Reference no: EM132926512
Question - Jing Inc. had a cost of goods manufactured for the month of July equal to P 100,000; raw materials used P 29,000; cost of goods sold, P 120,000; direct labor, P 28,000; purchases of materials, P 45,000; cost of goods available for sale, P 125,000; total salaries and wages, P 58,000. Work in process was P 35,000 on July 1 and P 15,000 on July 31. The company uses a sole account for direct and indirect materials.
Required -
a) Make the cost of goods sold statement?
b) Make the journal entries to record (use periodic and perpetual)
1) The purchase of materials on account
2) The use of materials which includes indirect materials of P 2,000.
3) The accrual payroll in the production department which includes indirect labor of P 11,500.
4) The distribution of factory labor cost
5) The transfer of completed work to finished goods
6) The sales on account, at a mark-up equal to 150% of production cost.
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