On January 31, 2018, the general ledger accounts of the Anne Margaret Manufacturing Company are incomplete...

 

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On January 31, 2018, the general ledger accounts of the Anne Margaret Manufacturing Company are incomplete because the accountant had to undergo an emergency operation on ulcer. The treasurer, an old friend of yours, supplied you with the following accounts and three bits of additional information: Jan 1 Jan 1 Materials P30,000 70,000 Finished Goods P20,000 P60,000 Accrued Payroll P2,000 80,000 Work in Process Jan 1 Gross payroll of all factory workers Jan 1 Direct materials requisitioned 40,000 P2,000 P80,000 Cost of Goods Sold Additional information: a. Applied factory overhead is credited for all indirect costs that are applied to production orders. b. Time tickets for the month totaled 11,000 direct labor hours. All factory workers receive P6 per hour. Indirect costs are applied at a rate of P4 per direct labor hour. C. 59. After giving you a few minutes to look over the above data, your old friend asks you the following: What is the January 31 balance of Materials account? 60. How much is the total direct labor costs that should have been charged to all the individual production orders worked on during January? 61. Ignoring payroll taxes, how much is the total factory labor costs for the month of January? 62. How much is the total factory overhead costs that should have been charged to production? 63. What is the January 31 balance of Work in Process account? 64. What is the January 31 balance of Finished Goods account? 65. Assuming the factory overhead actually incurred during the month amount to P48,000, what is the balance of the Factory Overhead Con- trol account at the end of January? 66. How much is the cost of goods sold during January? 67. What happened to the factory overhead applied in January? 68. The January 31 balance of Factory Overhead Applied: On January 31, 2018, the general ledger accounts of the Anne Margaret Manufacturing Company are incomplete because the accountant had to undergo an emergency operation on ulcer. The treasurer, an old friend of yours, supplied you with the following accounts and three bits of additional information: Jan 1 Jan 1 Materials P30,000 70,000 Finished Goods P20,000 P60,000 Accrued Payroll P2,000 80,000 Work in Process Jan 1 Gross payroll of all factory workers Jan 1 Direct materials requisitioned 40,000 P2,000 P80,000 Cost of Goods Sold Additional information: a. Applied factory overhead is credited for all indirect costs that are applied to production orders. b. Time tickets for the month totaled 11,000 direct labor hours. All factory workers receive P6 per hour. Indirect costs are applied at a rate of P4 per direct labor hour. C. 59. After giving you a few minutes to look over the above data, your old friend asks you the following: What is the January 31 balance of Materials account? 60. How much is the total direct labor costs that should have been charged to all the individual production orders worked on during January? 61. Ignoring payroll taxes, how much is the total factory labor costs for the month of January? 62. How much is the total factory overhead costs that should have been charged to production? 63. What is the January 31 balance of Work in Process account? 64. What is the January 31 balance of Finished Goods account? 65. Assuming the factory overhead actually incurred during the month amount to P48,000, what is the balance of the Factory Overhead Con- trol account at the end of January? 66. How much is the cost of goods sold during January? 67. What happened to the factory overhead applied in January? 68. The January 31 balance of Factory Overhead Applied:

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To answer the questions we need to perform various calculations based on the provided information Lets go through each question step by step Given accounts and information Materials Jan 1 P30000 Direc... View the full answer