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    COSTACC

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    Villaluna Janne Christine
    The document contains journal entries for Letran Co. for October 2022, recording the purchase of materials on account, payroll expenses including taxes and contributions, and the payment of accounts payable. It also includes a problem set with journal entries for Riverside Company for August recording materials purchases, manufacturing costs, payroll expenses, sales, and the closing of accounts.

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    COSTACC

    Uploaded by

    Villaluna Janne Christine
    18 views9 pages
    The document contains journal entries for Letran Co. for October 2022, recording the purchase of materials on account, payroll expenses including taxes and contributions, and the payment of accounts payable. It also includes a problem set with journal entries for Riverside Company for August recording materials purchases, manufacturing costs, payroll expenses, sales, and the closing of accounts.

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    Cost Accounting 2022 De Leon

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    The document contains journal entries for Letran Co. for October 2022, recording the purchase of materials on account, payroll expenses including taxes and contributions, and the payment of accounts payable. It also includes a problem set with journal entries for Riverside Company for August recording materials purchases, manufacturing costs, payroll expenses, sales, and the closing of accounts.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    18 views9 pages

    COSTACC

    Uploaded by

    Villaluna Janne Christine
    The document contains journal entries for Letran Co. for October 2022, recording the purchase of materials on account, payroll expenses including taxes and contributions, and the payment of accounts payable. It also includes a problem set with journal entries for Riverside Company for August recording materials purchases, manufacturing costs, payroll expenses, sales, and the closing of accounts.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 9

    PROBLEM 4

    Letran Co.
    Journal Entries for October 2022

    1 Materials 225,000
    Accounts Payable 225,000

    2 Payroll
    Withholding Taxes 14,000
    SSS Pemiums 3,000
    Phil Health Contributions 468.75
    Pag-Ibig Funds Contribution 2,025
    Problem 1

    Riverside Company
    Journal Entries
    August

    1.00 Materials 70,000.00


    Accounts Payable 70,000.00

    2.00 Work in Process 55,000.00


    Factory Overhead Control 7,500.00
    Materials 62,500.00

    3.00 Materials 2,000.00


    Work in Process 1,250.00
    Factory Overhead Control 750.00

    4.00 Accounts Payable 2,500.00


    Materials 2,500.00

    5.00 Payroll 97,500.00


    Withholding taxes 7,562.50
    SSS Premiums 4,000.00
    Medicare 937.50
    Pag-ibig 3,000.00
    Accrued Payroll 82,000.00

    Accrued Payroll 82,000.00


    Cash 82,000.00

    Work in Process 83,500.00


    Factory Overhead Control 14,000.00
    Payroll 97,500.00

    7.00 Factory Overhead Control 8,937.50


    SSS Premiums 5,000.00
    Medicare 937.50
    Pag-ibig 3,000.00

    8.00 Factory Overhead Control 37,500.00


    Accumulated Depreciation- 7,500.00
    Factory Building & Equipment
    Prepaid Insurance 2,375.00
    Accounts Payable 27,625.00
    9.00 Work in Process 66,800.00
    Factory Overhead Applied 66,800.00

    10.00 Finished Goods 180,550.00


    Work in Process 180,550.00

    11.00 Accounts Receivable 111,020.00


    Sales 111,020.00

    Cost of Goods Sold 79,300.00


    Finished Goods 79,300.00

    12.00 Cash 87,500.00


    Accounts Receivable 87,500.00
    Cash Accounts Receivable
    87,500.00 82,000.00 111,020.00 87,500.00

    Materials Work in Process Finished Goods


    55,000.00 62,500.00 46,250.00 1,250.00 62,500.00
    70,000.00 2,500.00 DM-55,000 180,550.00 180,550.00
    2,000.00 DL-83,500 163,750.00
    62,000.00 FOHA-66,800
    16,000.00

    Accounts Payable Accrued Payroll Withholding Taxes


    2,500.00 70,000.00 82,000.00 82,000.00
    27,625.00

    SSS Premiums Medicare Pag-ibig


    4,000.00 937.50
    5,000.00 937.50

    Sales
    111,020.00

    Factory Overhead Control Factory Overhead Applied Payroll


    IM-7,500 750.00 67,187.50 66,800.00 97,500.00
    IL-14,000 387.50
    8,937.50
    37,500.00
    67,187.50

    Accumulated Depreciation-
    Factory Bldg. & Equipment Prepaid Insurance
    7,500.00 2,375.00
    Finished Goods JOB 401
    79,300.00 DM DL FOH Totals
    7,500.00 6,250.00 5,000.00 18,750.00
    13,750.00 26,000.00 20,800.00 60,550.00
    79,300.00

    Withholding Taxes
    7,562.50 DM Used
    Mats. Aug. 1 55,000.00
    Purchases 70,000.00
    Purchase Returns (2,500.00)
    Pag-ibig Mats. Aug. 31 (62,000.00)
    3,000.00 Indirect Mats. (6,750.00)
    3,000.00 DM 53,750.00
    DL 83,500.00
    FOHA 66,800.00
    TMC 204,050.00
    WIP Beg. 46,250.00
    TG PinP 250,300.00
    WIP End. (69,750.00)
    COGM 180,550.00
    FG Beg. 62,500.00
    TGAS 243,050.00
    FG End. (163,750.00)
    Payroll COGS-normal 79,300.00
    97,500.00 Underapplied FOH 387.50
    COGS-actual 79,687.50
    JOB 402
    DM DL FOH Totals DM
    14,000.00 7,500.00 6,000.00 27,500.00
    17,500.00 31,250.00 25,000.00 73,750.00 23,750.00
    101,250.00 (1,250.00)
    JOB 403
    DL FOH Totals

    26,250.00 21,000.00 71,000.00


    (1,250.00)
    69,750.00
    a) Materials Requisition Slips
    Work in Process 13,250
    Factory Overhead Control 1,000
    Materials 14,250

    b) Labor Time Tickets


    Payroll 16,125
    Accrued Payroll 16,125

    Work in Process 14,625


    Factory Overhead Control 1,500
    Payroll 16,125

    FOH
    Work in Process 11,700
    Factory Overhead Applied 11,700

    c) Completion of Job 101


    Finished Goods 9,650
    Work in Process 9,650

    Job 101
    DM 3,125
    DL 3,625
    FOH 2,900
    TMC 9,650
    Beg. WIP 2,500
    COGS 12,150
    FOHA (80% DL)

    DM used
    Beg. Mats.
    Purchases

    DL
    FOHA
    TMC
    WIP BEG
    TG PiP
    WIP END
    COGM
    FG BEG
    TGAS
    FG END
    COGS- normal

    COGS- actual

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