1/18/25, 5:09 PM Cost Accounting Guerrero Answer Key (Chapter 1)

CHAPTER 1

Multiple Choice Questions- Theoretical

1. a 6. b 11. d 16. a 21. b 26. c
2. c 7. c 12. a 17. b 22. c 27. a
3. a 8. d 13. b 18. d 23. c 28. c
4. c 9. a 14. d 19. b 24. d 29. c
5. d 10. b 15. a 20. a 25. c 30. d

Multiple Choice Questions - Computational

1. (b)

Direct Materials P47,000

Direct Labor 28,000
Factory Overhead:
Depreciation – Factory equipment P1,000
Factory rent 2,000
Factory insurance 500
Materials handling 1,500 5,000
Manufacturing cost P80,000

2. (a)

Decrease in finished goods inventory P35,000

Add: Raw materials purchased P430,000
Direct labor payroll 200,000
Factory overhead 300,000 930,000
Total P965,000
Less: Increase in raw materials inventory 15,000
Cost of goods sold P950,000

3. (d)

Direct labor- Wages of machine operations P200,000

Direct materials:
Metal wire P500,000
Plastic coating 380,000 P880,000

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4. (c)

Materials inventory, beginning P 32,400

Purchases 40,000
Materials available for use 72,400
Materials inventory, ending 34,000
Materials used 38,400
Direct labor 33,000
Factory overhead 17,160
Manufacturing cost 88,560
Work in process inventory, beginning 7,200
Total 95,760
Work in process inventory, ending 16,240
Cost of goods manufactured P 79,520

5. (d)
Materials inventory, Jan. 1 P 17,000
Purchases 240,000
Freight in 3,000
Materials available for use 260,000
Materials inventory, Dec. 31 19,000
Materials used 241,000
Direct labor 320,000
Factory overhead 188,000
Factory cost 749,000 (1)
Work in process inventory, Jan. 1 12,000
Total 761,000
Work in process inventory, Dec. 31 13,000
Cost of goods manufactured 748,000
Finished goods inventory, Jan. 1 62,000
Goods available for sale 810,000
Finished goods inventory, Dec. 31 46,000
Cost of goods sold P764,000 (2)

6. (b) Solve upward from Cost of Goods Sold.

Materials inventory, Jan. 1 P 16,000
Purchases (squeeze) 72,000
Materials available for use 88,000
Materials inventory, Dec. 31 17,000
Materials used 71,000
Direct labor 30,000
Factory overhead 20,000
Factory cost 121,000
Work in process inventory, Jan. 1 16,000
Total 137,000
Work in process inventory, Dec. 31 30,000
Cost of goods manufactured 107,000
Finished goods inventory, Jan 1 14,000
Goods available for sale 121,000
Finished goods inventory, Dec. 31 20,400
Cost of goods sold (given) P100,600

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7. (c)
Direct materials used P100,000
Direct labor 250,000
Factory overhead:
Factory supplies P 6,000
Indirect labor 50,000
Machine maintenance and repair 10,000
Factory rent, light and power 24,000
Depreciation 10,000
Payroll taxes 30,000 130,000
Factory cost 480,000
Work in process inventory, Jan. 1 30,000
Total 510,000
Work in process inventory, Dec. 31 40,000
Cost of goods manufactured 470,000 (1)
Finished goods inventory, Jan. 1 50,000
Goods available for sale 520,000
Finished goods inventory, Dec. 31 60,000
Cost of goods sold P460,000 (2)
8. (b)
Raw materials inventory, beginning P 44,000
Purchases 600,000
Materials available for use 644,000
Raw materials inventory, ending 60,000
Raw materials used 584,000
Direct labor 240,000
Factory overhead:
Indirect labor P120,000
Taxes, utilities and depreciation 100,000 220,000
Factory cost 1,044,000
Work in process inventory, beginning 80,000
Total 1,124,000
Work in process inventory, end 96,000
Cost of goods manufactured 1,028,000
Finished goods inventory, beginning 50,000
Goods available for sale 1,078,000
Finished goods inventory, end 36,000
Cost of goods sold P1,042,000
9. (b)
Direct materials used P 500,000
Direct labor 600,000
Factory overhead 700,000
Factory cost 1,800,000
Work in process inventory, beginning 200,000
Total 2,000,000
Work in process inventory, end 250,000
Cost of goods manufactured 1,750,000
Finished goods inventory, beginning (squeeze) 610,000
Goods available for sale 2,360,000
Finished goods inventory, end 760,000
Cost of goods sold P1,600,000

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10. (d)
Direct materials, Dec. 31, 19x7 P 16,000
Purchases 170,000
Available for use 186,000
Direct materials, Dec. 31, 19x8 (squeeze) 65,000 (1)
Direct materials used (P301,000- P180,000) 121,000
Direct labor 180,000
Factory overhead [(P180,000 / 60%) x 40% ] 120,000
Factory cost 421,000
Work in process, Dec 31, 19x7 34,000
Total 455,000
Work in process, Dec. 31, 19x8 (squeeze) 25,000 (2)
Cost of goods manufactured 430,000
Finished goods, Dec. 31, 19x7 30,000
Goods available for sale 460,000
Finished goods, Dec. 31, 19x8 (squeeze) 60,000 (3)
Cost of goods sold (P500,000 x 80%) P400,000

11. (a) Solve upward from Cost of Goods Sold

Raw materials inventory, 19x7 P 60,000

Purchases (squeeze) 630,000 (1)
Materials available for use 690,000
Raw materials inventory, 19x8 90,000
Raw materials used 600,000
Direct labor 410,000
Factory overhead (squeeze) 821,000
Manufacturing cost 1,831,000
Work in process inventory, 19x7 34,000
Total 1,865,000
Work in process inventory, 19x8 35,000
Cost of goods manufactured (Squeeze) 1,830,000 (2)
Finished goods inventory , 19x7 46,000
Goods available for sale 1,876,000
Finished goods inventory , 19x8 36,000
Cost of goods sold (given) P1,840,000

Accrued factory payroll, 19x7 P 6,200

Direct labor 410,000
Indirect labor 140,000
Accrued factory payroll, 19x8 ( 70,000 )
Payment of payroll P549,200 (3)

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12. (b) Solve upward from Cost of Goods Sold.

Raw materials inventory, Jan. 1 P 11,600
Gross purchases (squeeze) 88,610 (1)
Freight in 5,570
Raw materials available for use 105,800
Raw materials inventory, Dec. 31 9,640
Raw materials used 96,160
Direct labor 32,640
Factory overhead:
Indirect labor P12,160
Factory overhead expenses 31,730
Indirect materials 21,390 65,280
Manufacturing cost 194,080
Work in process inventory, Jan. 1 5,740
Total 199,820
Work in process inventory, Dec. 31 7,820
Cost of goods manufactured (16,000 units) 192,000
Finished goods inventory, Jan. 1 (500 units x P12*) 6,000
Goods available for sale 198,000
Finished goods inventory, Dec. 31 (1,500 units x P12) 18,000
Cost of goods sold (15,000 units x P12) P180,000

* P192,000 / 16,000 units = P12

Sales P360,000
Cost of goods sold 180,000
Gross profit P180,000 (2)

13. (d)
Materials inventory, beginning P 8,000
Purchases 36,000
Materials available for use 44,000
Materials inventory, ending 8,500
Materials used 35,500
Direct labor (P15,000 ÷ 2/3) 22,500
Factory overhead 15,000
Factory cost 73,000
Work in process inventory, beginning 8,000
Total 81,000
Work in process inventory, ending 15,000
Cost of goods manufactured 66,000
Finished goods inventory, beginning 7,000
Goods available for sale 73,000
Finished goods inventory, ending 10,200
Cost of goods sold P62,800 (1)
Sales P 72,000
Cost of goods sold 62,800
Gross profit 9,200
Operating expenses ( P72,000 x 6%) 4,320
Operating income 4,880
Other expenses (P72,000 x 5%) 3,600
Net income before income tax P 1,280 (2)

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14. (a)

Cost of goods sold P111,000

Finished goods inventory, Dec 31 17,500
Goods available for sale P128,500 (1)

Sales P182,000
Cost of goods sold 111,000
Gross profit 71,000
Operating expenses:
Marketing expenses P14,000
General and administrative expenses 22,900 36,900
Operating income P 34,100 (2)

15. (d)

Factory overhead:
Indirect labor P 22,000
Factory heat, light and power 11,220
Factory rent 18,500
Factory insurance 2,000
Production supervisor’s salary 5,000
Indirect materials used (P5,600+P16,500- P5,180) 16,920
Overtime pay [250 hours x (P22 x .5)] 2,750
Total P78,390 (1)

Direct materials inventory, March 1 P 10,250

Purchases 105,000
Available for use 115,250
Direct materials inventory, March 31 12,700
Direct materials used 102,550
Direct labor (4,250 hours x P22) 93,500
Factory overhead (1) 78,390
Factory cost 274,440
Work in process inventory, March 1 60,420
Total 334,860
Work in process inventory, March 31 52,800
Cost of goods manufactured 282,060
Finished goods inventory, March 1 45,602
Goods available for sale 327,662
Finished goods inventory, March 31 (Squeeze) 47,662 (2)
Cost of goods sold (given) P280,000

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16. (d)

Materials, inventory, beginning P 75,000

Purchases (Squeeze) 336,000 (1)
Available for use 411,000
Materials inventory, ending 85,000
Raw materials used 326,000
Direct labor [(P686,000-P326,000) ÷ 160 %] 225,000 (2)
Factory overhead (P225,000 x 60%) 135,000
Manufacturing cost 686,000
Work in process inventory, beginning 80,000
Total 766,000
Work in process inventory, ending 30,000
Cost of goods manufactured P 736,000 (3)

17. (c)

Materials inventory, July 1 P 88,000

Purchases 366,000
Freight in 6,000
Available for use 460,000
Materials inventory, July 31 64,000
Direct materials used 396,000
Direct labor 523,000
Factory overhead [P468,400+ (P116,000 x 90%)] 572,800
Manufacturing cost 1,489,800 (1)
Work in process inventory, July 1 19,800
Total 1,521,600
Work in process inventory, July 31 38,800
Cost of goods manufactured 1,482,800
Finished goods inventory, July 1 44,200
Goods available for sale 1,527,000
Finished goods inventory, July 31 66,000
Cost of goods sold P1,461,000 (2)

18. (b)

Direct materials:
Materials inventory, Dec 1 P24,000
Purchases 56,000
Materials inventory, Dec 31 ( 20,000 ) P 60,000
Direct labor 40,000
Prime cost P100,000 (1)

Direct labor P 40,000

Factory overhead [(P40,000 ÷ P6.40) x P8} 50,000
Conversion cost P 90,000 (2)

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19. (d)

1. Direct materials inventory, end (P100,000 – P70,000) P30,000

2. Work in process control, end (P320,000 – P305,000) P15,000

3. Finished goods control, end, (P325,000 – P300,000) P25,000

20. (a)

Direct materials, Dec. 31, 2008 (Squeeze) P 30,000 (1)

Purchases 90,000
Available for use 120,000
Direct materials, Dec 19x9 20,000
Direct materials used (given) 100,000
Direct labor (P72,000 ÷ 200%) 36,000
Applied factory overhead 72,000
Manufacturing cost 208,000
Work in process inventory, Dec. 31, 2008 (Squeeze) 3,000 (2)
Total 211,000
Work in process inventory, Dec. 31, 19x9 35,000
Cost of goods manufactured 176,000
Finished goods inventory, Dec. 31, 19x8 50,000
Goods available for sale 226,000
Finished goods inventory, Dec. 31, 19x9 46,000
Cost of goods sold (given) P180,000

21. (a)

Materials inventory, Jan. 1 P 34,200

Purchases (P364,000 + P8,600 – P5,200) 367,400
Available for use 401,600
Materials inventory, Dec. 31 49,300
Direct materials used 352,300
Direct labor 162,500
Factory overhead (P21,350 + P83,400 + P47,900) 152,650
Manufacturing cost 667,450
Work in process inventory, Jan 1 81,500
Total 748,950
Work in process inventory, Dec. 31 42,350
Cost of goods manufactured (4,000 units) 706,600
Finished goods inventory, Jan 1 (300 units) 48,600
Goods available for sale (4,300 units) 755,200
Finished goods inventory, Dec. 31 [420 units x (P706,600 ÷ 4,000 units)] 74,193
Cost of goods sold P281,007

(1) P74,193/420 units = P176.65

(2) Sales (3,880 units x P220) P853,600

Cost of gods sold 281,007
Gross profit P172,593

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22. (c)

Materials used P 440,000

Direct labor 290,000
Applied factory overhead (P290,000 x 30%) 87,000
Factory cost 817,000
Work in process inventory, April 1, 19x7 41,200
Total 858,200
Work in process inventory, April 1, 19x8 42,500
Cost of goods manufactured P 815,700

Unit cost (P815,700 ÷ 18,000 nits) P 45. 32 (1)

Applied factory overhead P 87,000

Actual factory overhead
Indirect labor P46,000
Light and power 4,260
Depreciation 4,700
Repairs 5,800
Miscellaneous 29,000 89,760
Under-applied factory overhead P (2,760) (2)

23. (b)

Applied factory overhead (P70,000 + P112,000) P182,000

Actual factory overhead 180,000
Over-applied factory overhead P 2,000 (1)

Sales:
Product X (9,000 x P30) P270,000
Product Y (8,800 x P50) 440,000 P710,000
Cost of goods sold (Sch. 1) 512,600
Gross profit 197,400
Operating expenses 100,900
Operating income P 96,500 (2)

Sch. 1:
Manufacturing cost (P210,000 + P296,000) P506,000
Beginning inventories (P21,000 + P33,300) 54,300
Total 560,300
Ending inventories (P42,000 + P3,700) 45,700
Cost of goods sold at normal 514,600
Over-applied factory overhead ( 2,000 )
Cost of goods sold at actual P512,600

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24. (d)

Direct labor (8,000 hrs. x P5.60) + (4,600 hrs. x P6.00) P 72,400

Factory overhead (8,000 hrs. x P6.00) + (4,600 hrs x P8.00) 84,800
Conversion cost P157,200 (1)

Materials inventory, beginning P 20,000

Purchases 60,000
Available for sale 80,000
Materials inventory, ending 18,000
Direct materials used 62,000
Conversion cost 157,200
Factory cost 219,200
Work in process inventory, beginning 15,000
Total 234,200
Work in process inventory, ending 17,600
Cost of goods manufactured 216,600
Finished goods inventory, beginning 22,000
Goods available for sale 238,600
Finished goods inventory, ending 17,000
Cost of goods sold P221,600 (2)

25. (c)

Materials inventory, April 1, 19x8 P 268,000

Purchases 1,946,700
Available for use 2,214,200
Materials inventory, June 30, 19x8 167,000
Direct materials used 2,047,700
Direct labor 2,125,800
Factory overhead 764,000
Factory cost 4,937,500
Finished goods inventory, April 1, 19x8 43,000
Goods available for sale 4,980,500
Finished goods inventory, June 30, 19x8 (200 x P395) 79,000
Cost of goods sold P4,901,500

Unit cost of equipment manufactured (P4,937, 500 ÷ 12,500 units) P395.00 (1)

Sales P 6,634,000
Cost of goods sold 4,901,500
Gross profit P 1,732,500

Per unit (P1732,500 ÷ 12,400) P139. 72 (2)

Gross profit P 1,732,500

Operating expenses 977,000
Net income P 755,500

Per unit (P755, 500 ÷ 12,400) P 60.93 (3)

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26 (d)

Predetermined overhead rate (P96,000/P120,000) 80%

Applied factory overhead (P8,000 x 80%) P6,400 (1)

Actual factory overhead 7,200
Underapplied factory overhead P 800 (2)

27. (d)

(1) Indirect labor P 6,000

Rent – factory building 60,000
Indirect materials used 8,000
Other factory overhead costs 40,000
Total P114,000

(2) Applied factory overhead costs (16,000 DL hours x P7) P112,000

(3) Direct Materials used P250,000

Direct labor 300,000
Applied factory overhead 114,000
Cost of goods sold P664,000

28. (d)

Cost of goods placed in process P360,000

Finished goods 320,000
Work in process – end (Job 30) P 40,000

29. (d)

(1) Total manufacturing costs P900,000

Direct labor (P225,000/72%) (312,500)
Applied factory overhead (P900,000 x 25%) (225,000)
Direct materials used P362,500

(2) Mfg. cost + WIP,beg = WIP, end + COGM

P900,000 + .80X = X + P850,000
.20X = P50,000
X = P250,000 WIP, end

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30. (c)

Predetermined overhead rate (120,000/P160,000) 75%

Work in process, May 31 (P580,000 – P501,800) P78,200

Less: Conversion cost
Direct labor :
Job 123 P12,000
Job 456 12,800 P24,800
Applied factory overhead:
Job 123 (P12,000 x 75%) P 9,000
Job 456 9,600 18,600 43,400
Direct materials P34,800

31. (a)

Dept. A Dept. B Total

Direct materials P25,000 P 5,000 P 30,000
Direct labor 20,000* 30,000 50,000
Applied factory overhead 40,000 15,000** 55,000
Total P85,000 P50,000 P135,000

 P40,000/200%
** P30,000 x 50%

32. (b)

Balance of Work in Process account, 4/30/08 P 8,800

Direct labor (2,000)
Applied factory overhead (P2,000 x 80%) (1,600)
Direct materials P 5,200

33. (b)

Pre-determined overhead rate (P11,800 / P14,750) 80%

Let X = Direct labor

Therefore 80X = Applied factory overhead

Finished goods P37,500

Less: Direct materials used (P15,500 – P3,200) 12,300
Prime cost P25,200

X + .80X = P25,200
180X = P25,200
X = P14,000 Direct labor
.80X = P11,200 Applied factory overhead.

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34. (c)

Manufacturing cost P180,000

Less: Direct labor P30,000
Applied factory overhead (P100 x 600 hours) 60,000 90,000
(1) Direct materials used P 90,000

Manufacturing cost P180,000

WIP, Dec. 1: Direct materials (3,000 x P2.40) P7,200
Direct labor (3,000 x P.80) 2,400
Applied FO (48 hrs x P100) 4,800 14,400
Total 194,400
WIP, Dec. 31: DM (2,000 x P2.40) P4,800
DL (2,000 x P.80) 1,600
Applied FO (32 hrs. x P100) 3,200 9,600
(2) Cost of goods manufactured P184,800
Finished goods, Dec. 1 12,000
Goods available for sale 196,800
Finished goods, Dec. 31:
DM P5,000
DL 3,000
Applied FO (P100 x 60 hrs) 6,000 14,000
(3) Cost of goods sold P182,800

35. (d)

(1) Direct materials used P26,000

Direct labor 30,000
Applied FO:
Molding Dept. (P2.70 x 2,000 hours) P5,400
Decorating Dept. (35% x P12,000) 4,200 9,600
Estimated cost to produce P65,600

(2) Bid Price (P65,600 x 145% ) P95,120

36. (b)

Job 115 Job 116 Job 117 Job 118 Total

WIP, beg. P81,200
Current cost:
DM - P39,000 P53,000 P47,000 P139,000
DL 26,000 45,000 47,000 16,000 134,000
AFO 31,200 54,000 56,400 19,200 160,800
Total cost P138,400 P138,000 P156,400 P82,200 P515,000

(1) Cost of goods manufactured: Job 115 P128,400

Job 116 138,000
Job 117 156,400
Total P432,800
(2) WIP, Aug. 31 (Job 118) P 82,200

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37. (c)

(1) P1,280,000 / P1,600,000 = 80%

(2) WIP, end P280,000

Direct Labor (100,000)
Applied FO (.80 x P100,000) ( 80,000)
Direct materials P100,000

38. (a)

(1) Accounts payable, March 31 P 20,000

Payment of accounts payable (for materials) 70,000
Accounts payable, March 1 (12,000)
Materials purchased P 78,000

(2) This can be computed by working backward from cost of goods sold as follows:

Costs of goods sold P 600,000

Finished goods inventory, March 31 120,000
Finished goods inventory, March 1 (100,000)
Cost of goods manufactured 620,000
Work in process, March 31 (P12,000+P24,000+P48,000) 84,000
Work in process, March 1 (60,000)
Manufacturing cost 644,000
Applied factory overhead (200% x P160,000) (320,000)
Direct labor (160,000)
Direct materials used 164,000
Materials inventory, March 31 30,000
Purchases (1) (78,000)
Materials inventory, March 1 P 116,000

39. (d)

(1) Applied factory overhead (200% x P160,000) = P320,000

Actual factory overhead 300,000
(2) Overapplied factory overhead P 20,000

40. (b)

(1) Direct materials P26,000

Direct labor 20,000
Prime cost P46,000

(2) Direct labor P20,000

Applied factory overhead (150% x P20,000) 30,000
Conversion costs P50,000

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41. (c)

Work in process, May 1 :

Job 769 P9,000
Job 772 2,900 P11,900
Current cost:
Direct materials P26,000
Direct labor 20,000
Applied factory overhead (150% x P20,000) 30,000 76,000
Total cost of goods placed in process 87,900
Less: Work in process, May 31 (Job 779):
Direct materials P2,800
Direct labor 1,800
Applied factory overhead (150% x P1,800) 2,700 7,300
Cost of goods manufactured P80,600
Finished goods inventory, May 31 (job 776) 4,000
Cost of goods sold at normal P76,600

42. (d)

Work in process, beginning P 40,000

Current costs:
Direct materials P98,000
Direct labor 50,000
Applied factory overhead (P30 x 2,000 hours) 60,000 208,000
Total 248,000
Manufacturing cost 210,000
Work in process, end P 38,000

43. (a) P30,000 x 500%

44. (b)

Applied manufacturing overhead (50% of direct labor) P30,101.80

Direct labor (P30,101.80 x 2) 60,203.60
Conversion cost (50% of manufacturing cost) 90,305.40
Thus, the cost of materials used equals 90,305.40
Manufacturing costs 180,610.80
Decrease in work in process inventory 590.00
Cost of goods manufactured P181,200.80

45. (a)
Direct materials used P45,000 (cr)
Direct labor 11,500 (cr)
Applied factory overhead :
Job X (P5,000 x 200%*) P10,000
Job Y (P4,000 x 200%*) 8,000
Job Z (P2,500 x 200%*) 5,000 23,000 (cr)
Total manufacturing cost charged to Work in Process P79,500 (dr)
* P300,000 / P150,000 = 200%

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46. (d)

Direct materials used:

Materials inventory, June 1 P 97,200
Purchases 120,000
Available for use 217,200
Materials inventory, June 30 102,000 P115,200
Direct labor (19,800 hours x 5) 99,000
Applied factory overhead (19,800 hours x P2.50) 49,500
Manufacturing cost 263,700 (1)
Work in process, June 1 21,420
Total 285,120
Work in process, June 30 48,420
Cost of goods manufactured P263,700 (2)

47. (a)

Direct materials used:

Materials inventory, 11/1 P 10,000
Purchases 50,000
Available for use 60,000
Materials inventory, 11/30 25,000 P 35,000
Direct labor (25,000 hours x P4) 100,000
Applied factory overhead (25,000 hours x P3) 75,000
Factory cost 210,000
Work in process inventory, 11/1 50,000
Total 260,000
Work in process inventory, 11/30:
Direct materials P 5,000
Direct labor (5,000 x P4) 20,000
Applied factory overhead (5,000 x P3) 15,000 40,000 (1)
Cost of goods manufactured P220,000 (2)

48. (a)

Applied manufacturing overhead P3,600,000

Divided by predetermined overhead rate based on direct labor cost 200%
Direct labor cost P1,800,000

49. (a)

Manufacturing cost P 8,000,000

Direct labor (1,800,000)
Applied factory overhead (3,600,000)
Direct material used P 2,600,000

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50. (a)

Manufacturing cost P8,000,000

Work in process inventory, 1/1 320,000
Cost of goods manufactured (7,920,000)
Work in process inventory, 12/31 P 400,000

51. (b), credit to Materials account.

52. (b)

Direct labor hours (P360,000/P15) 24,000 hrs.

Factory overhead head per hour x P20
Applied manufacturing overhead P480,000

53. (a), debit to Finished Goods account

54. (a)

Work in process, January 1 P 20,000

Manufacturing cost:
Direct materials used P380,000
Direct labor 360,000
Applied factory overhead 480,000 1,220,000
Total 1,240,000
Cost of goods manufactured (debit to finished goods) 940,000
Work in process, December 31 P 300,000

55. (b)

Cost of goods manufactured P 940,000

Finished goods, January 1 10,000
Goods available for sale 950,000
Finished goods, December 31 50,000
Cost of goods sold before adjustment for over/under applied overhead P 900,000

56. (b)

Actual manufacturing overhead P 540,000

Applied manufacturing overhead 480,000
Under-applied overhead P 60,000

57. (a)

Sales P1,090,000
Cost of goods sold at actual (P900,000 + P60,000) 960,000
Gross profit 130,000
Manufacturing expenses 140,000
Operating income (loss) P( 10,000)

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58. (c)

Sales P1,09`0,000
Cost of goods sold 943,200
Gross profit 146,800
Manufacturing overhead 140,000
Operating income P 6,800

Prorating of under-applied overhead:

Amount Ratio Pro-ration
Work in process P 300,000 24% P14,400
Finished goods 50,000 4% 2,400
Cost of goods sold 900,000 72% 43,200
Total P1,250,000 100% P60,000

59. (c)

Materials inventory, January 1 P30,000

0 Purchases (debit to materials) 70,000
Direct materials requisitioned (debit to work in process) (40,000)
Materials, January 31 P60,000

60. (d)

Direct labor hours 11,000

Rate per hour xP6
Direct labor cost P66,000

61. (b), credit to accrued payroll.

62. (a)

Direct labor hours 11,000

Indirect cost rate x P4
Applied factory overhead cost P44,000

63. (d)

Work in process, January 1 P 2,000

Manufactory cost:
Direct materials used P40,000
Direct labor 66,000
Applied factory overhead 44,000 150,000
Total 152,000
Cost of goods sold (credit to finished goods) 80,000
Work in process, January 31 P 72,000

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64. (c)

Finished goods, January 1 P 20,000

Cost of goods manufactured (credit to work in process) 80,000
Cost goods sold (60,000)
Finished goods, January 31 P 40,000

65. (a)

66, (d), credit to finished goods account.

67. (d)

Applied factory overhead P 44,000

Actual factory overhead 48,000
Under-applied overhead P 4,000

68. (c)

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PROBLEMS
Problem 1-1

a. Materials 13,500
Accounts payable 13,500

b. Work in process-direct material 17,500

Materials 17,500

c. Factory overhead control-Indirect materials 1,800

Materials 1,800

d. Payroll 27,000
Accrued payroll 27,000

Labor cost distribution:

Work in process-direct labor 17,000

Factory overhead control-indirect labor 2,000
Selling expense control-salaries 5,000
Administrative expense control-salaries 3,000
Payroll 27,000

e. Factory overhead control-various 2,508

Cash 2,508

f. Factory overhead control-various 8,500

Accounts payable 8,500

g. Work in process-Factory overhead 14,808

Factory overhead control 14,808

h. Finished goods 60,100

Work in process 60,100

i. Accounts receivable 75,000

Sales 75,000

Cost of goods sold 60,000

Finished goods 60,000
Finished goods, Jan. 1 P15,000
Cost of production 60,100
Finished goods, Jan 31 (15,100)
Cost of good sold P60,000

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Problem 1-2

a. Materials 100,000
Accounts payable 100,000

b. Work in process-direct material 49,000

Factory overhead control-indirect material 9,000
Materials 58,000

c. Payroll 88,000
Withholding tax payable (10%) 8,800
SSS Premium Payable (5%) 4,400
Pag-ibig premium Payable 880
Medicare premium payable 1,320
Accrued payroll (net) 72,600

Work in process -direct material 60,000

Factory overhead control 12,000
Selling expenses 6,000
General administrative expenses 10,000
Payroll 88,000

Accrued payroll 7 2,600

Cash 72,600

d. Factory overhead control (P4,800 + P960) 5,160

Selling expenses 480
General administrative expenses 800
SSS premium payable 4,400
Medicare premium payable 1,320
ECC premium payable 440
Pag-ibig premium payable 880

Direct labor Indirect labor Sales Office Salary Total

P60,000 P12,000 P6,000 P10,000 P88,000

5% P 3,000 P 600 P 300 P 500 P 4,400

1.5% 900 180 90 150 1,320
1.5% 300 60 30 50 440
1% 600 120 60 100 880
P 4,800 P960 P 480 P 800 P 7,040

e. Factory overhead control 15,000

Cash 15,000

f. Work in process 30,000

Applied factory overhead 30,000

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Problem 1-2, continued.

g. Finished goods 120,000

Work in process 120,000

h. Accounts receivable 52,000

Sales 52,000

Cost of goods sold 40,000

Finished goods 40,000

Problem 1-3

a. Materials 64,000
Accounts payable 64,000

b. Work in process 37,000

Factory overhead control 5,600
Materials 42,600

c. Payroll 100,000
Withholding tax payable (14%) 14,000
SSS Premium Payable (5%) 5,000
Medicare premium payable (. 5%) 500
Pag-ibig premium payable (. 5%) 500
Accrued payroll 80,000

Accrued payroll 80,000

Cash 80,000

d. Work in process (P100,000 x 55%) 55,000

Factory overhead control (P100,000 x 18%) 18,000
Selling expenses (P100,000 x 17%) 17,000
General administrative expenses (P100,000 x 10%) 10,000
Payroll 100,000

e. Factory overhead control 5,100

Selling expenses 1,190
General administrative expenses 700
SSS premium payable 5,000
Medicare premium payable 1,000
ECC premium payable 500
Pag-ibig premium payable 500

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Problem 1-3, continued:

Direct labor Indirect labor Sales Administrative Total

P55,000 P18,000 P17,000 P10,000 P100,000

5% P 2,750 P 900 P 850 P 500 P 5,000

1% 550 180 170 100 1,000
½% 275 90 85 50 500
½% 275 90 85 50 500
P 3,850 P1,260 P 1,190 P 700 P7,000

f. Work in process 44,000

Factory overhead control 44,000

g. Factory overhead control 21,700

Accumulated depreciation 18,000
Prepaid insurance 1,200
Accounts payable 2,500

h. Finished goods 103,000

Work in process 103,000

i. Accounts receivable 168,750

Sales 168,750

Cost of goods sold (P168,750 / 135%) 125,000

Finished goods 125,000

j. Cash 145,000
Accounts receivable 145,000

Problem 1-4

1. a. Materials 200,000
Accounts payable 200,000

b. Work in process 180,000

Materials 180,000

c. Factory Payroll 120,000

Withholding tax payable 6,000
SSS contribution payable 3,200
Phil, health contribution payable 1,300
Pag-ibig contribution payable 2,000
Accrued payable 107,500

d. Factory overhead control 8,800

SSS contribution payable 5,500
Phil. Health contribution payable 1,300
Pag-ibig contribution payable 2,000

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Problem 1-4, continued:

e. Work in process 80,000

Factory overhead control 40,000
Factory payroll 120,000

f. Factory overhead control 67,500

Accounts payable 67,500

g. Work in process 96,000

Applied factory overhead 96,000

h. Finished goods 320,000

Work in process 320,000

i. Cash/accounts receivable 480,000

Sales 480,000

Cost of goods sold 320,000

Finished goods 320,000

j. Applied factory overhead 96,000

Cost of goods sold 20,300
Factory overhead control 116,300

2. Work in process, October 1 P 15,000

Factory cost:
Direct materials P180,000
Direct labor 80,000
Applied factory overhead 96,000 356,000
Total 371,000
Cost of goods manufactured 320,000
Work in process, October 31 P 51,000

Problem 1-5
(1) Work in process 135,000
Materials 135,000

(2) Work in process 120,000

Factory payroll 120,000

(3) Work in process 96,000

Applied factory overhead 96,000
1,920 hours x P50

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Problem 1-5, continued:

(4) Finished goods 288,000

Work in process 288m000

Job 66 Job 67 Total

Work in process, beginning P 40,000 P 15,000 P 55,000
Factory cost:
Direct materials 35,000 45,000 80,000
Direct labor 45,000 40,000 85,000
Applied factory overhead 36,000 32,000 68,000
Total P156,000 P132,000 P288,000

Problem 1-6

(1) a. Materials 229,040

Accounts payable 229,040

b. Payroll 220,000
Payroll payable 220,000

c. Work in process 156,000

Factory overhead control 24,000
Selling and administrative expenses 40,000
Payroll 220,000
Direct labor:
Job 101 (5,000 hours x P8) P 40,000
Job 102 (8,000 hours x P10) 80,000
Job 103 (6,000 hours x P6) 36,000
Total P156,000

d. Work in process 216,350

Factory overhead control 15,040
Materials 231,390

e. Work in process 85,500

Applied factory overhead 85,500

f. Finished goods 380,700

Work in process 380,700
Job 101 Job 102 Total
Work in process, Jan.1 P 11,000 P 4,000 P 15,000
Manufacturing cost:
Direct materials 103,200 84,000 187,200
Direct labor 40,000 80,000 120,000
Applied overhead 22,500 36,000 58,500
Total P176,700 P204,000 P380,700

Accounts receivable 520,000

Sales 520,000

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Problem 1-6, continued:

g. Cash 494,000
Sales discount 26,000
Accounts receivable 520,000

h. Marketing and administrative expenses 30,000

Factory overhead control 49.720
Cash 79,720

i. Accounts payable 170,000

Cash 170,000

j. Applied factory overhead 85,500

Under-applied overhead 3,260
Factory overhead control 3,260

Cost of goods sold 3,260

Under-applied overhead 3,260

2. Joselyn Company
Statement of Cost of Goods Sold
Month Ended January 31, 2010

Direct materials used P216,350

Direct labor 156,000
Applied factory overhead 85,500
Factory cost 457,850
Work in process, January 1 15,000
Total cost of goods placed in process 472,850
Work in process, January 31 (Job. 103) 92.150
Cost of goods manufactured 380,700
Finished goods, January 1 65,000
Goods available for sale 445,700
Finished goods, January 31 65,000
Cost of goods at normal 380,700
Under-applied overhead 3,260
Cost of goods sold at actual P383,960

Problem 1-7

(1) a. Materials 22,000

Accounts payable 22,000

b. Work in process 18,600

Factory overhead control 2,400
Materials 21,000

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Problem 1-7, continued:

c. Materials 600
Factory overhead control 200
Work in process (Job 622) 400

d. Accounts payable 800

Materials 800

e. Payroll 38,000
Payroll payable 38,000

f. Work in process 20,900

Factory overhead control 7,600
Selling expenses 5,700
Administrative expenses 3,800
Payroll 38,000

g. Factory overhead control 9,404.50

Accumulated depreciation 2,000
Prepaid insurance 250
Accounts payable 7,154.50

h. Work in process 16,720

Applied factory overhead 16,720
P20,900 x 80%

i. Finished goods (P23,436 + P29.948) 53,384

Work in process 53,384
Job 621 Job 622 Job 623
Work in process, March 1 P6,580 P8,260 P4,230
Current costs:
Direct materials 5,300 7,000 5,900
Direct labor 6,420 8,160 6,320
Applied FO 5,136 6,528 5,056
Total P23,436 P29,948 P21,506

j. Accounts receivable 53,810.40

Sales 53,810.40
(P15,000 + P23,436) x 140%

Cost of goods sold 38,436

Finished goods 38,436

k. Cash 40,000
Accounts receivable 40,000

2. Schedule of inventory, March 31:

Materials inventory (balance of Materials account) P14,800
Finished goods (Job 622) 29,948
Work in process (Job 623) 21,506

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Problem 1-8
(1) Nancy Corporation
Cost of goods sold statement
Month Ended September 30, 2010

Direct materials used P 29,800

Direct labor 18,600
Applied factory overhead 27,450
Manufacturing cost 75,850
Work in process inventory, Sept. 1 4,070
Total 79,920
Work in process inventory, Sept.30 4,440
Cost of goods manufactured 75,480
Finished goods inventory, Sept.1 9,800
Goods available for sale 85,280
Finished goods inventory, Sept. 30 9,250
Cost of goods sold P 76,030

(2) Nancy Corporation

Income Statement
Month Ended September 30, 2010

Net sales (P144,900 – P1,300) P143,600

Cost of goods sold 76,030
Gross profit 67,570
Operating expenses:
Marketing expenses P 25,050
Depreciation (P30 + P16 + P20 + 24) 90
General administrative expenses 19,700 44,840
Net income P 22,730

(3) Computation of over(under)applied factory overhead:

Applied factory overhead P27,450

Actual factory overhead:
Overhead paid P20,100
Indirect materials 3,950
Depreciation- building 150
Depreciation- machinery and equip 800
Indirect labor 4,400 29,400
Under-applied factory overhead P( 1,950 )

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Problem 1-9

(1) Pena Manufacturing Company

Statement of Cost of Goods Manufactured
For the Year Ended December 31, 2010

Raw materials inventory beginning P 60,000 *

Purchases [(P52,000 ÷ 65%) x 2] 160,000
Available for use 220,000
Raw materials inventory, ending 20,000
Direct materials used 200,000
Direct labor 120,000
Factory overhead 80,000
Manufacturing cost 400,000
Work in process inventory, ending 25,000
Cost of goods manufactured P375,000

* Let X= Raw materials inventory, beginning

1/3X= Raw materials inventory, ending
Therefore:
X + P160,000 – 1/3X = P200,000
2/3X = P40,000
X = P60,000

(2) Pena Manufacturing Company

Income Statement
For the Year Ended December 31, 2010
Sales (P300,000 ÷ 60%)
Cost of goods sold: P500,000
Cost of goods manufactured P375,000
Finished goods inventory, beginning 25,000
Goods available for sale 400,000
Finished goods inventory, ending 100,000 300,000
Gross profit 200,000
Operating expenses (squeeze)
Selling expenses 96,000
General expenses 24,000 120,000
Net income before tax 80,000
Provision of income tax 28,000
Net income after tax P 52,000

Supporting computations:
Finished goods inventories:
COGM + FG, beg – FG, end = COGS
Let X = Finished goods inventory beginning
4X = Finished goods inventory ending
Therefore:
P375,000 + X – 4X = P300,000
-3X = -P375,000
X = P25,000 finished goods, beginning
4X = P100,000 finished goods ending

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Problem 1-9, continued:

Operating expenses:
SE + GE = OE
Let X = GE
4X = SE
Therefore:
4X + X = 120,000
5X = 120,000
X = 24,000 GE
4X = 96,000 SE

Problem 1-10
Journal Entries

(a) Materials 18,400

Accounts payable 18,400

(b) Factory overhead control 53,060

Accounts payable 53,060

(c) Payroll 172,000

Accrued payroll 172,000

Work in process- direct labor 121,000

Factory overhead control 25,000
Selling expenses 16,000
Administrative expenses 10,000
Payroll 172,000

Accrued payroll (P4,500 + P172,000) 176,500

Cash 176,500

(d) Work in process- direct materials 115,000

Factory overhead control 16,600
Materials 131,600

(e) Work in process 94,660

Factory overhead control 94,660

(f) Finished goods 376,000

Work in process 376,000

(g) Accounts receivable 482,300

Sales 482,300
(P19,000 + P376,000 – P24,000) x 130%

Cost of goods sold 371,000

Finished goods 371,000
P19,000 + P376,000 – P24,000= P371,000

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Problem 1-10, continued:

(h) Cash (P425,800 x 98%) 417,323

Sales discount (P425,840 x 2%) 8,517
Accounts receivable 425,840

(i) Selling expenses (P60,000 x 60%) 36,000

General administrative expense (P60,000 x 40%) 24,000
Accounts payable 60,000

(j) Accounts payable 208,000

Cash 208,000

Problem 1-11

(1) Cost of goods sold statement:

Materials inventory, June 1 P15,000

Purchases 33,000
Materials available for sale P48,000
Less: Materials inventory, June 30 P19,000
Indirect materials used 1,000 20,000
Direct materials used 28,000
Direct labor [(P49,000 ÷ 7) × 6] 42,000
Factory overhead:
General factory overhead P13,000
Depreciation 17,000
Indirect materials 1,000
Insurance 2,000
Indirect labor (P49,000 ÷ 7) 7,000 40,000
Manufacturing cost 110,000
Work in process inventory, June 1 40,000
Total 150,000
Work in process inventory, June 30 30,000
Cost of goods manufactured 120,000
Finished good inventory, June 1 70,000
Goods available for sale 190,000
Finished goods inventory, June 30 50,000
Cost of goods sold P140,000

(2) Summary journal entries:

(a) Materials 33,000

Accounts payable 33,000

(b) Work in process-Direct materials 28,000

Factory overhead control 1,000
Materials 29,000

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Problem 1-11, continued:

(c ) Payroll 49,000
Accrued payroll 49,000

(d) Work in process-direct labor 42,000

Factory overhead control 7,000
Payroll 49,000

(e) Finished goods 120,000

Work in process 120,000

(f) Accounts receivable 210,000

Sales (P140,000 × 150%) 210,000

Cost of goods sold 140,000

Finished goods 140,000

Problem 1-12
Computation of Costs:
1. Direct materials used P 710,000
Direct labor 1,300,000
Applied factory overhead (P1,300,000 x 160%) 2,080,000
Manufacturing cost P4,090,000

2. Supplies P 100,000
Indirect labor 900,000
Depreciation of building and factory equip. 400,000
Miscellaneous 550,000
Total actual factory overhead P1,950,000

3. Raw materials inventory, Jan. 1, 2010 P 100,000

Purchases 800,000
Available for use 900,000
Raw materials used ( 710,000 )
Raw materials inventory 190,000
Less indirect materials used (supplies) 100,000
Raw materials inventory, Dec. 31,2010 P 90,000

4. Manufacturing cost (1) P4,090,000

Work in process, Jan. 1, 2010 60,000
Cost of goods manufactured ( 4,120,000 )
Work in process, Dec. 31,2010 P 30,000

5. Applied factory overhead (1) P2,080,000

Applied factory overhead (2) 1,950,000
Overapplied factory overhead P 130,000

6. Cost of goods sold at normal P4,020,000

Overapplied factory overhead (5) ( 130,000)
Cost of goods sold at actual P3,890,000

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Problem 1-13

(1) JMG Company

Balance Sheet
December 31, 2009

Assets
Cash (Schedule 1) P 38,000
Accounts receivable 20,000
Finished goods inventory [P12,000 – (1/3 x P12,000)] 8,000
Work in process inventory [P4,000 – (50% x P4,000)] 2,000
Materials inventory [P8,000 – (50% x P8,000)] 4,000
Prepaid expenses 1,000
Property, plant, and equipment (P60,000 – P8,000) 52,000
Total P125,000

Liabilities and Stockholders’ Equity

Current liabilities P 35,000
Stockholders’ equity:
Capital stock P60,000
Retained earnings 30,000 90,000
Total P125,000

Supporting Computations:

Schedule 1

Cash balance, Jan 1, 2009 P 10,000

Collection of accounts receivable (a) 120,000
Total 130,000
Payments:
Payroll (b) P18,000
Factory overhead (c ) 16,000
Marketing expenses (d) 12,000
Administrative expenses (e) 16,000
Payment of materials purchases (Per COGS) 30,000 92,000
Cash balance, Dec. 31, 2009 P 38,000

(a) Accounts receivable, Jan. 1, 2009 P 20,000

Sales on account 120,000
Accounts receivable, Dec. 31, 2009 (required balance) ( 20,000 )
Collections P120,000

(b) Current liabilities, Jan. 1, 2009 P 35,000

Direct labor cost (accrued payroll) 18,000
Current liabilities, Dec. 31, 2009 (required balance) ( 35,000 )
Payment of current liabilities P 18,000

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Problem 1-13, continued:

(c) Actual factory overhead (P18,000 + P4000) P 22,000

Less depreciation (P8,000 x ¾) 6,000
Payment P 16,000

(d) Marketing expenses paid (P120,000 x 10%) P 12,000

(e) Administrative expenses (P120,000 x 15%) P 18,000

Less depreciation (P8,000 x ¼) 2,000
Payment P 16,000

(2) JMG Company

Income Statement
Year Ended December 31, 2009

Sales P120,000
Cost of goods sold at actual (Sch. 2) 80,000
Gross profit 40,000
Operating expenses:
Marketing expenses P12,000
Administrative expenses 18,000 30,000
Net income P 10,000

Schedule 2- Statement of Cost of Goods Sold

Direct materials used:

Inventory, Jan. 1 P 8,000
Purchases (squeeze) 30,000
Inventory, Dec. 31 ( 4,000 ) P 34,000
Direct labor 18,000
Applied factory overhead 18,000
Factory cost 70,000
Work in process inventory, Jan. 1 4,000
Total 74,000
Work in process inventory, Dec. 31 2,000
Cost of goods manufactured 72,000
Finished goods inventory, Jan. 1 12,000
Goods available for sale 84,000
Finished goods inventory, Dec. 31 8,000
Cost of goods sold at normal 76,000
Under-applied factory overhead 4,000
Cost of goods sold at actual P 80,000

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