1. In tabular form, show the flow of cost from the Manufacturing Cost accounts to the...

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1. In tabular form, show the flow of cost from the Manufacturing Cost accounts to the Cost of Goods Sold account for the month of July. 2. Compute for the amount of Sales for the period. 3. Prepare the Statement of Cost of Goods Manufactured and Sold. Bayo Dress Shop makes evening dresses. The following information has been gathered from the company records during the current year: a) Raw materials purchased on account P2,350,000. b) Raw materials used in production P2,500,000. 25% of this is indirect material. c) Factory payroll is P1,350,000. d) 80% of factory payroll is direct labor, while 20% is indirect labor. e) Depreciation of computer and sewing equipment, P80,000. f) Factory utilities paid, P320,000. 8) Factory insurance is P17,500. h) Factory rent is P910,000. i) The actual amount of overhead is charged to the job. Additional information: j) The beginning and ending inventory balances are as follows: Beginning P350.000 Raw materials 100,000 Work in process Finished goods 60,000 k) The company's mark-up is 40% of cost. REQUIRED: 1. In tabular form, compute for the following: a Ending inventory of raw materials Ending ? 565,000 780,000 b. The cost of goods transferred from Work in process account to Finished goods account c. The cost of goods transferred from Finished goods account to Cost of goods sold account 2 Compute for the amount of Sales for the period. 3. Prepare the Statement of Cost of Goods Manufactured and Sold. 1. In tabular form, show the flow of cost from the Manufacturing Cost accounts to the Cost of Goods Sold account for the month of July. 2. Compute for the amount of Sales for the period. 3. Prepare the Statement of Cost of Goods Manufactured and Sold. Bayo Dress Shop makes evening dresses. The following information has been gathered from the company records during the current year: a) Raw materials purchased on account P2,350,000. b) Raw materials used in production P2,500,000. 25% of this is indirect material. c) Factory payroll is P1,350,000. d) 80% of factory payroll is direct labor, while 20% is indirect labor. e) Depreciation of computer and sewing equipment, P80,000. f) Factory utilities paid, P320,000. 8) Factory insurance is P17,500. h) Factory rent is P910,000. i) The actual amount of overhead is charged to the job. Additional information: j) The beginning and ending inventory balances are as follows: Beginning P350.000 Raw materials 100,000 Work in process Finished goods 60,000 k) The company's mark-up is 40% of cost. REQUIRED: 1. In tabular form, compute for the following: a Ending inventory of raw materials Ending ? 565,000 780,000 b. The cost of goods transferred from Work in process account to Finished goods account c. The cost of goods transferred from Finished goods account to Cost of goods sold account 2 Compute for the amount of Sales for the period. 3. Prepare the Statement of Cost of Goods Manufactured and Sold.

Answer rating: 100% (QA)

1 Flow of Cost Account Debit Cost Increase Credit Cost Decrease Raw Materials 2350000 Work in Process WIP 2500000 Direct Labor 1080000 Indirect Labor ... View the full answer