Professional Documents
Culture Documents
Problem 1
1. A
2. A
3. A, C
4. A
5. A
6. B
7. A
8. A, C
9. A
10. A
11. A
12. C
13. A
14. A
15. C
Problem 2 - Marvin Manufacturing Company
Marvin Manufacturing Company
Cost of Goods Sold Statement
For the year ended December 31, 2014
Direct materials used
Materials, January 1
Purchases
Total available for use
Less> Materials, December 31
Direct labor
Factory overhead
Total manufacturing costs
Work in process, January 1
Cost of goods put into process
Less: Work in process, December 31
Cost of goods manufactured
Finished goods, January 1
Total goods available for sale
Less: Finished goods, December 31
Cost of goods sold
175,000
250,000
425,000
125,000
300,000
270,000
324,000
894,000
90,000
984,000
120,000
864,000
100,000
964,000
80,000
884,000
124,000
107,800
231,800
115,000
116,800
160,000
240,000
516,800
129,200
646,000
124,000
522,000
150,000
672,000
122,000
550,000
180,000
180,000
80,000
11,200
2,400
375
1,620
64,405
60,000
20,000
80,000
20,000
20,000
5,595
3,600
375
1.620
120,000
10,000
130,000
f. Accounts payable
Materials
5,000
g. Accounts payable
Accrued payroll
Cash
148,300
64,405
5,000
212.705
24,900
i. Work in process
Factory OH Applied (56,000 x 120%)
72,000
24,900
72,000
j. Finished goods
Work in process
180.000
180,000
k. Accounts receivable
Sales
210,000
210,000
140,000
140,000
200,000
5,000
195,000
10,000
65,000
75,000
120,000
60,000
72,000
252,000
72,000
180,000
40,000
140,000
11,705
128,295
60,495
72.000
( 11,705)
200,000
200,000
35,000
35,000
c. Payroll
W/Taxes payable
SSS Premium payable
Phil Health contributions payable
PFC payable
Accrued payroll
Work in process
Factory Overhead control
Selling expense control
Adm. expense control
Payroll
210,000
18,520
8,400
1,125
6,300
175,655
140,000
30,000
25,000
15,000
210,000
d. Accrued payroll
Cash
175,000
e. FO Control
Selling expense control
Adm. Expense control
SSS prem. Payable
MC payable
PFC payable
14,200
2,375
1,350
175,000
10,500
1,125
6,300
f. Work in process
FO Control
Materials
185,000
35,000
g. Work in process
FO Applied (140,000x80%)
112,000
h. Finished goods
Work in process
410,000
i. Accounts receivable
Sales
539,000
385,000
j. Cash
220,000
112,000
410,000
539,000
385,000
405,000
Accounts receivable
k. Accounts payable
Cash
405,000
220,000
220,000
110,000
194,000
60,000
45.000
30,000
Total
_______
439,000
50,000
200,000
250,000
30,000
35,000
65,000
185,000
140,000
112,000
437,000
18,000
455,000
45,000
410,000
35,000
445,000
60,000
385,000
2,200
387,200
539,000
387,200
151,800
27,375
16,350
Accounts payable
Accrued payroll
W/tax payable
SSS Prem. payable
Medicare Cont. payable
PFC payable
Common stock
Retained earnings
43,725
108,075
25,000
8,655
18,520
18,900
2,250
12,600
200,000
153,075
439,000
1,200,000
755,230
444,770
60,000
12,000
72,000
372,770
50,000
400,000
450,000
47,485
402,515
210,000
140,000
752,515
102,350
854,865
117,135
737,730
100,000
837,730
82,500
755,230
800,000
87,000
887,000
( 790,000)
97,000
2.
800,000
80,000
880,000
(750,000)
130,000
4.
590,000
150,000
740,000
(100,000)
640,000
30,000,000
20,000,000
24,000,000
74,000,000
5,000,000
( 4,000,000)
75,000,000
13,000,000
(11,000,000
77,000,000
180,000
( 15,000)
165,000
220,000
200,000
585,000
8,500
593.500
5,000
598,500
59.35
3. Sales
Less Cost of goods sold
Gross profit
980,000
598,500
381,500
500,000
( 50,000)
( 50,000)
400,000
2.
400,000
180,000
( 120,000)
460,000
3.
460.000
100,000
( 90,000)
470,000
(126,000)
(168,000)
176,000
20,000
(100,000)
96,000
82,320
38,910
( 36,240)
84,990
b.
79,000
c.
209,050
47,940
( 44,260)
212,730
d.
Direct materials
Direct labor
Factory overhead applied
Total manufacturing costs
Work In process inventory, beg.
Cost of goods put in to process
Cost of goods completed
Work in process inventory, end
e.
f.
g.
h.
i.
j.
221,400
47,940
( 51,180)
218,160
k.
93,080
72.250
57,800
223,130
58,270
(221,400)
60,000
82,320
79,000
53,200
214,520
56,480
271,000
( 212,730)
58,270
38,910
58,270
47,940
38,910
96,120
( 41,950)
93,080
57,800
Accounts Receivable________
320,000
Payroll Payable_________
c)
49,640
f) Sales
Sales________________
f)
320,000
2.
f) CofGS
3.
4,
Job No. 1
Balance Oct. 1(1,596 + 1,290 + 1,677)
Cost added
Direct labor
Overhead (960 x 130%)
Total costs
20,411
185,063
182,857
3,402
960
1,248
4.675
10.82
2,208
5,610
6,032
1,610
2,093
3,703
9,735
Multiple choice
THEORIES
1. A
11. D
2. C
12. C
3. B
4. C
5. B
6. B
7. C
8 C
9. D
10.D
PROBLEMS
1. B
2. 970,000
3. D
4. B
5. D
6. C
7. B
8. B
9. B
10. C
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
B
C
C
D
B
B
B
B
B
D
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
A
B
B
B
A
D
D
B
A
A