Mina Manufacturing Company

Cost of Goods Manufactured and Sold

For the month ended, March 31, 20x1

Direct Materials, Used:

Materials, beg. ₱ 20,000
Purchases 110,000
Materials available for use 130,000
Less: Materials, end. 26,000
Materials used 104,000
Direct Labor 160,000
Factory OverHead 80,000 240,000 Total of DL & FOH
Total Manufacturing Cost 344,000
Add: WIP, beg. 40,000
Total Cost put into process 384,000
Less: WIP, end. 36,000
Total Cost of Goods Manufactured 348,000
Add: Finished Goods, beg. 102,000
Total Goods Available for Sale 450,000
Less: Finished Goods, end. 105,000
Cost of Goods Sold ₱ 345,000

Requirement:
No.1 WIP, Beg.
WIP, beg. = (Cost of Goods Manufactured + WIP, end.) - Materials Used
Cost of Goods Manufactured ₱ 800,000
WIP, end. 87,000
Less: Materials Used 590,000
WIP, beg. ₱ 297,000

No.2 Finished Goods, end.

Finished Goods, end. = (Cost of Goods Manufactured + Finished Goods, beg.) - COGS
Cost of Goods Manufactured ₱ 800,000
Finished Goods, beg. 80,000
Less: COGS 750,000
Finished Goods, end. ₱ 130,000

No.3 Purchases
Purchases = (Materials Used + Materials,end) - Materials, beg.
Materials Used 590,000
Materials, end. 150,000
Less: Materials, beg. 100,000
Purchases ₱ 640,000
Total of DL & FOH
Requirement:
Journal Entries:
a. Materials 56,000 37,000
A/P 56,000 44,000
66,800
b. WIP 44,000 53,440
Factory Overhead Control 6,000 55,800
Materials 50,000
Indirect Materials 6,000
Job 401 11,000
Job 402 14,000
Job 403 19,000

c. Materials 1,600
WIP 1,000
Factory Overhead Control 600
Indirect Materials 600

d. A/P 2,000
Materials 2,000

e. Payroll 78,000
Withholding taxes 6,050
SSS Contri. Payable 3,200
Philhealth Contri. Payable 750
Pag-ibig Contri. Payable 2,400
Accrued Payroll 65,600

Accrued Payroll 65,600

Cash 65,600

F. WIP 66,800
Factory Overhead Control 11,200
Payroll 78,000
Indirect labor 11,200
Job 401 20,800
Job 402 25,000
Job 403 21,000

Factory Overhead Control 7,150

SSS Contri. Payable 4,000
Philhealth Contri. Payable 750
Pag-Ibig Contri. Payable 2,400
SSS Contri. Expense 2,000
Philhealth Contri. Expense 375
Pag-ibig Contri. Expense 1,200

h. Factory Overhead Control 30,000

 Accumulated Depreciation 6,000
Prepaid Insurance 1,900
Factory Overhead Payable 22,100
Depreciation Exp. 6,000
Insurance Exp. 1,900
Other Factory Exp. 22,100

i. WIP 53,440
Factory Overhead Applied 53,440
Job 401 16,640
Job 402 20,000
Job 403 16,800

j. Finished Goods 144,440

WIP 144,440
Job 401 63,440 -
Job 402 81,000

k. COGS 63,440
Finished Goods 63,440

A/R 88,816
Sales 88,816

L. Cash 70,000
A/R 70,000
 1,000
144,440

DBE Company
Cost of Goods Manufactured and Sold
For the month ended, August 31, 2024

Materials, beg. ₱ 44,000

Purchases 56,000
Materials available for use 100,000
Less: Indirect Materials (5,400)
Purchase returns (2,000)
Materials, end. (49,600)
Materials Used 43,000
Direct Labor 66,800
Factory Overhead Applied 53,440
Total Manufacturing Cost 163,240
WIP, beg 37,000
Total cost put into process 200,240
Less: WIP, end. (55,800)
Total Cost Goods Manufactured 144,440
Finished Goods, beg. 50,000
Total Goods Available for sale 194,440
Finished Goods, end. (131,000)
COGS ₱ 63,440
 Metal Fabrication Corporation
Cost of Production Report
For the month ended, June 30, 2024
Cutting Department
Materials
Quantity Schedule Actual WD EP
Units Started 4,600
Units Completed 4,000 100% 4,000
Units In process 600 100% 600
4,600 4,600
Costs charged to the department:
Costs added in the department Unit Cost
Materials ₱ 11,500 2.50
Labor 6,450 1.50
Overhead 7,525 1.75
Total Added 25,475 5.75
Total costs to be accounted for 25,475 5.75

Costs accounted for as follows:

Completed and Transferred ₱ 23,000
In process, end.
Materials ₱ 1,500
Labor 450
Overhead 525 2,475
Total Costs as accounted for ₱ 25,475

Cost of Production Report

For the month ended, June 30, 2024
Cutting Department
Materials
Quantity Schedule Actual WD EP
Units Started 4,000
Units Completed 3,400 100% 3,400
Units In process 600 100% -
4,000 3,400
Costs charged to the department:
Costs from preceding department 23,000 5.75
Cost added in the department:
Materials - -
Labor 8,460 2.25
Overhead 6,768 1.80
Total Added 15,228 4.05
Total costs to be accounted for 38,228 9.80
Costs accounted for as follows:
Completed and Transferred ₱ 33,320
In process, end.
Cost from preceding ₱ 3,450
Materials -
Labor 810
Overhead 648 4,908
Total Costs as accounted for ₱ 38,228

Normal Losses @ the end of the process

Chem Phil Corporation

Cost of Production Report
For the month ended, August 31, 2024
Packaging Department
Matrials
Quantity Schedule Actual WD EP
Units Started 50,000
Units Completed 40,000 100% 40,000
Units in process 5,000 100% 5,000
Unit Lost 5,000 100% 5,000
50,000 50,000

Cost charged to the department

Cost from preceding department 225,000 4.50
Costs added in the department
Materials 135,000 2.70
Labor 103,200 2.15
Overhead 206,400 4.30
Total Added 444,600 9.15
Total costs to be accounted for 669,600 13.65

Costs accounted for as follows: ₱ 614,250

Completed and Transferred
In process Cost from preceding ₱ 22,500
Materials 13,500
Labor 6,450
Overhead 12,900 55,350
Total costs as accounted for ₱ 669,600

ABNORMAL LOSSES

Mamay Corporation
 Department B
Cost of Production Report
For the month ended, September 30, 2024
Materials
Quantity Schedule Actual WD EP
Units started 80,000
Units completed 60,000 100% 60,000
Units in process 10,000 100% 10,000
Units Lost 10,000 100% 10,000
80,000 80,000
Cost charged to the department
Cost from preceding department ₱ 560,000 ₱ 7.00
Costs added in the department
Materials 175,000 2.19
Labor 121,875 1.63
Overhead 243,750 3.25
Total Added 540,625 7.06
Total cost to be accounted for 1,100,625 14.06

Cost accounted for as follows:

Completed and transferred
Labor & Overhead
WD EP

100% 4,000
50% 300
4,300

Journal Entries:

1. WIP - Cutting Dept 25,475

Materials 11,500
Direct Labor 6,450
Overhead 7,525

WIP - Assy Dept 23,000

WIP - Cutting Dept 23,000

Labor & Overhead

WD EP

100% 3,400
60% 360
3,760
Labor & Overhead
WD EP

100% 40,000
60% 3,000
100% 5,000
48,000

Journal Entries:
WIP - Packaging Dept 225,000
WIP - Mixing Dept

WIP - Packaging Dept 444,600

Materials
Labor
Overhead

Finished Goods 614,250

WIP - Packaging Dept
Labor & Overhead
WD EP

100% 60,000
50% 5,000
100% 10,000
75,000
225,000

135,000
103,200
206,400

614,250