Cost Accounting

A You are asked to bring the following incomplete Gizelle Co, accounts up to date through Mwy 2018. Also consider the additional information in pesos that follows the T-accounts Direct Materials Control 5/31BP20,000 Accounts Payable 5/1 Bal. P10,000 Work in Process Control 5/1BL P2.000 Factory Overhead Control Finished Gooch Control Cost of Goods Sold Total charges for S/1 Bal P20,000 Mwy P55.000 Additional Information: a. The overheat is applied by using a budget rate that is set at the beginning of each year by forecasting the year's overhead and relating to forecasted machine hours. The budget for 2018 called for a total of 15.000 machine hours and P750,000 of factory overhead b. The accounts payable are for direct materials only. The balance on May 31 was P12.000. Payment of P78,000 were made during May. c. The finished gooch inventory as of May 31 w P7.000 d. The cost of goods sold at normal during the month was P165.000 On May 31 there was only one unfinished Jobs in the factory. Cost records show that P1,000 (4 hours of direct labor and P2,000 of direct materials had been chwed to the job. Thirty machine hours were used on the job. t. A total of 940 direct labor hours were worked during the month of May. All factory workers ewn the same rate of pay, All actual factory overhead Incarred during May has alcady been posted. h. A total of 1,000 machine hours was used during May. Required: 1. Materials purchased during May 3. Direct materiais used during May 2 Cast of goods completed during May & Balance, Direct Materials Control, April 30,2018 3. Overhead applied during May 7. Overaaplied or underapplied overhead for May 4. Balance, Work in Process Control, My