Ledger Company is a manufacturer. The entity had the following balances of their inventories as at May 31, 2021: Raw materials inventory, P60,000 Work-in-process inventory, P88,000 Finished goods inventory, P124,000 The following transactions were dealt with by the firm for June 2021: Purchased 2,000 units of material X at P34 per unit. 800 units were charged to production. A total of 1,000 hours were utilized by all laborers to finish 10,000 units. Actual direct labor rate per hour was P22. Labor was charged to the job. The firm paid P4,000 for factory rent and P6,000 for office rent. Depreciation of factory equipment was P8,000 and depreciation of office equipment was P2,500. Actual overhead was charged to production. All current production was completed. Half of it and all beginning balance of finished goods were sold at a mark-up of 30% 38. How much will be debited to the work-in-process inventory account to charge all related product costs to production? 39. How much is the balance of the work-in-process inventory account as at June 30, 2021? 40. How much is the balance of the finished goods inventory account as at June 30, 2021?

Ledger Company is a manufacturer. The entity had the following balances of their inventories as at May 31, 2021: Raw materials inventory, P60,000 Work-in-process inventory, P88,000 Finished goods inventory, P124,000 The following transactions were dealt with by the firm for June 2021: Purchased 2,000 units of material X at P34 per unit. 800 units were charged to production. A total of 1,000 hours were utilized by all laborers to finish 10,000 units. Actual direct labor rate per hour was P22. Labor was charged to the job. The firm paid P4,000 for factory rent and P6,000 for office rent. Depreciation of factory equipment was P8,000 and depreciation of office equipment was P2,500. Actual overhead was charged to production. All current production was completed. Half of it and all beginning balance of finished goods were sold at a mark-up of 30% 38. How much will be debited to the work-in-process inventory account to charge all related product costs to production? 39. How much is the balance of the work-in-process inventory account as at June 30, 2021? 40. How much is the balance of the finished goods inventory account as at June 30, 2021?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please do not rely too much on chatgpt, because its answer may be wrong. Please consider it carefully and give your own answer. You can borrow ideas from gpt, but please do not believe its answer.Very very grateful!Please do not rely too much on chatgpt, because its answer may be wrong. Please consider it carefully and give your own answer. You can borrow ideas from gpt, but please do not believe its answer.Very very grateful!
Please do not rely too much on chatgpt, because its answer may be wrong. Please consider it carefully and give your own answer. You can borrow ideas from gpt, but please do not believe its answer.Very very grateful!Please do not rely too much on chatgpt, because its answer may be wrong. Please consider it carefully and give your own answer. You can borrow ideas from gpt, but please do not believe its answer.Very very grateful!
Urgent pls answer the question attached below.This is how you answer the problem:-Identify the given -What is being ask in the problem-Provide the formula(pls include this because this is my basis on what topic the problem all about)-Solution(plug in the given to the formula and show me the flow of the computation)That's all. Thanks in advance :)
Hi, Could you please show me how to solve this with formulas? not excel, I should have clarified. Thanks
I need your help tutor! This is how you answer the problem (a) Identify the Given and the Unknown or what is being asked in the problem (b)Provide the formula to be used (c)Plug in the given in the formula if there is a derivation of the formula please show it (d)Box the final answer. however, the final answer is already included in the problem, what you need to do is to match your answer and the answer in the book. Because in the book they only provide the answer but not the solution. Problem:
is there a way to do this question with formulas and a calculator instead of excel? if so please upload the solution this way
Further info is in the attached images For the Excel part of the question give the solutions in the form of the Excel equations. Please and thank you! :) Download the Applying Excel form and enter formulas in all cells that contain question marks. For example, in cell B34 enter the formula "= B9". After entering formulas in all of the cells that contained question marks, verify that the dollar amounts match the example in the text. Check your worksheet by changing the beginning work in process inventory to 100 units, the units started into production during the period to 2,500 units, and the units in ending work in process inventory to 200 units, keeping all of the other data the same as in the original example. If your worksheet is operating properly, the cost per equivalent unit for materials should now be $152.50 and the cost per equivalent unit for conversion should be $145.50. Thank you!
can i get solution with manual formula that i can apply through using my calculator
Q1: Write an e-mail to technical support team of your college to retrieve your login credentials. In order to make your e- mail effective mention all the important details and reasons to prioritize your response
2. How an AIS can add value to a organization? Please help me by answering the question and explain it, don't copy and paste please... thank you
Hi, thanks for your help. PLease how to obtain YTM without excel and mathematical calculator. i really need to know how to obtain YTM manually to understand the question. Many thanks
Hh1.