The following T-accounts have incomplete postings; however, the amounts shown are correct: Direct materials BB 10,000...

 

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The following T-accounts have incomplete postings; however, the amounts shown are correct: Direct materials BB 10,000 2,000 30,000 | FOH control 4,200 Cost of goods sold | Work in process BB 1,000 25,000 15,000| Accounts payable 2,000 25,000 BB Finished goods BB 2,500 18,000 FOH applied Additional information: a. The debit of P15,000 to work in process represents direct materials issued for the month. b. Factory overhead is applied at a rate of P0.50 per direct labor hour. c. Work ticket for the month totaled 10,000 direct labor hours. Factory workers received P1.00 per hour. Required: Compute for: 1) Direct materials inventory, end; 2) Direct labor charged to production; 3) Defective materials returned to suppliers; 4) Work in process inventory, end; 5) Finished goods inventory, end; and 6) Cost of goods sold. The following T-accounts have incomplete postings; however, the amounts shown are correct: Direct materials BB 10,000 2,000 30,000 | FOH control 4,200 Cost of goods sold | Work in process BB 1,000 25,000 15,000| Accounts payable 2,000 25,000 BB Finished goods BB 2,500 18,000 FOH applied Additional information: a. The debit of P15,000 to work in process represents direct materials issued for the month. b. Factory overhead is applied at a rate of P0.50 per direct labor hour. c. Work ticket for the month totaled 10,000 direct labor hours. Factory workers received P1.00 per hour. Required: Compute for: 1) Direct materials inventory, end; 2) Direct labor charged to production; 3) Defective materials returned to suppliers; 4) Work in process inventory, end; 5) Finished goods inventory, end; and 6) Cost of goods sold.

Answer rating: 100% (QA)

1 Direct materials inventory end Beginning balance BB Direct materials issued Defective materials re... View the full answer