Problem 7 The following are transactions of Robina Corporation for the month of February 2020. Provide the corresponding journal entries for each transaction: 1. Purchase of materials (direct and indirect on credit, P1,020,000 2. Usage of raw materials. P550.000 (20% are Indirect materials 3. Manufacturing payroll for the month: Gross amount of 450.000 Direct labor, P120,000 of which for SSS and other government payable, and gross amount of indirect labor, P180,000, P45,000 of which for SSS and government payable. Net salary paid in cash 4. Other manufacturing overhead costs incurred during the month P200,000, consisting of janitorial salaries, paid in cash P65,000 paid in cash for plant utilities, repairs, supervisory ies, P150.000 paid cash plant depreciation, P100.000 5. Allocation of manufacturing overhead to jobs using predetermined OH rate of P12/machine hour. Actual machine hour for the month is 50.000 hours 6. Comoletion and transfer of individual jobs to finished goods, P1 555.000 7. Cost of goods sold. P880.000 B. Marketing costs for February, P145.000 and customer service costs for February P515.000, paid in cash 9. Sales, all on credit P2,270.000 The following are also provided instructure.com/courses/399/quizzes/16996/take supervisory salaries, P150,000 paid in cash plant depreciation, P100,000 5. Allocation of manufacturing overhead to jobs using predetermined OH rate of P12/machine hour. Actual machine hour for the month is 50,000 hours. 6. Completion and transfer of individual jobs to finished goods, P1, 555,000 7. Cost of goods sold, P880.000 8. Marketing costs for February, P145.000 and customer service costs for February P515,000 paid in cash 9. Sales, all on credit. P2.270,000 The following are also provided Tax rate 3296 Interest expenses - P120,000 Beginning Inventories: Raw materials. P.10.000. Work in process. P1.065.000 Finished Goods P2.000.000 Units manufactured for the period - 100.000 units Provide the cost per Unit under normal.costing Problem 7 The following are transactions of Robina Corporation for the month of February 2020. Provide the corresponding journal entries for each transaction: 1. Purchase of materials (direct and indirect on credit, P1,020,000 2. Usage of raw materials. P550.000 (20% are Indirect materials 3. Manufacturing payroll for the month: Gross amount of 450.000 Direct labor, P120,000 of which for SSS and other government payable, and gross amount of indirect labor, P180,000, P45,000 of which for SSS and government payable. Net salary paid in cash 4. Other manufacturing overhead costs incurred during the month P200,000, consisting of janitorial salaries, paid in cash P65,000 paid in cash for plant utilities, repairs, supervisory ies, P150.000 paid cash plant depreciation, P100.000 5. Allocation of manufacturing overhead to jobs using predetermined OH rate of P12/machine hour. Actual machine hour for the month is 50.000 hours 6. Comoletion and transfer of individual jobs to finished goods, P1 555.000 7. Cost of goods sold. P880.000 B. Marketing costs for February, P145.000 and customer service costs for February P515.000, paid in cash 9. Sales, all on credit P2,270.000 The following are also provided instructure.com/courses/399/quizzes/16996/take supervisory salaries, P150,000 paid in cash plant depreciation, P100,000 5. Allocation of manufacturing overhead to jobs using predetermined OH rate of P12/machine hour. Actual machine hour for the month is 50,000 hours. 6. Completion and transfer of individual jobs to finished goods, P1, 555,000 7. Cost of goods sold, P880.000 8. Marketing costs for February, P145.000 and customer service costs for February P515,000 paid in cash 9. Sales, all on credit. P2.270,000 The following are also provided Tax rate 3296 Interest expenses - P120,000 Beginning Inventories: Raw materials. P.10.000. Work in process. P1.065.000 Finished Goods P2.000.000 Units manufactured for the period - 100.000 units Provide the cost per Unit under normal.costing
