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Prepare the necessary journal entries to record for speedy

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Reference no: EM132804372

Speedy uses backflush costing to account for its manufacturing costs. The trigger points for recording inventory transactions are the purchase of materials, the completion of products, and the sale of completed products. The following transactions occurred during the period.

a. Purchased raw materials on account, P75,000.
b. Requisitioned raw materials to production, P75,000
c. Distributed direct labor costs, P12,500
d. Incurred manufacturing overhead costs, P50,000.
e. Cost of products completed, P137,500
f. Completed products sold for P200,000 on account

Required:

problem 1: Prepare the necessary journal entries to record the above transactions.

Reference no: EM132804372

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