JOB ORDER COST SHEET Problem 1: On June 30, the general ledger balances of ABC Company include the following: Finished goods inventory Work in process inventory Raw materials inventory As of the same date, balances in the accounts of subsidiary ledgers are as follows: Work in process inventory: Job No. 1001 Job No. 1002 Finished goods inventory: Commodity R, 2,000 units Commodity S, 1,600 units Commodity T, 4,800 units P401,600 112,000 188,000 P68,000 44,000 P216,000 70,400 115,200 The transactions completed during July are summarized as follows: 1. 2. Materials were purchased on account as follows: Material A, P140,000; Material B, P128,000; Material C, P60,000. Materials were requisitioned from the storekeeper as follows: Job 1001 Material A Job 1002 Material A Job 1002 Material B Job 1003 Material A Job 1003 Material B. For general factory use Material C P46,240 60,000 31,360 78,400 56,400 20,800 3. Gross payroll for the month, P600,000. Deductions made: Withholding tax-20%, SSS-7%, Philhealth -1%, Pag-ibig-1%. 4. Paid the accrued payroll 5. Time tickets for the month were chargeable as follows: Job 1001 Job 1002 Job 1003 Indirect labor Marketing salaries Office salaries 6. Recorded employer's contribution: SSS-10%, Philhealth-1%, Pag-ibig-2% 7. Various factory overhead charges of P195,200 were paid in cash. P112,000 132,800 120,800 60,000 76,000 98,400 8. Depreciation was recorded on the following: Factory equipment P12,000; Office equipment P3,600; Store equipment P3,200 9. Factory overhead was applied to jobs at the rate of 80% of direct labor cost. 10. Other expenses paid: Marketing expenses, P8,000; Administrative expenses, P10,000. 11. Jobs completed during the month: Job 1001 Job 1002 Produced 2,800 units of Commodity R. Produced 8,000 units of Commodity S 12. Total sales on account were made at 30% above cost. The goods were sold as follows: 2,500 units 5,000 units 3,000 units The company uses the FIFO method for the finished goods inventory costing. Commodity R Commodity S Commodity T 13. Cash of P300,000 were received on accounts receivable. 14. Under or over applied factory overhead was closed to cost of goods sold.