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    Set9 P3

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    Geriq Joeden Perilla
    The document summarizes the cost of goods manufactured for Mabdelon Lee Company. It shows the direct materials used, direct labor costs, and manufacturing overhead costs. The total manufacturing costs are calculated and work in process inventory is used to determine the cost of goods manufactured of $114,750. A general journal is also provided to record the accounting entries.

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    Set9 P3

    Uploaded by

    Geriq Joeden Perilla
    26 views5 pages
    The document summarizes the cost of goods manufactured for Mabdelon Lee Company. It shows the direct materials used, direct labor costs, and manufacturing overhead costs. The total manufacturing costs are calculated and work in process inventory is used to determine the cost of goods manufactured of $114,750. A general journal is also provided to record the accounting entries.

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    SET9 P3

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    The document summarizes the cost of goods manufactured for Mabdelon Lee Company. It shows the direct materials used, direct labor costs, and manufacturing overhead costs. The total manufacturing costs are calculated and work in process inventory is used to determine the cost of goods manufactured of $114,750. A general journal is also provided to record the accounting entries.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    26 views5 pages

    Set9 P3

    Uploaded by

    Geriq Joeden Perilla
    The document summarizes the cost of goods manufactured for Mabdelon Lee Company. It shows the direct materials used, direct labor costs, and manufacturing overhead costs. The total manufacturing costs are calculated and work in process inventory is used to determine the cost of goods manufactured of $114,750. A general journal is also provided to record the accounting entries.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 5

    PROBLEM 3

    Mabdelon Lee Company


    Cost of Goods Manufactured

    Direct Materials Used


    Raw Materials Inventory. Beg. 84,600.00
    Add: Net Cost of Purchases
    Purchases Raw Materials 311,400.00
    Raw Materials Available for Used 396,000.00
    Less: Raw Materials Inventory. End. 91,080.00
    Total Direct Materials Used 304,920.00

    Direct Labor 450,000.00


    Manufacturing Overhead
    Indirect Labor 194,220.00
    Dep. Expense. Fac. Equipment 82,800.00
    Factory Insurance Expense 16,020.00
    Rent Expense Factory Building 84,600.00
    Factory Supplies Expense 34,920.00
    Factory Utilities 109,440.00
    Property Taxes-Factory Site 19,260.00
    Amortization Patent 13,680.00
    Repair& Maintenance 30,060.00 585,000.00
    Total Manufacturing Cost 1,339,920.00
    Add: Work in Process. Beg. 99,360.00
    Total Cost of Goods Placed in Process 1,439,280.00
    Less:Work in Process. End. 1,324,530.00
    Cost of Goods Manufactured 114,750.00
    PROBLEM 3

    General Journal
    Date Accounts Title and Explanation P.R. Debit Credit

    Raw Materials Inventory. End. 91,080.00


    Work in Process. End. 1,324,530.00
    Manufacturing Summary 1,415,610.00

    Manufacturing Summary 1,530,360.00


    Raw Materials Inventory. Beg. 84,600.00
    Work in Process. Beg. 99,360.00
    Purchases Raw Materials 311,400.00
    Direct Labor 450,000.00
    Indirect Labor 194,220.00
    Dep. Expense. Fac. Equipment 82,800.00
    Factory Insurance Expense 16,020.00
    Rent Expense Factory Building 84,600.00
    Factory Supplies Expense 34,920.00
    Factory Utilities 109,440.00
    Property Taxes-Factory Site 19,260.00
    Amortization Patent 13,680.00
    Repair& Maintenance 30,060.00

    Income Summary
    Manufacturing Summary 114,750.00
    Finished Goods Inventory,Beg. 114,750.00

    Finished Goods Inventory,End.


    Income Summary

    TOTAL 2,945,970.00 3,175,470.00


    Raw Materials, End (initial) 91,080.00
    Material Used (4500 units X 18) 81,000.00
    Raw Materials, End 10,080.00

    Direct Labor (initial) 450,000.00


    Add:Direct labor (4500 units X 7.50) 33,750.00
    Direct Labor 483,750.00

    Work in Process, End


    Work in Process, Beg. 99,360.00

    Material Used (4500 units X 18) 81,000.00


    Add:Direct labor (4500 units X 7.50) 33,750.00
    Cost of Goods Manufactured 114,750.00
    PROBLEM 3

    Direct Materials Used


    Raw Materials Inventory. Beg. 84,600.00
    Add: Net Cost of Purchases
    Purchases Raw Materials 311,400.00
    Raw Materials Available for Used 396,000.00
    Less: Raw Materials Inventory. End. 10,080.00
    Total Direct Materials Used 385,920.00

    Direct Labor 483,750.00


    Manufacturing Overhead
    Indirect Labor 194,220.00
    Dep. Expense. Fac. Equipment 82,800.00
    Factory Insurance Expense 16,020.00
    Rent Expense Factory Building 84,600.00
    Factory Supplies Expense 34,920.00
    Factory Utilities 109,440.00
    Property Taxes-Factory Site 19,260.00
    Amortization Patent 13,680.00
    Repair& Maintenance 30,060.00 585,000.00
    Total Manufacturing Cost 1,454,670.00
    Add: Work in Process. Beg. 99,360.00
    Total Cost of Goods Placed in Process 1,554,030.00
    Less:Work in Process. End. 1,439,280.00
    Cost of Goods Manufactured 114,750.00
    PROBLEM 3

    General Journal
    Date Accounts Title and Explanation P.R. Debit Credit

    Raw Materials Inventory. End. 10,080.00


    Work in Process. End. 1,439,280.00
    Manufacturing Summary 1,449,360.00

    Manufacturing Summary 1,530,360.00


    Raw Materials Inventory. Beg. 84,600.00
    Work in Process. Beg. 99,360.00
    Purchases Raw Materials 311,400.00
    Direct Labor 450,000.00
    Indirect Labor 194,220.00
    Dep. Expense. Fac. Equipment 82,800.00
    Factory Insurance Expense 16,020.00
    Rent Expense Factory Building 84,600.00
    Factory Supplies Expense 34,920.00
    Factory Utilities 109,440.00
    Property Taxes-Factory Site 19,260.00
    Amortization Patent 13,680.00
    Repair& Maintenance 30,060.00

    Income Summary
    Manufacturing Summary 114,750.00
    Finished Goods Inventory,Beg. 114,750.00

    Finished Goods Inventory,End.


    Income Summary

    TOTAL 2,979,720.00 3,209,220.00

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