The document provides a cost of goods sold statement for January 2022, including beginning inventory amounts, purchases, total goods available, ending inventory, and the cost of goods sold. It also includes journal entries to record transactions related to direct materials, factory overhead, payroll, work in process, finished goods, sales, and costs of goods sold. The statement and journal entries are used to calculate and record the costs associated with manufacturing and selling a company's products for the month.
The document provides a cost of goods sold statement for January 2022, including beginning inventory amounts, purchases, total goods available, ending inventory, and the cost of goods sold. It also includes journal entries to record transactions related to direct materials, factory overhead, payroll, work in process, finished goods, sales, and costs of goods sold. The statement and journal entries are used to calculate and record the costs associated with manufacturing and selling a company's products for the month.
The document provides a cost of goods sold statement for January 2022, including beginning inventory amounts, purchases, total goods available, ending inventory, and the cost of goods sold. It also includes journal entries to record transactions related to direct materials, factory overhead, payroll, work in process, finished goods, sales, and costs of goods sold. The statement and journal entries are used to calculate and record the costs associated with manufacturing and selling a company's products for the month.
The document provides a cost of goods sold statement for January 2022, including beginning inventory amounts, purchases, total goods available, ending inventory, and the cost of goods sold. It also includes journal entries to record transactions related to direct materials, factory overhead, payroll, work in process, finished goods, sales, and costs of goods sold. The statement and journal entries are used to calculate and record the costs associated with manufacturing and selling a company's products for the month.
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Cost of Good Sold Statement
January 2022 Journal Entries Direct materials used: a. Materials -Beg 62,500 Purchases ### Available for use ### b Indirrect material 81,250 ### Direct labor ### Factory Overhead ### c Total manufacturing cost ### Work in process - beg 22,500 cost of goods put into process ### Work in process - end 56,250 Cost of Goods manufactured ### Finished goods - beg 43,750 total goods available for sale ### finished good - end 75,000 cost of good sold, normal ### underapplied factory overyhead 2,750 Cost of Good sold, Actual ###
h i
l urnal Entries materials 250,000 accounts payable 250,000
fcatory overhead 43,750
accounts payable 43,750
payroll 262,500 Withholding taxes 23,150 SSS premium 10,500 Phil health contribution 1,406.25 Pag-ibig funds 7,875 Accrued payroll 219,568.75
Work in process 175000
Factory overhead 37500 Selling expense control 31250 Adm. expense control 18750 Payroll 262500
Work in process 512,500 Accounts receivable 673,750 Sales 673,750
Cost of good sold 481,250
Finished goods 481,250
Cash 506,250 Accounts receivable 506,250
Accounts payable 275,000
Cash 275,000
Withholding taxes payable 23,150
Employee benefits payable 19,781 Employer benefits payable 22,406 Cash 65,338 Cost of Good Sold Statement December 2022
Direct materials used
Materials inventory, beginnin ### Purchases ### Total materials available for ### Materials inventory, ending ### 737,500 Direct labor 250,000 Total manufacturing costs 987,500 Work in process, beginning 121,250 Cost of goods put into process ### Work in process, ending 108,750 Cost of goods manufactured ### finished goods, beginning 100,000 Total goods available for sale ### Finished goods, ending 162,500 Cost of goods sold, normal 937,500 1. Why Sto. Tomas use Job Order The entitycosting? use job order costing to make estimates about the value of materials, labor, and overhead that will be spent while doing that partic
2. The predetermined overhead rate for the year 2022
Factory overhead applied ### Under (over)-applied overhead -500,000.00 Cost of Good Sold Statement December 2022
Direct materials used 37,500,000.00
Direct labor 22,500,000.00 Factory overhead 29,250,000.00 Total manufacturing costs 89,250,000.00 Work in process, beginning 6,250,000.00 Work in process, ending 5,000,000.00 Cost of goods manufacture 90,500,000.00 Finished goods beginning 16,250,000.00 Finished goods, ending 13,750,000.00 Cost of goods sold, normal 93,000,000.00 Under (over)-applied overh -500,000.00 Cost of goods sold, actual 92,500,000.00 stimates about the value be spent while doing that particular job. 1. Cost of Good Sold Beginning inventory 260,000 Purchases 500,000 Total goods available for s 760,000 Ending inventory 250,000 Cost of goods sold 510,000
2. Loss to the company
Ending inventory 250,000 Cost percentage 20% loss on fire 50,000
Complete Download Extractive Metallurgy of Titanium: Conventional and Recent Advances in Extraction and Production of Titanium Metal Fang PDF All Chapters
Complete Download Extractive Metallurgy of Titanium: Conventional and Recent Advances in Extraction and Production of Titanium Metal Fang PDF All Chapters
