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 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 32%

Interest expenses P120,000

Beginning Inventories: Raw materials, P610,000; Work in process, P1,065,000, Finished Goods, P2,000,000.

Units manufactured for the period 100,000 units

How much is the Operating income?

Flag question: Question 30

Question 302 pts

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 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 32%

Interest expenses P120,000

Beginning Inventories: Raw materials, P610,000; Work in process, P1,065,000, Finished Goods, P2,000,000.

Units manufactured for the period 100,000 units

the entry to record transaction number 2 will include?

Group of answer choices

Credit to FOHC of 110,000

Credit to WIP of 440,000

debit to WIP of 440,000

Debit to Raw Materials of 550,000

Flag question: Question 31

Question 312 pts

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 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 32%

Interest expenses P120,000

Beginning Inventories: Raw materials, P610,000; Work in process, P1,065,000, Finished Goods, P2,000,000.

Units manufactured for the period 100,000 units

The entry to record transaction number 6 will include

Group of answer choices

Debit to WIP of 1,555,000

Debit to FG of 1,000,000

Credit to WIP of 1,000,000

Credit to WIP of 1,555,000

Flag question: Question 32

Question 322 pts

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 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 32%

Interest expenses P120,000

Beginning Inventories: Raw materials, P610,000; Work in process, P1,065,000, Finished Goods, P2,000,000.

Units manufactured for the period 100,000 units

Provide the Ending Balance of the Finished Goods Inventory

Flag question: Question 33

Question 332 pts

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 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 32%

Interest expenses P120,000

Beginning Inventories: Raw materials, P610,000; 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 Actual Costing