Instruction: Show your solution

PROBLEM 1

The following information was taken from J Company's Ledger:
DM WIP FG	Mar-01 80,000.00 25,000.00 120,000.00	Mar-31 50,000.00 35,000.00 70,000.00
Factory overhead- P108,000; DL- P120,000; COGS- P378,000 Required:
1. How much was the total DM purchased during March 2. Compute for the company's CGM.

PROBLEM 2

J Company had these beginning and ending inventories at the end of the current year:
FG WIP Materials	Beginning 37,500.00 90,000.00 33,000.00	Ending 27,000.00 72,000.00 45,000.00
During the year the following transactions occurred:
Materials purchased IM and supplies purchased DL cost Indirect factory labor Property tax and depreciation on factory building Property tax and depreciation on sales from office (shared equally) Utilities (60% to Factory, 20% to salesroom, 20% to office) IM issued to factory Salesperson's salaries Office salaries Sales on account	300,000.00 80,000.00 190,000.00 100,000.00 40,000.00 35,000.00 80,000.00 70,000.00 60,000.00 36,000.00 1,095,000.00
Factory overhead is applied on the basis of 120% of DL cost. Over or Underapplied FOH is deducted from or added to COGS. Assume no payroll deductions are made
Required: 1. How much is the ending balance of the following:
a. Materials b. Payroll c. WIP d. FG e. COGS f. Selling expense control g. General expense control h. Accounts payable
2. How much is the Net income?

PROBLEM 3

Cost data on the activities of JV Manufacturing for January are as follows:
A. Account balances:	Jan-01	Jan-30
FG WIP DM IM	45,602.00 61,420.00 10,250.00 5,600.00	? 52,800.00 12,700.00 5,280.00
B. Transactions for the month:
Supplies purchased COGS RM purchased IL Factory heat, light and power Factory rent Factory insurance Sales commissions Administrative expenses Productions supervisor's salary	17,000.00 290,000.00 110,000.00 22,000.00 11,220.00 18,500.00 2,000.00 48,000.00 25,000.00 5,000.00
C. 4,250 DL hours were worked during the month. Laborers worked a 40-hour week and are paid P22 per hour for the regular shift and time-and-a-half for each hour of overtime. Of the 4,250 hours, 250 hours were worked in overtime. The company treats the overtime premium as a part of overhead.
Required:
1. Calculate the total FOH incurred 2. Determine the cost of goods manufactured 3. Determine the ending balance in FG