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| A | B | C | D | E | F | G | H | I | J |
| 2 | a) | ||||||||
| 3 | Journal entries will be as follows: | ||||||||
| 4 | |||||||||
| 5 | Transaction | Account | Debit | Credit | |||||
| 6 | a) | Raw Materials Inventory | 210000 | ||||||
| 7 | Accounts Payable | =E6 | |||||||
| 8 | |||||||||
| 9 | b) | Work in Progress Inventory | 178000 | ||||||
| 10 | Manufacturing overhead | 12000 | |||||||
| 11 | Raw Materials Inventory | =E9+E10 | |||||||
| 12 | |||||||||
| 13 | c) | Work in Progress Inventory | 90000 | ||||||
| 14 | Manufacturing overhead | 110000 | |||||||
| 15 | Wage Payable | =E13+E14 | |||||||
| 16 | |||||||||
| 17 | d) | Manufacturing overhead | 40000 | ||||||
| 18 | Depreciation Expense | =E17 | |||||||
| 19 | |||||||||
| 20 | e) | Manufacturing overhead | 70000 | ||||||
| 21 | Accounts Payable | =E20 | |||||||
| 22 | |||||||||
| 23 | f) | Work in process Inventory | =F24 | ||||||
| 24 | Manufacturing Overhead | =8*30000 | |||||||
| 25 | |||||||||
| 26 | g) | Finished Goods Inventory | 520000 | ||||||
| 27 | Work in Process Inventory | =E26 | |||||||
| 28 | |||||||||
| 29 | h) | Accounts Receivable | =F30 | ||||||
| 30 | Sales Revenue | =480000*(1+25%) | |||||||
| 31 | |||||||||
| 32 | Cost of goods sold | 520000 | |||||||
| 33 | Finished Goods Inventory | =E32 | |||||||
| 34 | |||||||||
| 35 | b) | ||||||||
| 36 | |||||||||
| 37 | Work in Process Inventory | ||||||||
| 38 | Beg. Bal. | 42000 | |||||||
| 39 | Direct Material | =E9 | =E26 | Transferred to finished goods | |||||
| 40 | Direct Labor | =E13 | |||||||
| 41 | Overhead | =E23 | |||||||
| 42 | Balance | =SUM(D38 41)-SUM(E38:E41) | |||||||
| 43 | |||||||||
| 44 | Manufacturing Overhead | ||||||||
| 45 | Beg. Bal. | 0 | |||||||
| 46 | In-direct Material | =E10 | =F24 | Overhead Allocated | |||||
| 47 | In-direct Labor | =E14 | |||||||
| 48 | Depreciation | =E17 | |||||||
| 49 | Other Overheads | =E20 | |||||||
| 50 | Balance | =SUM(E45:E49)-SUM(D45 49) | |||||||
| 51 |