Provide the journal entry for the following. Prepare the entries (online exam in canvas may include...

 

Transcribed Image Text:

Provide the journal entry for the following. Prepare the entries (online exam in canvas may include questions about journal entries on these transactions) The following events took place at the Rounin Company over the past year. Incurred direct labor costs of P47,000 Purchased manufacturing equipment for P75,000 Purchased direct materials for P176,000 Incurred manufacturing overhead of P81,000 Transferred 73% 34of the direct materials to work in process Completed work on 85% of the goods in work in process Sold 90% of the completed goods Marketing and administrative costs were P85,000 Sales amounted to P400, 000 There were no beginning balances in any of the inventory accounts. Costs are assigned equally across all work in process Based on the above data: 11. What is the cost of goods sold? 12. What is the company's net income or net loss? 13. How much is the value of the ending finished goods inventory? Provide the journal entry for the following. Prepare the entries (online exam in canvas may include questions about journal entries on these transactions) The following events took place at the Rounin Company over the past year. Incurred direct labor costs of P47,000 Purchased manufacturing equipment for P75,000 Purchased direct materials for P176,000 Incurred manufacturing overhead of P81,000 Transferred 73% 34of the direct materials to work in process Completed work on 85% of the goods in work in process Sold 90% of the completed goods Marketing and administrative costs were P85,000 Sales amounted to P400, 000 There were no beginning balances in any of the inventory accounts. Costs are assigned equally across all work in process Based on the above data: 11. What is the cost of goods sold? 12. What is the company's net income or net loss? 13. How much is the value of the ending finished goods inventory?

Answer rating: 100% (QA)

Lets prepare the journal entries for the transactions provided 1 Incurred direct labor costs of P470... View the full answer