Manufacturing Costs Computation and Preparation of Manufacturing Statements Directions: Prepare the following requirements. Write your answer...

 

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Manufacturing Costs Computation and Preparation of Manufacturing Statements Directions: Prepare the following requirements. Write your answer on the space provided. A very popular and well-known food processing is operated under franchise by the Vanilla Food Processing Company shows the following records after the second year of operations in the Visayas territory. 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 Depreciation Franchise Vouchers Payable E.Detoya, Capital Sales Vanilla Food Processing Co. Trial Balance December 31, 2019 Purchases - Raw Materials Direct Labor Indirect Labor Taxes and Licenses Repairs and Maintenance Light and Water Office Salaries Total FINANCIAL ACCOUNTING: MADE EASY Debit P 375,000 10,000 65,000 150,000 75,000 185,000 380,000 120,000 Required: 1. Statement of Cost of Goods Manufactured 2. Statement of Comprehensive Income 3. Statement of Financial Position 315,000 295,000 350,000 285,000 84,000 120,000 160,000 240,000 P3,209,000 Additional Information: 1. Inventories on December 31, 2019 comprised of the following: Finished Goods Work in Process P350,000 286,000 90,000 Raw Materials 2. Machinery and Equipment's depreciation is P76,000 per annum. 3. Office equipment's depreciation is P34,000 per annum. Credit P 76,000 24,000 67,000 1,692,000 1,350,000 P3,209,000 135 Manufacturing Costs Computation and Preparation of Manufacturing Statements Directions: Prepare the following requirements. Write your answer on the space provided. A very popular and well-known food processing is operated under franchise by the Vanilla Food Processing Company shows the following records after the second year of operations in the Visayas territory. 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 Depreciation Franchise Vouchers Payable E.Detoya, Capital Sales Vanilla Food Processing Co. Trial Balance December 31, 2019 Purchases - Raw Materials Direct Labor Indirect Labor Taxes and Licenses Repairs and Maintenance Light and Water Office Salaries Total FINANCIAL ACCOUNTING: MADE EASY Debit P 375,000 10,000 65,000 150,000 75,000 185,000 380,000 120,000 Required: 1. Statement of Cost of Goods Manufactured 2. Statement of Comprehensive Income 3. Statement of Financial Position 315,000 295,000 350,000 285,000 84,000 120,000 160,000 240,000 P3,209,000 Additional Information: 1. Inventories on December 31, 2019 comprised of the following: Finished Goods Work in Process P350,000 286,000 90,000 Raw Materials 2. Machinery and Equipment's depreciation is P76,000 per annum. 3. Office equipment's depreciation is P34,000 per annum. Credit P 76,000 24,000 67,000 1,692,000 1,350,000 P3,209,000 135