PROVIDE NECESSARY JOURNAL ENTRIES AND FILL UP COST OF GOODS SOLD FORMULA 

BEG DIRECT MATERIALS INVENTORY P20,000

BEG WORK IN PROCESS INVENTORY P25,000

BEG. FINISHED GOODS INVENTORY P50,000

BEG ACCOUNTS PAYABLE P18,000

DIRECT LABOR P160,000

FACTORY OVERHEAD P200,000

OTHER INFORMATION:

CASH PAID TO SUPPLIER FOR THE WHOLE YEAR P180,000

ENDING DIRECT MATERIALS INVENTORY IS P10,000 GREATER THAN BEG. DIRECT MATERIALS INVENTORY.

ENDING WORK IN PROCESS INVENTORY DECREASED BY P5,000 FROM LAST YEARS ENDING BALANCE.

ENDING FINISHED GOODS INVENTORY IS JUST 80% OF LAST YEARS ENDING INVENTORY.

ENDING BALANCE OF ACCOUNTS PAYABLE IS ONLY 5% OF ACTUAL FACTORY OVERHEAD.

FILL UP THE FORMULA

RAW MATERIALS-BEG:

PURCHASES:

TOTAL RAW MATERIALS AVAILABLE FOR USE:

RAW MATERIALS, END:

DIRECT MATERIALS ISSUED TO PRODUCTION:

DIRECT LABOR:

FACTORY OVERHEAD:

TOTAL MFTG COST:

WIP, BEG:

TOTAL COST PUT INTO PROCESS:

WIP, END:

COST OF GOODS MANUFACTURED:

FINISHED GOODS, BEG:

COST OF GOODS AVAILABLE FOR SALE:

FINISHED GOODS, END

COST OF GOODS SOLD:

USING THE INFORMATION AND FORMULA ABOVE, JOURNALIZE EVERY TRANSACTION:

UPON PURCHASE OF RAW MATERIALS:

27-29.

UPON ISSUANCE TO PRODUCTION OF RAW MATERIALS:

30-31.

UPON INCURRENCE OF CONVERSION COST:

32-33.

UPON RECOGNITION OF FINISHED GOODS:

34-35.

UPON RECOGNITION OF COST OF GOODS SOLD:

36-37.