Name: Course and Section: 0.28 '2 Va KBIS 7., LIED II II JENNIE Company is a small company that manufactures only one style of chair. The company's products are sold to jobbers or wholesale distributors, who sell them to retailers. The beginning Statement of Financial Position for the company on January 1 of the current year is presented below: JENNIE Company Statement of Financial Position Assets Cash P Building Machinery and Equipment Total Assets 1 000 ODD January 1, 20xx 100,000 Liabilities 300,000 100 OOOCapital Stock p Liabilities and Equity 0.00 1 000000 Total Liabilities and Stockholder's Equity 1 000 000 The following transactions are completed for January: Required: Complete the journal entries for every transaction. Answer letters a to ii. Place your answers on the space provided. (14 points) Transactions 1) Materials (lumber, paint, screws, solvents) are purchased on account at a cost of P55,000. 2) During the month, direct materials (lumber and paint) costing P30,000 and indirect materials (screws and solvents) costing P1,500 are issued to the factory Total payroll for the month amounted to P40.000, consisting of P30,000 earned by laborers working on the product; P6,000 for factory supervision; 4,000 for sales and administrative employees Depreciation for the building is 12% per year. The office occupies 1/10 of the building, and the factory operation is in the other 9l10. Depreciation expense for machinery and equipment is 15% per year. All machinery and equipment is used in the factory for production purposes. The cost of heat, light, and power for the month was P2,500 3) 4) 5) 5) fl 7) Miscellaneous expenses for telephone, office supplies, travel, and rental of office furniture and equipment totaled P1,000 8) Factory overhead is charged to production at 60% of direct labor cost 9) All goods started in process have been finished 10) Cost of materials, utilities, selling and administrative expenses for the month were paid 11) Employees payroll are paid 12) 400 tables are sold at 50% gross profit percentage 13) Cost of goods sold 14) All accounts receivables are collected Account Name Raw Materials Accounts Payable Work in Process Factory Overhead Control Raw Materials Work in Process Factory Overhead Control Selling and Admin Exp. Control Accrued Payroll Factory Overhead Control Selling and Admin Exp, Control Accumulated Deon-Building Factory Overhead Control Accumulated Depn-M&E Factory Overhead Control Selling and Admin Exp, Control Accounts Payable Selling and Admin Exp, Control Accounts Payable Work in Process Factory Overhead Applied Finished Goods Work in Process Accounts Payable Cash Accrued Payroll Cash Accounts Receivables Sales Cost of Goods Sold Finished Goods Cash Accounts Receivables To answer Nos. 12 and 13, compute rst the following: lbb) (CC) P I unit. 500 chairs were produced forthe month, the unit cost is P C] Debit (a) (C) (d) (f) (9) (h) (o) (D) (r) (1) Credit lb) (9) (i) (I) (n) Page1 of3 (W) 0) {aa) (ea) (09) (ii) The selling price of the product if JENNIE wants to sell the product at 50% gross profit is