Problem 5Wesleyan Company contained the following account bCashAccounts ReceivableFinished GoodsWork in ProcessMaterialsAccounts PayableAccrued PayrollCommon StockRetained EarningsDuring January, 2022, the following transactions were completed.a) Materials purchased on account, P 250.000.b) Factory overhead incurred on account, P 43,750c) Payroll for the period consists of: direct labor - P175.000: indirect labor -P37.500: sales salaries - P31.250; and administrative salaries - P18,750.Deductions from payroll were as follows:Withholding taxesSSS PremiumsPhil Health ContributionsPag-ibig FundsP218.750 was paid for payrolle) Computation of employer'sSSS PremiumsPhil HealthPag-ibig FundPpayroll tax is as follows:FactorySellingP 10.625P1.562.507506.375P 125.00075,00043.75022.50062.50012.50010.000250.00056.250468.75937.5023.15010,5001.406.257.875AdministrativeP 937.50187.50f) Materials issued: direct materials-P231,250: indirect - P43,750.g) Factory overhead was charged to production at 80% of direct labor cost.h) Work finished and placed in stock - P512.500i) Cost of goods sold-P481.250. The markup was 40% of cost.i) Cash collected from customers, P506,250..k) Payments for liabilities amounted to P 275.000, other than payroll1) Remitted withheld tax to BIR and paid in full all accounts with GOCCsregarding employee welfare..562.50 Requirements for Problem 51. Journal entries to record the above transactions.2. Cost of Goods Sold Statement for January, 2022.3. Statement of Comprehensive Income for January, 20224. Statement of Financial Position as of January 31, 2022.

Name: Problem 5Wesleyan Company contained the following account bCashAccoun
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Description: Problem 5Wesleyan Company contained the following account bCashAccounts ReceivableFinished GoodsWork in ProcessMaterialsAccounts PayableAccrued PayrollCommon StockRetained EarningsDuring January, 2022, the following transactions were completed.a) Ma

Journal Entry A journal entry is a record of a business's financial transactions kept in its…

Business

Accounting

1. Journal entries to record the above transacti 2. Cost of Goods Sold Statement for January, 2022. 3. Statement of Comprehensive Income for January, 2022 4. Statement of Financial Position as of January 31, 2022.

1. Journal entries to record the above transacti 2. Cost of Goods Sold Statement for January, 2022. 3. Statement of Comprehensive Income for January, 2022 4. Statement of Financial Position as of January 31, 2022.

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter3: Accounting For Labor

Section: Chapter Questions

Problem 7P: Payment and distribution of payroll The general ledger of Berskshire Mountain Manufacturing Inc....

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