Materials handling
Other indirect labor
FIXED:
Supervisor labor
Maintenance & repair
Plant administration
Utilities
Depreciation
Insurance
Property taxes
Other
ADDITIONAL INFORMATION:
THE TREASURER'S OFFICE ALSO PROVIDED THE FOLLOWING INFORMATION AND ESTIMATES:
1. Collections from customers are expected to amount to
2. Equipment costing
with Accumulated Depreciation of
will be sold at its net book value.
New Equipment costing
will be purchased during the year.
3. Accounts payable will increase by
assumed to be for materials purchases only
4. Income taxes will be provided at an average rate of
of income before taxes while
will be paid during the year.
5. Dividends amounting to
wil be paid during the year and the current portion of the
long-term debt shall also be settled at the end of the year.
Interest rate is
Interest expense
6,400
800
Material
R S
3 5 in units
2,200 4,000
1,300 4,600
₱ 10 ₱ 30
₱ 146 per unit produced
₱ 175,000
85,000
173,000
87,000
280,000
43,000
117,000
41,000
₱ 100,000
193,000
78,000
₱ 254,000
103,000
180,000
94,000
160,000
26,000
₱ 5,185,000
300,000
275,000
320,000
15,000
35%
252,000
140,000
8% per annum.
52,720
#NAME?
Gilbert Company
Statement of Financial Position
January 1, 2019
Assets Equities
Current assets Current Liabilities
Cash ₱ 150,000 Accounts Payable ₱ 140,000
Accounts receivable 220,000 Taxes payable 156,000
Inventories 592,000 Current portion of long - term deb 83,000
Other current assets 23,000 Total current liabilities 379,000
Total current assets 985,000 Long - term liabilities 576,000
Total liabilities 955,000
Long - term assets
Property, plant and equipment 2,475,000 Equity
Less: Accumulated depreciati 850,000 Share capital 350,000
Net 1,625,000 Retained earnings 1,305,000
Total equity 1,655,000
Manufacturing Costs
Direct materials
Beginning inventory ₱ 142,000
Purchases 1,179,000
Total 1,321,000
Less: Ending inventory 151,000
Total Direct material cost 1,170,000
Direct labor 949,000
Manufacturing overhead 1,130,935
Total Manufacturing costs 3,249,935
Less: Ending work in process inventory -
Cost of Goods Manufactured 3,249,935
Add: Beginning finished goods 450,000
Total available for sale 3,699,935
Less: Ending finished goods 500,000
Cost of sales ₱ 3,199,935
SCHEDULE 7
Budgeted Marketing and Administrative Costs
For 2019
Variable Marketing Costs
Sales commission (@P40.625) ₱ 260,000
Others (@P16.25) 104,000
Total 364,000
350,000
1,404,242
1,754,242
₱ 2,518,065
₱ 140,000
186,000
993,000
1,319,000
1,164,000
₱ 155,000
₱ 156,000
117,000
107,280
128,823
509,103
252,000
117,000
107,280
₱ 32,823
₱ 1,305,000
239,242
1,544,242
140,000
₱ 1,404,242
INVENTORY BEGINNING
Quantity Cost per Amount
Description unit
Finished Goods 900 ₱ 500 ₱ 450,000
WIP 0
Raw Materials:
R 2,200 10 22,000
S 4,000 30 120,000
TOTAL ₱ 592,000
INVENTORY ENDING