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All costs incidental to materials procurement and handling until they are issued are charged to the materials account by Lingad Mfg. Co. at a rate predetermined for each of the departments involved. For 19C, the estimated departmental costs are given: Purchasing Department Receiving and Inspection Dept. P175,000 124,500 Materials Department 83,000 Accounting Department 295,000* *20% is estimated to be related to processing of payments for materials. Purchases for 19C were estimated to amount to P5,000,000 for more or less 8,300,000 units to be ordered 50 times. Actual purchases for 19C amounted to P5,600,000 for a total of 8,000,000 units in 52 orders. Costs incurred by the four given departments were as follows: Purchasing Department Receiving and Inspection Department Materials Department Accounting Department *20% is estimated to be related to processing of payments for materials. P180,000 128,000 78,000 290,000* Required: All entries related to the materials purchased in 19C with supporting computations. (Use one applied account.) 2021.05.30 15:21 All costs incidental to materials procurement and handling until they are issued are charged to the materials account by Lingad Mfg. Co. at a rate predetermined for each of the departments involved. For 19C, the estimated departmental costs are given: Purchasing Department Receiving and Inspection Dept. P175,000 124,500 Materials Department 83,000 Accounting Department 295,000* *20% is estimated to be related to processing of payments for materials. Purchases for 19C were estimated to amount to P5,000,000 for more or less 8,300,000 units to be ordered 50 times. Actual purchases for 19C amounted to P5,600,000 for a total of 8,000,000 units in 52 orders. Costs incurred by the four given departments were as follows: Purchasing Department Receiving and Inspection Department Materials Department Accounting Department *20% is estimated to be related to processing of payments for materials. P180,000 128,000 78,000 290,000* Required: All entries related to the materials purchased in 19C with supporting computations. (Use one applied account.) 2021.05.30 15:21
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Lingad Mfg Co Materials Purchases for 19C One Applied Account Date Account Debit Credit Description ... View the full answer
Related Book For
Cost management a strategic approach
ISBN: 978-0073526942
5th edition
Authors: Edward J. Blocher, David E. Stout, Gary Cokins
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