Beruflich Dokumente
Kultur Dokumente
i. common
j. direct, manufacturing
k. direct, selling
l. direct, administrative
m. direct, selling
n. common
o. direct, administrative
p. direct, manufacturing
q. direct, administrative
r. direct, manufacturing
s. common
P20,750
P20,500
475
(500)
(200)
20,275
41,025
15,900
P25,125
Ex 4
SHOWROOM MANUFACTURING
Statement of Cost of Goods Sold
For the year ended Dec. 31, 2009
Raw Materials, Jan. 1
Purchases
Raw Mat, Dec. 31
Raw mat used
Direct Labor
Manufacturing Expense
Total Manufacturing Cost
WIP 1/1
Total cost placed in process
WIP 12/31
Cost of Goods Manufactured
FG, 1/1
Total available for sale
FG, 12/31
Cost of Goods Sold
P 36,500
50,000
(33,700)
P 52,800
45,000
143,500
241,300
83,750
325,050
74,450
250,600
25,450
276,050
21,900
254,150
SHOWRROM MANUFACTURING Co
Income Statement
For the year ended Dec. 31, 2009
Sales
Cost of goods sold
Gross Profit
Operating Expenses
Net Income
P 280,000
254,150
25,850
14,600
P 11,250
62
Ex 5
ROLLERS MANUFACTURING COMPANY
Statement of Cost of Goods Sold
For the year ended Dec. 31, 2009
Raw Mat, 1/1
Add: Purchases
Freight In
Total Available for use
Less: Raw Mat, 12/31
Raw Mat Used
Direct labor
Manufacturing Expenses Note1
Total Manufacturing Cost
Add: WIP, 1/1
Total cost placed in process
Less: WIP, 12/31
Cost of Goods Manufactured
Add: Finished Goods, 1/1
Total Goods Available for Sale
Less: Finished Goods, 12/31
Cost of Goods Sold
P 88,000
1,200,000
28,000
1,316,000
95,000
1,221,000
1,500,000
1,852,750
(a) 4,573,750
65,000
4,638,750
78,500
(b) 4,460,250
320,000
4,780,250
250,000
(c) P4,530,250
Note 1:
Machine Repairs
Supervision
Factory Heat, Light, Power
Indirect Materials
Total
12,250
75,000
1,750,000
15,500
1,852,750
P3,250
1,800
P 78,000
43,200
39,500
P160,750
P13,395.84 x 10
P6,697.92 x 10
Advertising
P8,500
Sales Salaries 6,000
Communication 3,750
Office Expenses
63
P133,958.40
66,979.20
P 66,979.20
(18,250)
( 10,000)
P 38,729.20
7.
WASHINGTON COMPANY
Statement of Cost of Goods Sold
For the year ended Dec. 31, 2010
Direct materials, 1/1
P 14,000
Purchases
35,500
Total avail for use
49,500
Direct Mat, 12/31
13,000
Raw Mat, used
36,500
Direct Labor
39,000
Manufacturing Expenses:
Indirect Labor
P 11,500
Depreciation
6,000
Taxes
5,000
Insurance
4,450
Utilities
4,000
Patent Amort
2,750
33,700
Total Manufacturing Costs
109,200
Add: WIP, 1/1
9,000
Total cost placed in process
118,200
Less: WIP 12/31
3,000
Cost of Goods Manufactured (115,200/800=P144/unit) 115,200
Add: FG, 1/1
50,000
Total Goods Available for Sale
165,200
Less: FG, 12/31
(P144 x250)
36,000
Cost of Goods Sold
P 129,200
WASHINGTON COMPANY
Income Statement
For the year ended Dec. 31, 2009
Sales
Sales Discount
Less: CGS
Gross Profit
Less: Operating Expenses:
Selling-advertising
Commission
Freight-out
Others
Admins-Salaries
Bad Debts
Others
Operating Loss
Interest Expense
Net Loss
P 192,750
(3,910)
P 41,300
20,750
1,200
14,000
P 25,000
5,500
20,500
P188,840
129,200
P 59,640
(77,250)
(51,000)
P (68,610)
(5,000)
P (73,610)
64
P80,000
1,500
P81,500
14,000
67,500
50,000
P10,000
4,425
3,000
3,000
2,000
1,500
Machine Maintenance
Total Manufacturing Cost
Add: Work In process, beg.
Total Cost of Goods In Process
Less: Work In Process, end
Total Cost of Goods Manufactured
1,600
25,525
P143,025
0
P143,025
15,000
P128,025
P128.025
P128,025
25,605
80,000
80,000
1,500
3) Payroll
Withholding Tax Payable
SS Premium Payable
Medicare Premium Payable
HDMF Premium Payable
Cash
To record the paid salaries and
their corresponding premiums withheld.
80,000
3,000
1,500
4) Medicare Expense
Combined EC & Maternity Expense
SS Expense
HDMF Expense
Medicare Payable
Combined EC & Maternity Payable
SS Payable
HDMF Payable
To record the premiums
contributions of the employer.
5) Direct Labor
Indirect Labor
Sales Salaries
Administrative Salaries
Payroll
To record the classification of
payroll.
P204,840
3,200
2,500
1,300
600
72,400
1,300
750
3,250
600
1,300
750
3,250
600
50,000
10,000
10,000
10,000
80,000
65
4,000
P102,420
P118,400
1,500
750
750
1,600
4,600
8) Cash/Accounts Receivable
Sales
To record sales at 100% mark-up.
204,840
204,840
Cost of Sales
Finished Goods Inventory
To record the corresponding cost
of sales.
Problems
1.
1. FOH
6. ADM
11.ADM
2. FOH
7. FOH
12. FOH
3. M&S
8. M&S
13. FOH
102,420
102,420
4. M & S
9.DM
14. FOH
5. FOH
10. M & S
15.M&S
2.
a)
SUNSHINE ENTERPRISES
Statement of Cost of Goods Sold
For the year ended March 31, 2009
Direct mat, 1/1
Purchases
Freight-In
Less: Returns
Total avail for use
Less: Direct mat 12/31
Raw Mat used
Direct Labor
Factory overhead:
Indirect Labor
Factory Supplies used
Factory Taxes
Factory depreciation
Factory utilities
Factory Insurance
Total manufacturing costs
Add: WIP 1/1
Total cost placed in process
Less: WIP 12/31
Cost of goods Manufactured
P 70,000
P 137,500
9,000
6,500
140,000
210,000
80,000
130,000
142,500
P 50,000
30,000
21,000
18,000
15,000
6,000
140,000
412,500
15,000
427,500
42,000
P385,500
b) Income Statement
Sunshine Enterprise
Income Statement
For the year ended Dec. 31, 2009
Sales
Less: Cost of Goods Sold
Cost of Goods Manufactured
Add: Finished Goods, Jan. 1
Goods Available for Sale
Less: Finished Goods, Dec. 31
Gross Income
Less: Operating Expenses
P471,000
P385,500
109,900
495,400
155,000
66
340,400
P130,600
Selling Expenses
Sales Salaries
Advertising
Sales Taxes
Sales Depreciation
Sales Utilities
Sales Insurance
Administrative Expenses
Administrative Salaries
Administrative Utilities
Administrative Dep.
Administrative Taxes
Bad Debt Expense
Administrative Insurance
Net Income Before Taxes
Less: Tax (at 32%)
Net Income After Tax
P25,000
16,000
8,750
6,000
2,500
2,000
60,250
P41,000
7,500
6,000
5,250
5,000
2,000
66,750
3.
a)
Jan. 2 Raw Materials
Accounts Payable
To record purchased materials on
account.
08
12
15
20,000
20,000
55,000
Factory Supplies
Cash
10,000
55,000
10,000
Direct Labor
Indirect Labor
Sales Salaries
Office Salaries
Withholding tax Payable
Cash
To record the salaries paid & the
withheld tax.
9,000
3,000
2,000
2,000
15,000
30,000
6,750
3,375.
3,375
48,000
1,700
14,300
45,000
13,500
48,000
28 Cash 375,000
Sales
To record the sales of the company.
30 Indirect Labor
Direct Labor
Sales Salaries
Office Salaries
375,000
3,000
9,000
2,000
2,000
67
127,000
P 3,600
1,152
P 2,448
1,700
1,350
600
750
11,615
a) PhilHealth Expense-Manufacturing
PhilHealth Expense=Operating
EC Expense=Manufacturing
EC Expense-Operating
SSS Expense-Manufacturing
SSS Expense-Operating
HDMF Expense-Manufacturing
HDMF Expense
Medicare Payable
EC Payable
SSS Payable
HDMF Payable
To record employers contribution
in employees premium.
562.50
187.50
900.00
300.00
1,312.50
437.50
450.00
150.00
750
1,200
1,250
600
4,500
750
750
5,000
c) Insurance Expense-Manufacturing
Prepaid Insurance
To record expired portion of
insurance.
4,000
4,000
6,000
5,000
4,000
4,000
1,000
1,000
4,750
4,750
P 75,000
1,000
P 74,000
18,000
P 30,000
6,000
15,000
6,750
4,000
3,225
4,500
5,000
68
Factory Supplies
a) Total Cost of Goods Manufactured
4,000
b) (170,475/4,000 = P42.61875)
Less: FG, End (42.61875 x 250)
Cost of Goods Sold
78,475
170,475
10,655
P159,820
c) Selling Price
Cost of Sales
M.U.
Rate = 57.38 / 42.62 x 100= 134,63%
P 100.00
42.62
P 57.38
d) Sales
Cost of Sales
Operating Expenses(7,914+ 7,914)
Net Income
P375,000
159,820
15,828
P199,352
23,000
2,000
25,000
6,500
6,500
72,000
3,600
1,440
1,080
720
65,160
Direct Labor
Indirect Labor
Sales Salaries
Admin. Salaries
Payroll
To classify payroll.
39,000
10,000
8,000
15,000
72,000
2,000
1,500
4,000
2,000
2,000
3,000
1,500
1,500
4,500
3,750
25,750
5) Cash
75,000
Accounts Receivable
Sales
165,000
240,000
6) Accounts Payable
22,000
Purchase Discount
Cash
21,500
To record the payment of liabilities.
7) Cash 118,400
Sales Discount
Accounts Receivable
To record collection.
500
1,600
120,000
69
2,500
750
1,000
2,500
750
1,000
300
300
c) Factory Expenses
Accrued Factory Expenses
To record Accrued Factory Expense.
1,750
5,000
1,750
5,000
450
450
20,500
14,000
10,800
34,500
10,800
P30,000
P23,000
(500)
2,000
P10,000
4,000
3,000
4,500
3,000
2,500
2,000
1,750
300
24,500
54,500
14,000
P40,500
39,000
31,050
P110,550
40,000
P150,550
20,500
P130,050
6,000
P136,050
10,800
P125,250
P238,400
125,250
113,150
P 2,000
2,000
70
Admin. Salaries
Sales Salaries
Office Furn. & Equipt. - Depreciation
Office Supplies Expense
Light & Power Selling
Light & Power Admin.
Repairs - Delivery Truck
Depreciation Delivery Truck
15,000
8,000
750
450
1,500
1,500
3,750
1,000
Net Income
35,950
P77,200
P224,490
60,750
14,000
20,500
10,800
200
1,200
5,000
P225,000
22,000
P 79,600
10,950
80,000
18,000
P336,940
203,000
68,650
62,000
333,650
P670,590
P11,500
1,750
6,840
74,800
Stockholders Equity
Capital Stock
APIC
Retained Earnings
Total Liabilities & Stockholders Equity
P250,000
155,000
170,700
Case Problem:
Working Capital requirements:
Materials (20,000 x 2)
Direct Labor
Factory Overhead
Operating Expenses
Total
Pre-operating costs
Fixed capital requirement:
Machineries
Furniture & Fixtures
Office Equipment
Delivery Truck
Contingency Fund
Total minimum capital requirement
P94,890
575,700
P670,590
P40,000
15,000
15,000
17,500
P87,500
25,000
P250,000
30,000
50,000
150,000
71
480,000
25,000
P617,500