Problem 1 alexis company cost accounting
BS Accountancy (ACCTG110)
Cost Accounting and Control, de Leon 2019
Chapter 5 Job Order Costing
Problem 1 - Alexis Company
JOURNAL ENTRIES
1.
2.
Materials
Accounts payable
56,000
Work in process
FO Control
Materials
44,000
6,000
Computations:
Indirect materials
Job 401
Job 402
Job 403
Total
3.
56,000
50,000
6,000
11,000
14,000
19,000
50,000
Materials
Work in process
FO Control
1,600
1,000
600
Job 403 Direct Materials - (1,000)
4.
5.
6.
Accounts payable
Materials
2,000
2,000
Payroll
Withholding taxes payable
SSS premiums payable
Philhealth contributions payable
Pag-ibig contributions payable
Accrued payroll
78,000
Accrued payroll
Cash
65,600
Work in process
FO Control
Payroll
66,800
11,200
6,050
3,200
750
2,400
65,600
65,600
78,000
Computations:
Job 401
Job 402
Job 403
Work in process
20,800
25,000
21,000
66,800
Payroll
Work in process
Indirect labor
78,000
(66,800)
11,200
0
0
Cost Accounting and Control, de Leon 2019
Chapter 5 Job Order Costing
7.
8.
9.
FO Control
SSS premiums payable
Philhealth contributions payable
Pag-ibig contributions payable
Problem 1 - Alexis Company
7,150
4,000
750
2,400
FO Control
Accumulated depreciation
Prepaid insurance
Accounts payable
30,000
Work in process
FO Applied
53,440
6,000
1,900
22,100
53,440
Refer to JE #6 Work in process = 66,800
66,800 x 80% = 53,440
10.
11.
12.
Finished goods
Work in process
144,440
144,440
Accounts receivable
Sales (63,440 x 140%)
88,816
Cost of goods sold
Finished goods
63,440
Cash
Accounts receivable
70,000
88,816
63,440
70,000
JOB ORDER COST SHEETS
Direct materials
6,000
(JE #2) 11,000
17,000
11,200
(JE #2) 14,000
25,200
(JE #2) 19,000
(JE #3) (1,000)
18,000
Direct labor
Factory overhead
Job 401
5,000
4,000
(JE #6) 20,800
(20,800 x 80%) 16,640
25,800
20,640
Total
63,440
Job 402
6,000
4,800
(JE #6) 25,000
(25,000 x 80%) 20,000
31,000
24,800
Job 403
(JE #6) 21,000
21,000
81,000
(21,000 x 80%) 16,800
16,800
0
_____
55,800
0
Cost Accounting and Control, de Leon 2019
Chapter 5 Job Order Costing
Problem 1 - Alexis Company
COST OF GOODS SOLD STATEMENT
Direct materials used
Materials, August 1
Purchases
56,000
Less: Purchase returns
(2,000)
Materials available for use
Less: Materials, August31
49,600
Indirect materials
5,400
Direct labor
Factory overhead
Total manufacturing costs
Work in process, August 1
Cost of goods put into process
Less: Work in process, August 31
Cost of goods manufactured
Finished goods, August 1
Total goods available for sale
Less: Finished goods, August 31
Cost of goods sold - normal
Add: Under-applied factory overhead
Cost of goods sold - actual
44,000
54,000
98,000
(55,000)
43,000
66,800
53,440
163,240
37,000
200,240
(55,800)
144,440
50,000
194,440
(131,000)
63,440
310
63,750
Computation of (over)under applied factory overhead:
JE #2
JE #3
JE #6
JE #7
JE #8
FO Control
FO Applied (JE #9)
Under-applied FO
6,000
(600)
11,200
7,150
30,000
53,750
(53,440)
310
0
0