Subject: Cost Accounting

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COMPREHENSIVE PROBLEM ABC Company manufactures custom-built conveyor systems for factory and commercial operations. The direct labor cost per hour is P20 and the overhead is applied based on direct labor cost. The beginning work-in-process inventory consists of the following: Direct Materials 32,900 Direct Labor 14,100 Applied Overhead 8,460 The Beginning Raw Material Inventory is P115,000 and contains both direct and indirect material. The finished goods inventory consists of 15,000 units at P10.00 The following transactions for the period are presented below: a. Purchased raw material on account P480,000. Paid freight-in totaled P20,000. b Factory requisition for the period are as follows: P470,000 raw materials, 5% of which is indirect. C The total accrued factory payroll is P480,000. The total direct labor hours is 19,200 and the remainder is allocated to indirect labor. d. Incurred and paid the following expenses for the period: 1. Selling expense 250,000 2. Administrative expense 124,500 3. Factory overhead, 88,000 e. Depreciation for the period are as follows: 1. Office depreciation - P4,500 2. Store depreciation - P6,000 3. Factory depreciation - P20,000 f. Close the overhead control account Transferred 90,000 units at 11.00 to finished goods. h. Sold 80,000 units at P20. The company is using FIFO method. i. Interest expense for the period is P15,000 while the income tax rate is 30% of taxable amount. Required: 1. Prepare all the necessary journal entries for ABC Company. (A-H) 2. Prepare T-accounts for Raw Materials Inventory, Work-in-Process Inventory and Finished Goods Inventory. 3. Compute the following: Predetermined overhead rate in percentage and peso b. Cost of goods manufactured c. Ending finished goods inventory in units d. Prime cost e. Conversion cost 4. Prepare the closing entry for immaterial over/under-applied overhead 5. Prepare Cost of Goods Manufactured and Prepare Cost of Goods Sold 6. Prepare an Income Statement