14-2 A very popular and well-known food processing is operated under franchise by the Vanilla Food...

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14-2 A very popular and well-known food processing is operated under franchise by the Vanilla Food Processing Company, is a client of Sharon Fe Gabriel & Co., CPAS showed the following records after the second year of operations in the Visayas territory. Vanilla Food Processing Co. Trial Balance December 31, 20B Cash in Bank Petty Cash Fund Accounts Receivable Finished Goods, Jan. 1 Goods in Process, Jan. 1 Raw Materials, Jan. 1 Machinery and Equipment Accumulated Depreciation Office Equipment Accumulated Deprecation Franchise Vouchers Payable E. Detoya, Capital Sales Purchases Raw Materials Direct Labor Indirect Labor Taxes and Licenses, Repairs and Maintenance Light and Water Office Salaries Total Debit P 375,000 10,000 65,000 150,000 75,000 185,000 380,000 120,000 315,000 295,000 350,000 285,000 84,000 120,000 160,000 240,000 P3,209,000 Credit Р 76,000 24,000 67,000 1,692,000 1,350,000 P3.209.000 202 357 Additional Information: 1. Inventories on December 31, 20B comprised of the following: Finished Goods Work in Process Raw Materials Required: P 350,000 286,000 90,000 2. Machinery and Equipment's depreciation is P76,000 per annum. 3. Office Equipment's depreciation if P34,000 per annum. 4. The remaining life of the franchise is 9 years. The amortization for the year amounted to P35,000. 5. The following costs are to be allocated: Taxes and Licenses Repairs and Maintenance Light and Water Factory 80% 75% 85% 1. A 10-column worksheet 2. Statement of Cost of Goods Manufactured 3. Statement of Comprehensive Income 4. Statement of Financial Position 5. Adjusting and Closing Entries Chaper 14 Non-Factory 20% 25% 15% 14-2 A very popular and well-known food processing is operated under franchise by the Vanilla Food Processing Company, is a client of Sharon Fe Gabriel & Co., CPAS showed the following records after the second year of operations in the Visayas territory. Vanilla Food Processing Co. Trial Balance December 31, 20B Cash in Bank Petty Cash Fund Accounts Receivable Finished Goods, Jan. 1 Goods in Process, Jan. 1 Raw Materials, Jan. 1 Machinery and Equipment Accumulated Depreciation Office Equipment Accumulated Deprecation Franchise Vouchers Payable E. Detoya, Capital Sales Purchases Raw Materials Direct Labor Indirect Labor Taxes and Licenses, Repairs and Maintenance Light and Water Office Salaries Total Debit P 375,000 10,000 65,000 150,000 75,000 185,000 380,000 120,000 315,000 295,000 350,000 285,000 84,000 120,000 160,000 240,000 P3,209,000 Credit Р 76,000 24,000 67,000 1,692,000 1,350,000 P3.209.000 202 357 Additional Information: 1. Inventories on December 31, 20B comprised of the following: Finished Goods Work in Process Raw Materials Required: P 350,000 286,000 90,000 2. Machinery and Equipment's depreciation is P76,000 per annum. 3. Office Equipment's depreciation if P34,000 per annum. 4. The remaining life of the franchise is 9 years. The amortization for the year amounted to P35,000. 5. The following costs are to be allocated: Taxes and Licenses Repairs and Maintenance Light and Water Factory 80% 75% 85% 1. A 10-column worksheet 2. Statement of Cost of Goods Manufactured 3. Statement of Comprehensive Income 4. Statement of Financial Position 5. Adjusting and Closing Entries Chaper 14 Non-Factory 20% 25% 15%