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Cost of Goods Manufactured & Sold Analysis

Here are the journal entries requested with explanations: 1. Materials purchased on account: Materials 28,000 Accounts Payable 28,000 To record materials purchased on account 2. Materials transferred to WIP: Work in Process 21,000 Materials 21,000 To record materials transferred to WIP 3. Factory overhead applied to WIP: Factory Overhead Control 3,200 Materials 3,200 To apply factory overhead to materials used in production 4. Payroll expense with accrual: Payroll 31,000 Accrued Payroll 31,000 To record accrued payroll 5. Pay accrued payroll

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6 views7 pages

Cost of Goods Manufactured & Sold Analysis

Here are the journal entries requested with explanations: 1. Materials purchased on account: Materials 28,000 Accounts Payable 28,000 To record materials purchased on account 2. Materials transferred to WIP: Work in Process 21,000 Materials 21,000 To record materials transferred to WIP 3. Factory overhead applied to WIP: Factory Overhead Control 3,200 Materials 3,200 To apply factory overhead to materials used in production 4. Payroll expense with accrual: Payroll 31,000 Accrued Payroll 31,000 To record accrued payroll 5. Pay accrued payroll

Uploaded by

Ciana Sacdalan
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as XLSX, PDF, TXT or read online on Scribd

PROBLEM 4

CPA-IN-TRANSIT Manufacturing Company


Schedule of Cost of Goods Manufactured
Ended August 31

Beginning Raw Materials 17,400 Overhead


Add: Raw Materials Purchased 120,000 Depreciation - Factory Equipment
Less: Ending Raw Materials -13,200 Insurance - Factory
Raw Materials Used 124,200 Repair/Maintenance Factory
Direct Labor (21,000 x13) 273,000 Indirect Labor
Overhead 38,020 Factory Supplies Used
Total Manufacturing Cost 435,220 Total Overhead
Add: Work in Process, Beg 31,150
Less: Work in Process, Ending -28,975
Cost of Goods Manufactured 437,395

CPA-IN-TRANSIT Manufacturing Company


Schedule of Cost of Goods Sold
Ended August 31

Cost of Goods Manufactured 437,395


Add: Finished Goods, Beg. 19,200
Less: Finished Goods, End -25,500
Cost of Goods Sold 431,095
ry Equipment 17,300
1,770
7,400
11,200
350
38,020
PROBLEM 5

Beginning Balances: MAHALKOMAHALAKO Corp


Raw Materials Inventory 5,000 Schedule of Cost of Goods Man
Work in Process Inventory 10,000
Finished Goods Inventory 15,000
Beginning Raw Materials
Raw Materials Inventory 90,000 Add: Raw Materials Purchased
Accounts Payable 90,000 Less: Ending Raw Materials
Raw Materials Used
Work in Process Inventory 80,000 Direct Labor (21,000 x13)
Raw Materials 80,000 Overhead
Total Manufacturing Cost
Work in Process Inventory 60,000 Add: Work in Process, Beg
Cash 60,000 Less: Work in Process, Ending
Cost of Goods Manufactured
Overhead Control 10,000
Accumulated Depreciation 10,000
MAHALKOMAHALAKO Corp
Overhead Control 5000 Schedule of Cost of Good
Accumulated Depreciation 5000

Work in Process Inventory 15,000 Cost of Goods Manufactured


Overhead Control 15,000 Add: Finished Goods, Beg.
Less: Finished Goods, End
Finished Goods Inventory 150,000 Cost of Goods Sold
Work in Process Inventory 150,000

Accounts Receivable 100,000


Sales 100,000
Cost of Goods Sold 80,000
Finished Goods Inventory 80,000

Raw Materials Inventory WIP Inventory


5000 80,000 10,000 150,000
90,000 80,000
15,000 60,000
15,000
Finished Goods Inventory 15,000
15,000 80,000
150,000 Overhead Control
85,000 10,000 15,000
5,000
Cost of Goods Sold
80,000
MAHALKOMAHALAKO Corporation
Schedule of Cost of Goods Manufactured

g Raw Materials 5,000


Materials Purchased 90,000
ng Raw Materials -15,000
80,000
bor (21,000 x13) 60,000
15,000
nufacturing Cost 155,000
k in Process, Beg 10,000
k in Process, Ending -15,000
oods Manufactured 150,000

MAHALKOMAHALAKO Corporation
Schedule of Cost of Goods Sold

oods Manufactured 150,000


hed Goods, Beg. 15,000
shed Goods, End -85,000
80,000
PROBLEM 6 Journal Entry

Actual FOH 320,000 Overhead Control


Less: Applied FOH -395,000
Overapplied FOH -75,000 (material siya bes)
To record apply factory overh

Proportion
Work in Process 101,962 0.47834899 101,962 / 213,154
Finished Goods 111,192 0.52165101 111,192 / 213,154
Total 213,154

Work In Process 0.478349 × 75,000 = 35876.18


Finished Goods 0.521651 × 75,000 = 39123.83
Journal Entry

Overhead Control 75,000


Work In Process Inventory 35,876
Finished Goods Inventory 39,124
To record apply factory overhead using POR.
PROBLEM 8

Journal Entry kalagot katulgon na jud ko

Materials 28,000
Accounts Payable 28,000

Work in Process 21,000


Materials 21,000

Factory Overhead Control 3,200


Materials 3,200

Payroll 31,000
Accrued Payroll 31,000

Accrued Payroll 31,000


Cash 31,000

Work in Process 15,500


Factory Overhead Control 2,500
Marketing Expenses Control 7,500
Administrative Expenses Control 5,500
Payroll 31,000

Factory Overhead Control 12,000


Accounts Payable 12,000

Work In Process 17,700


Factory Overhead Control 17,700

Finished Goods 58,000


Work in Process 58,000

Accounts Receivable 88,000


Sales 88,000

Cost of Goods Sold (25k + 58k - 18k) 65,000


Finished Goods 65,000

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