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Cost Accounting

The document contains accounting transactions for Cost Accounting Problems A and B. For Problem A, it records raw material purchases, manufacturing overhead costs, work in process, finished goods, and sales. For Problem B it records similar transactions and additionally breaks down manufacturing, selling, and administrative expenses by the amounts owed to SSS, PhilHealth, HDMF and other payables. The document aims to track costs and calculate cost of goods sold for the problems.

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enzo
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75 views7 pages

Cost Accounting

The document contains accounting transactions for Cost Accounting Problems A and B. For Problem A, it records raw material purchases, manufacturing overhead costs, work in process, finished goods, and sales. For Problem B it records similar transactions and additionally breaks down manufacturing, selling, and administrative expenses by the amounts owed to SSS, PhilHealth, HDMF and other payables. The document aims to track costs and calculate cost of goods sold for the problems.

Uploaded by

enzo
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd

Cost Accounting Cost Accounting

Problem A Problem A
Transaction Debit Credit
Nov. 1 Raw Materials 25,000 Nov. 1
Accounts Payable 25,000

2 Work in process 15,000 2


Manufacturing/Factory Overhead 3,000
Raw Materials Inventory 18,000

3 Work in process 30,000


Manufacturing Overhead 4,000
Accrued Wages/Wages Payable 34,000 3

4 Manufacturing Overhead 8,000


Accrued Factory Utility 8,000

5 Manufacturing Overhead 1,000


Prepaid Insurance 1,000

6 Manufacturing Overhead 10,000


Accumulated Depreciation - Factory
10,000
Equipment

7 Selling and Administrative Expenses 40,000


Cash 30,000
Accrued Selling & Administrative 10,000
Expenses

8 Work in Process 26,000


Manufacturing Overhead Applied 26,000 add mga manufacturing overhead

9 Finished Goods 121,000


Work in Process 121,000

10 Accounts Receivable 217,000


Sales 217,000

COGS
Finished Goods

121,000

71,000+110,000-60,000
COGS= f.g. 121,000+190,000 beg - 175,000 end
Cost Accounting
Problem A
Transaction Debit Credit
Raw Materials 25,000
Accounts Payable 25,000

Work in Process 15,000


Raw Materials Inventory 15,000

Manufacturing Overhead 3,000


Raw Materials Inventory 3,000

Work in Process 30,000


Accrued Wages 30,000

Manufacturing Overhead 4,000


Accrued Wages 4,000

ring overhead
Cost Accounting
Problem B
Transaction Debit Credit
Nov. 1 Raw Materials 150,000
Accounts Payable 150,000

2 Work in process 90,000


Manufacturing Overhead 10,000
Raw Materials Inventory 100,000

3 Work in process 62,000


Manufacturing Overhead 20,000
Selling Expenses 30,000
Administrative Sales 16,000
Withholding tax Payable 19,800
SSS Payable 7,100
PhilHealth Payablae 2,000
Pag ibig/HMDF Payable 2,000
Cash 97,100

4 Manufacturing Overhead 8,900


Selling Expenses 3,500
Administrative Expenses 2,000
SSS Payable 9,700
PhilHealth Payable 2,000
HDMF Payable 2,700

5 Manufacturing Overhead 42,000


Selling Expenses 30,000
Administrative Expenses 10,000
Accounts Payable 82,000

6 Selling Expenses 1,000


Administrative Expenses 1,000
Manufacturing Overhead 2,000
Accumulated Depreciation 4,000

7 Work In Process 82,900


Manufacturing Overhead Ap 82,900
200,000

8 Finished Goods 178,000 120000


Work In Process 178,000
120000
9 Accounts Receivable 320,000
Sales 320,000

Cost of Goods Sold 200,000


Finished Goods 200,000

10 Cash 260,000
Accounts Receivable 260,000

11 Supplies 15,000
Raw Materials 15,000

12 Accounts Payable 190,000


Cash 190,000

13 Income Tax Expense 6,000


Income Tax Payable 6,000

Peter Senen Corporation

P112,000
Factory Selling Administrative Total
SSS 5700 2000 1100 8800
PhilHealth 1200 500 300 2000
EC 400 300 200 900 9700 SSS + EC

HMDF 1600 700 400 2700 same

Total 8900 3500 2000 14400

140%
280000
0.6

based on sales sales 100%, markupp is 40% cost is 60%


based on cost 100% cost, sales 140% if 40% ang markup
Cash
P112,000 97,100 Nov3

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