Document! - Word A garmajay@gmail.com 11 x Share File Home Insert Copy Paste Clipboard Design Layout References Mailings Calibri (Body 11 AA Aa BIUX, x' A- Review View Help Tell me what you want to do AHDBCCD, ABBUCCD, AaBBC, ASBECO AaB ALBECCE AGDECO AOBOCD: AGDECO ABBUCCD A9BBCD, AOBOCCD: AABDCCDC AABBCCDI AUBBC CA Find Replace 1 Normal 1 No Spac... Heading Heading 2 Title Subtitle Format Painter Tont Paragraph Subtle Em.. Emphasis Styles Intense E.. Strang Quale Intense Q Sublic Ref.. Intense Re... Book Tille Select Edring Page 1 of 4 626 words English (Philippines) Type here to search + The following are the transactions by JACK COLE for the month of February: February 1 February 2 February 5 February 6 February 7 February 13 February 14 Purchased Materials worth 200,000 on account. Freight 5,000. Terms 20%, 5/10, n/30 Purchased Additional Materials worth 150,000. Freight is 5,000. Terms 2/10,n/30 The production department requisitioned 280,000 direct materials to be used in the production. All materials are used in the production. The direct labor incurred is 20,000 for each three production workers and 10,000 for the each two indirect laborer Factory overhead is applied at 150% of Direct labor costs The company uses FIFO. Mr. Ukit Sold 25 units of products for a total sales price 420,000. Terms 5/10,n/30. Gross profit rate based on cost is 40%. The actual factory overhead costs incurred during the month was 80,000 excluding the SSS, Philhealth, and Pag-Ibig employeer share. Additional Information: a. Direct Raw materials from month of January is 50,000. b. There is no work in process during the month of January, however 40,000 is still in process at the end of February c. Finished goods forwarded from the month of January is 15 units with a total costs of 45,000. d. Any over/under applied is closed to cost of goods sold. e. The company uses single account for direct and indirect materials. REQUIRED: 1. PREPARE THE JOURNAL ENTRIES 2. PREPARE THE COST OF GOODS SOLD A4 ENG 641 pm 24/03/2021 150%