Direct Materials Used

Raw Materials Inventory, Beginning ₱ 26,490.00

Add: Net Cost of Purchases
Purchases ₱ 371,809.83
Less: Purchase Returns ₱ 13,990.18
Purchase Discounts 3,711.10 17,701.28
Net Purchases ₱ 354,108.55
Add: Transportation In 4,098.57 358,207.12
Raw Materials Available for Use ₱ 384,697.12
Less: Raw Materials Inventory, Ending 24,910.00
Direct Labor
Manufacturing Overhead
Indirect Labor ₱ 169,250.00
Repairs and Maintenance - Factory 14,980.00
Electricity Expense 26,089.29
Insurance Expense - Factory 8,100.00
Depreciation Expense - Factory Building 46,200.00
Depreciation Expense - Factory Equipment 62,800.00
Manufacturing Supplies Expense 9,460.00
Total Manufacturing Cost
Add: Work in Process, Beginning
Total Goods Put into Process
Less: Work in Process, Ending
Cost of Goods Manufactured
₱ 359,787.12
99,085.00

336,879.29
₱ 795,751.41
101,640.00
₱ 897,391.41
100,400.00
₱ 796,991.41
Net Sales
Gross Sales 1419500
Less ; Sales Return And Allowances 13600
Sales Discounts 85000 98600
Net Sales 1320900
Less: Cost of Sales
Cost Of Goods Manufactured 796991.41
Add: Finished Goods Inv, Beginning 148290
goods available for sale 945281.41
Less; Finished Goods Inv, ending 141100 804181.41
Gross Profit 516718.59
Less: Operating Expenses
Selling And Administrative Expenses
Salaries 132165
Transportation Out 2000
Utilities Expense 4464.29
Advertising Expense 2678.57 141307.86
Miscellaneous Expense 3125 144432.86
Operating Profit 372285.73
Less: Finance Cost
Interest Expense 13000
Income Before Tax 359285.73
BiEsEy, Capital - January 1, 2020 834,420.00
Add: Profit 359,285.73
Total 1,193,705.73
Less: Withdrawals 200,000.00
BiEsEy, Capital - January 31, 2020 993,705.73
Current Assets
Cash 348,328.93
Accounts Receivable 423,100.00
Raw Materials Inventory 24,910.00
Work In Process Inventory 100,400.00
Finished Goods Inventory 141,100.00
Manufacturing Supplies 5,415.00
Prepaid Insurance 15,900.00
Total Current Assets 1,059,153.93
Non Current Assets
Factory Building 875,000.00
Less: Accumulated Depreciation 221,200.00 653,800.00
Factory Equipment 1,155,000.00
Less: Accumulated Depreciation 377,800.00 777,200.00
Land 230,000.00
Total Non Current Assets 1,661,000.00
Total Assets 2,720,153.93

Current Liabilities
Accounts Payable 318,450.50
Vat Payable 107,997.70
Total Current Liabilities 426,448.20
Non Current Liabilities
Mortgage Payable 1,300,000.00
Total Non Current Liabilities 1,300,000.00
Total Liabilities 1,726,448.20
Owners Equity
BiEsEy, Capital 993,705.73
Total Liabilities and Owner's Equity 2,720,153.93