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Problem 1.

Valdez Motors Co. makes motorcycles. Management wants to estimate overhead costs to plan its operations. A recent trade publication revealed that overhead costs tend to vary with machine hours. To check this, they collected the following data for the past 12 months, Months Machine Hours Overhead Costs 175 P4,500 170 4225 160 4,321 190 5,250 DO VOUTAWNY 175 4,800 200 5,100 160 4,450 150 4,200 210 5,475 10 180 4,760 11 170 4,325 12 145 3,975 Requirements: 1. Use the High-low method to estimate the fixed and variable portion of overhead costs based on machine hours. 2. If the plant is planning to operate at a level of 200 machine hours next period, what would be the estimated overhead costs? 3. Use the method of least square to estimate the fixed and variable portion of overhead costs based on machine hours.On December 31, 2019, after closing the ledgers of Golden shower company contains these accounts and balances: ' Cash ' 1394.000 Accounts receivable ' 100,000 Finished goods , . ' 65,000 Work in process ' 15,000 Materials 44,000 Machinery 70,600 ' Accounts Payable. , 118,750 Common Stock . 0 ~ 200,000 Retained Earnings ' 69,850 .. Details of the three inventories are: Finishei'l goods inventory: Item A 2,000 units at P1250 P2 5,000 'item B 4,000 unis at P1000 M Total m Work in'process inventory: lob 101 [oh 102. ' _ Direct Materials ' _ ' 1,000 units at P5.00 P5,000 . 400 units at P300 ' P1200 Direct labor - ~ . ' 1,000 hours at P4.00 4,000 400 hours at P500 2,000 Factory overhead: _ Applied at P200 / hour 2.000 ___&9_Q Total 11.1121.ng goon Materials inventory: Material X - 4,000 units at P5.00 P20,000 Material Y - 8,000 units P3.00 24,000 Total P44.000 During January, 2020, these transactions were completed: a. Purchases on account: Material X - 20,000 units at P5.20; Material Y - 24,000 units at P3.75; indirect materials - P35,040. b. Payroll totalling P220,000 was paid. Of the total payroll, P40,000 was for marketing and administrative salaries. Payroll deductions consisted of P31,000 for withholding taxes, P7,000 for SSS premiums, P440 for Medicare contributions, P6,600 for Pag-ibig Funds. c. Payroll is to be distributed as follows: Job 101 - 10,000 direct labor hours at P4.00, Job 102 - 16,000 indirect labor hours at P5.00; Job 103 - 12,000 direct labor hours at P3.00; indirect labor - P24,000; marketing and administrative salaries - P40,000. Employer's payroll taxes are: SSS premiums - 5%, Medicare contributions - 0.2%; and Pag-ibig funds - 2%. d. Materials were issued on a FIFO basis as follows; Material X - 20,000 units (charged to Job 101); Material Y - 24,000 units (charged to Job 102); Material X - 2,000 units and Materials Y - 5,000 units (charged to Job 103): (Note: Transactions are to be taken in consecutive order). Indirect materials amounted to P15,040. e. Factory overhead was applied to Jobs 101, 102, and 103 based on a rate of P2.25 per direct labor hour. f. Jobs 101 and 102 were completed and sold on account for P240,000 and P270,000, respectively. g. After allowing a 5% cash discount, a net amount of P494,000 was collected on accounts receivable. h. Marketing and administrative expenses (other than salaries) paid during the month amounted to P30,000. Miscellaneous factory overhead of P21,600 was paid. Depreciation on machinery was P4,000 i. Payments on account, other than payroll paid, amounted to P170,000. j. The over or under-applied factory overhead is to be closed. Required: 1. Journalize the January transactions. 2. Post January transactions to the general ledger, and subsidiary ledgers for materials and work in process. 4. Prepare a Job order Cost Sheet." 3. Prepare a Statement of Cost of Goods Sold.Ram company completed the Following tran cactions For October2020 . a. Purchased on account direct materials OF P150,DOO b. The Factory payroll was recorded. Direct Labor P54, 000; indirect labor P19, 999 . Employee payroll decluctions were recorded as Follows ! withholding taxes Pll, 200 ESS Premiums 2,400 Phil Health Contributions 375 Pag-ibig Funds Contribution 1,620 c. Indirect materials of P20,000 were purchased. d. Employer payroll tax expense is recorded as follows: SSS Premiums P3,600 Phil Health Contributions 375 Pag-ibig Funds Contributions 1,620 e. Materials issued: direct materials -P85,000; indirect materials -P11,000 f. Defective Materials P 4,000 were returned to vendors g. Accounts Payable totalling P148,300, including accrued payroll were paid. h. Sundry factory expenses of P24,900 were recorded as liabilities i. Factory Overhead was charged to production at 120% of direct labor costs. j. Goods completed with a cost of P165,000 were transferred to finished goods k. Sales were P190,000 and cost P120,000 to produce. Requirements: 2. statement of Cost or Goods Sold