COST ACCT QUIZ 3

14問 • 1年前

問題一覧

Give the steps in accounting cycle

step 1: procurement of materials, step 2: issued to production, step 3: finish goods inventory, step 4 sales, step 5: collection of accounts receivable ( if inutang yung binebenta mo )

give the pro forma entry for awe and lcraad

awe - dr increase cr decrease lcraad - dr decrease cr incease

give the formula for cogm

direct materials inventory, beg add: raw materials purchases total raw materials available for use less: direct material inventory, end direct material used direct labor manufacturing overhead total manufacturing cost add: work in process inventory, beg total good placed in process less: work in process inventory, end COGM finish goods invertory, beg add: COGM total good available for sale finish goods inventory, end COGS

journal entry December 3: Materials (Lumber, paint, screws, lubricants and solvents) are purchased on accountat a cost of P 129,000

direct material inventory 129,000 accounts payable 129,000 to record purchase on account

dec 8: Direct Materials (Lumber and Paint) costing P 75,800 and indirect materials costing P 23,000 are issued to production,

work in process inventory 75,800 factory overhead 23,000 direct materials inventory 75,800 indirect materials inventory 23,000 to record issuance to production

December 17: Total Payroll paid for the 1st half of December are as follows: P 45,000 earned by labourers working on the product, P 23, 800 for the 2 production supervisors, P 12,000 for Sales and Administrative employees

work in process inventory 45,000 factory overhead 23,800 selling and admin expense 12,000 salaries expense 80,800 to record salaries expense

December 21: Depreciation Expense of the Furniture and Fixtures for the month of January is 10% of its total cost. The Selling and Administrative Department used ¼ of the total Furniture and Fixtures and ¾ on the production. f and f - 580,000

factory overhead 43,500 selling and admin expense - 14,500 accumulated depreciation - f and f - 58,000 to record depreciation of the building

December 25: Depreciation Expense of the Office Equipment for the month of December is 20% of its total cost. OE - 620,000

selling and admin expense 124,000 accumulated depreciation - OE 124,000 to record depreciation of equipment

December 27: The Company received Water and Electricity bill for the month amounting to P 15,000. 38% of which is allocated to Selling and Admin and 62% to production

Factory Overhead 9,300 selling and admin expense 5,700 accounts payable 15,000 to record utility bills received

December 28: Other expenses or telephone, supplies, rent, and advertising totalled 73, 200 paid in cash.

selling and admi expense 73,200 cash 73,200 to record payment of expenses

December 28: Assuming that all goods started in process have been finished, the following entry is recorded.

finish goods inventory 75,800 work in process inventory 45,000 to record finish goods

Assuming that 1,500 tables were produced during the month, the unit cost is P

dm- 75,800 dl- 45,000 foh- 99,600 tmc- 220,400 220,400/1,500 = 146.93

December 29: 300 tables are sold to jobers at a price of ₱ 245, 800 on account

accounts receivable 245,800 sales 245,800 cost of good sold 117,554 finish good inventory 177,554

December 31: Cash collected on account 157,800

cash 157,800 accounts receivable 157,800 to record collections on account

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Samantha Ford · 77問 · 2年前

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