Reference no: EM132775107
Question - Jing Inc. had cost of goods manufactured for the month of July equal to 100,000; direct materials used P29,000; cost of goods sold, P120,000; direct labor, P28,000; purchases of materials, P45,000; cost of goods available for sale, P125,000; and total factory labor, P58,000. Work in process was P35,000 on May 1 and P15,000 on July 31. The company uses a sole account for direct and indirect materials.
Required - Prepare the following:
a. A statement cost of goods sold.
b. Journal entries to record:
1. the purchase of materials on account
2. the use of materials which includes direct materials of P2,000
3. the accrual of payroll in the production department which includes indirect labor of P11,500
4. the distribution of factory labor cost
5. the transfer of completed work to finished goods
6. the sales on account, at a markup equal to 150% of production cost
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