Reference no: EM132758445
The following inventory information is available for Love Enterprises for the year ended December 31, 2019:
Inventories Beginning Ending
Raw materials P11,000 P 8,000
Work in process 24,000 21,000
Finished goods 12,000 11,000
Total P47,000 P40,000
In addition, the following transactions occurred in 2019:
1. Raw materials purchased on account, P135,000.
2. Incurred factory direct labor, P52,000, all except P2,000 is paid.
3. Incurred the following overhead costs during the year: Utilities P1,800, Depreciation on manufacturing machinery P12,000, Manufacturing machinery repairs P1,200, Factory insurance P4,300
4. Assigned P51,000 of direct factory labor to jobs.
5. Incurred P1,000 of indirect labor.
6. Applied P20,500 of overhead to jobs.
Instructions
Problem A. Create T-accounts for the manufacturing costs and inventories and post the transactions to the accounts.
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