Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please enter answers in an excel spreadsheet Irresistable Art produces collectible pieces of art. The company's Raw Materials Inventory account includes the costs of both

image text in transcribed

please enter answers in an excel spreadsheet

Irresistable Art produces collectible pieces of art. The company's Raw Materials Inventory account includes the costs of both direct and indirect materials. Account balances for the company at the beginning and ending of Julv 2022 follow: During the month, the company purchased P656,000 of raw material; direct material used during the period amounted to P504,000. Factory payroll costs for July were P788,000 of which 75 percent was related to direct labor. Overhead charges for depreciation, insurance, utilities, and maintenance totaled P600,000 for July. 4) Prepare a schedule of cost of goods manufactured. (5 points) 9) Prepare a schedule of cost of goods sold. (5 points) PROBLEM C Prepare journal entries for the following transactions were incurred by Dimasi Industries during January 2022: 14) Issued P800,000 of direct material to production. 15) Paid 40,000 hours of direct labor at P18 per hour. 16) Accrued 15,500 hours of supervisors and factory janitorial staff at P15 per hour. 17) Recorded P102,100 of depreciation on factory assets. 18) Accrued P32,800 of repairs and maintenance for factory machinery. 19) Issued P25,400 of indirect material to production. 20) Completed goods costing P1,749,300 and transferred them to finished goods

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

CISA Certified Information Systems Auditor Bundle

Authors: Peter H. Gregory

1st Edition

1260459861, 978-1260459869

More Books

Students also viewed these Accounting questions