Reference no: EM132838643
The following transactions pertain to the manufacturing operations of PPG company:
A. materials purchased totaling 100 000 pesos.
B. materials were issued as follows:
direct materials 49 000
indirect materials 9 000
C. total payroll was 60 00 direct labor, 12 00 indirect labor, 6 000 sales salaries, and 10 000 office salaries. income tax withheld was 10% of wages earned; contribution at 1% were deducted. the payroll due to the employees was paid.
D. the employes share of payroll taxes for all categories of employees consist of 5% SSS contribution and 1% pag-ibig contribution.
E. miscellaneus factory expenses of 15 000 were paid.
F. factory overhed of 30 000 was charged to production.
G. cost of production completed during the period was 120 000.
H. Goods cost accounting was billed to customers at a sales price of 52 000
Required:
Problem 1: Prepare the journal entries to record the transactions.
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