Homework Help is Here – Start Your Trial Now!
Business
Accounting
Problem 3 East Company submits the following data for May, 2022 Direct labor cost Cost of goods sold Factory overhead - applied at 150% of direct labor costs. Inventories May 1, 2022 P187,500 Finished goods Work in process Materials 161,500 155.000 Required: Cost of goods sold statement for May, 2022. P 200,000. 687,500 May 31, 2022 P152,500 155,000 143,750

Problem 3 East Company submits the following data for May, 2022 Direct labor cost Cost of goods sold Factory overhead - applied at 150% of direct labor costs. Inventories May 1, 2022 P187,500 Finished goods Work in process Materials 161,500 155.000 Required: Cost of goods sold statement for May, 2022. P 200,000. 687,500 May 31, 2022 P152,500 155,000 143,750

Principles of Cost Accounting
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter5: Process Cost Accounting—general Procedures
Section: Chapter Questions
Problem 10P: Aero Aluminum Inc. uses a process cost system. The records for May show the following information:...
See similar textbooks
icon
Related questions
Question

Provide the Cost of Good Sold Statement for Jan 2022

Problem 3 East Company submits the following data for May, 2022 Direct labor cost Cost of goods sold Factory overhead - applied at 150% of direct labor costs. Inventories May 1, 2022 P187,500 Finished goods Work in process Materials 161,500 155.000 Required: Cost of goods sold statement for May, 2022. P 200,000 687,500 May 31, 2022 P152,500 155.000 143,750
Transcribed Image Text:Problem 3 East Company submits the following data for May, 2022 Direct labor cost Cost of goods sold Factory overhead - applied at 150% of direct labor costs. Inventories May 1, 2022 P187,500 Finished goods Work in process Materials 161,500 155.000 Required: Cost of goods sold statement for May, 2022. P 200,000 687,500 May 31, 2022 P152,500 155.000 143,750
a. b. C. d. e. Materials Accounts payable Factory Overhead Control Accounts payable Work in process Factory Overhead Control Selling expenses Administrative expenses Payroll Payroll Withholding taxes payables SSS Premiums payables PhilHealth Contribution payables Pag-ibig Funds Contribution payables Payroll Accrued Payroll Accrued Payroll Cash Factory Overhead Control SSS Premiums payable PhilHealth Contribution payable Pag-ibig Funds Contribution payable # 250,000 # 尹 # 175,000 37,500 # 31,250 # 18,750 43,750 # 42,931.25 # € 219,568.75 218,750 17,750.00 P # € # P # € P p # 250,000 43,750 262,500 23,150 10,500 1,406.25 7,875 219,568.75 218,750 10,625 750.00 6,375 f. Selling Expenses SSS Premiums payable P 1,562.50 PhilHealth Contribution payable P 468.75 Pag-ibig Funds Contribution payable 937.50 j. Administrative Expenses k. SSS Premiums payable PhilHealth Contribution payable Pag-ibig Funds Contribution payable Work in process Factory Overhead Control Materials Work in process h. Finished Goods Factor Overhead Applied (P175,000*80%) i. Accounts Receivable Sales Work in process (P481,250*40% + P481250) Cost of Goods Sold Finished Goods Cash Accounts Receivable Liabilities Accrued Liabilities I. Withholding taxes payables Cash P P P P P P P P 937.50 187.50 562.50 231,250 43,750 P 673,750 P 140,000 512,500 481,250 506,250 P 275,000 23,150 P 275,000 P 140,000 P P P P P P 512,500 673,750 481,250 506,250 275,000 23,150
Transcribed Image Text:a. b. C. d. e. Materials Accounts payable Factory Overhead Control Accounts payable Work in process Factory Overhead Control Selling expenses Administrative expenses Payroll Payroll Withholding taxes payables SSS Premiums payables PhilHealth Contribution payables Pag-ibig Funds Contribution payables Payroll Accrued Payroll Accrued Payroll Cash Factory Overhead Control SSS Premiums payable PhilHealth Contribution payable Pag-ibig Funds Contribution payable # 250,000 # 尹 # 175,000 37,500 # 31,250 # 18,750 43,750 # 42,931.25 # € 219,568.75 218,750 17,750.00 P # € # P # € P p # 250,000 43,750 262,500 23,150 10,500 1,406.25 7,875 219,568.75 218,750 10,625 750.00 6,375 f. Selling Expenses SSS Premiums payable P 1,562.50 PhilHealth Contribution payable P 468.75 Pag-ibig Funds Contribution payable 937.50 j. Administrative Expenses k. SSS Premiums payable PhilHealth Contribution payable Pag-ibig Funds Contribution payable Work in process Factory Overhead Control Materials Work in process h. Finished Goods Factor Overhead Applied (P175,000*80%) i. Accounts Receivable Sales Work in process (P481,250*40% + P481250) Cost of Goods Sold Finished Goods Cash Accounts Receivable Liabilities Accrued Liabilities I. Withholding taxes payables Cash P P P P P P P P 937.50 187.50 562.50 231,250 43,750 P 673,750 P 140,000 512,500 481,250 506,250 P 275,000 23,150 P 275,000 P 140,000 P P P P P P 512,500 673,750 481,250 506,250 275,000 23,150
Expert Solution
steps

Step by step

Solved in 2 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Inventory Management
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Cost Accounting
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Cornerstones of Cost Management (Cornerstones Ser…
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Managerial Accounting
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Managerial Accounting: The Cornerstone of Busines…
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS