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    Gratittude Manufacturing Company Post-Closing Trial Balance DECEMBER 31, 2017

    Uploaded by

    Charles Tuazon
    The document provides a trial balance and transactions for Gratitude Manufacturing Company. Required is to prepare a worksheet to record the transactions as adjustments, compute adjusted balances, calculate cost of goods manufactured, and determine ending inventory balances. The total debit of adjusted balances is P4,861,100. Cost of goods manufactured is P751,000 with a total debit of P1,200,500. Ending work in process inventory is P167,300 and ending raw materials inventory is P177,300.

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    Gratittude Manufacturing Company Post-Closing Trial Balance DECEMBER 31, 2017

    Uploaded by

    Charles Tuazon
    62 views3 pages
    The document provides a trial balance and transactions for Gratitude Manufacturing Company. Required is to prepare a worksheet to record the transactions as adjustments, compute adjusted balances, calculate cost of goods manufactured, and determine ending inventory balances. The total debit of adjusted balances is P4,861,100. Cost of goods manufactured is P751,000 with a total debit of P1,200,500. Ending work in process inventory is P167,300 and ending raw materials inventory is P177,300.

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    LQ3.pdf

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    The document provides a trial balance and transactions for Gratitude Manufacturing Company. Required is to prepare a worksheet to record the transactions as adjustments, compute adjusted balances, calculate cost of goods manufactured, and determine ending inventory balances. The total debit of adjusted balances is P4,861,100. Cost of goods manufactured is P751,000 with a total debit of P1,200,500. Ending work in process inventory is P167,300 and ending raw materials inventory is P177,300.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    62 views3 pages

    Gratittude Manufacturing Company Post-Closing Trial Balance DECEMBER 31, 2017

    Uploaded by

    Charles Tuazon
    The document provides a trial balance and transactions for Gratitude Manufacturing Company. Required is to prepare a worksheet to record the transactions as adjustments, compute adjusted balances, calculate cost of goods manufactured, and determine ending inventory balances. The total debit of adjusted balances is P4,861,100. Cost of goods manufactured is P751,000 with a total debit of P1,200,500. Ending work in process inventory is P167,300 and ending raw materials inventory is P177,300.

    Copyright:

    © All Rights Reserved
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    of 3

    QUIZ 3

    Presented below is the pos t- closing trial bal ance of G RATITUDE Ma nufa ctu ring Company:

    GRATITTUDE MANUFA CTURIN G C OMPANY


    POST-CLOSIN G TRIA L BA LANC E
    DEC EMBER 31, 2 017
    Cash P142,500
    Accounts Receivable 71,900
    Finished Goods Inventory 24,600
    Work in Process Inventory 18,400
    Raw Materials Inventory 16,700
    Office Building 856,000
    Accumulated Depreciation - Office Building P171,200
    Office Equipment 455,000
    Accumulated Depreciation – Office Equipment 182,000
    Factory Equipment 724,000
    Accumulated Depreciation – Factory Equipment P278,400
    Notes payable 100,000
    Accounts payable 40,000
    Income Taxes payable 5,000
    Share Capital 1,327,400
    Retained Earnings (Accumulated Profits) 205,100
    Totals P2,309,100 P2,309,100
    During the mo nth of January 2 018, the follo wing transa ctio ns took pla ce:

    A. Raw materials p urchased on accou nt, P 450,0 00


    B. Raw materials re quisitioned, P 275,0 00, of w hich P3 5,00 0 was indirect.
    C. Factory lab or used, P3 24,50 0, of which P4 5,5 00 was indirect.
    D. Various cos ts in curre d o n a ccoun t were u tilities for factory, P1 28,6 00; freight o ut,
    P116,40 0; and repairs of administra tive of fic es, P72,50 0.
    E. Miscellaneous cos ts on accou nt incu rred for fact ory overhead were P1 4,50 0; for selling
    expenses, P12,3 00 ; an d f or a dministrative expenses, P8,90 0.
    F. Deprecia tion of office building was P42,0 00; of of fice e quipment, P 21,50 0; and of
    fact ory eq uipment, P1 4,50 0.
    G. Factory overhead costs applied to jo bs, P35 6 ,400.
    H. Jobs completed, P 726,5 00.
    I. Cost o f goo ds s old, P71 5,00 0.
    J. Sales on accou nt, P 950,0 00
    K. Collection o f a ccoun ts re ceivable, 55 0,00 0.

    Required:
    Prepare a WORKSHEET fo r the compa ny to su pport you r a nswers f or the following ques tio ns.
    Post to Adjustment columns the appr opriate entries with identifying let ters as indi cate d
    above.
    Notes:
    1. Use periodic system t o pre pare the workshe et.
    2. Use perpetual sys tem ONLY to de termine the ending b alances of inventories, to be
    suppor ted by T-Accou nts presen ted in an oth er 12 columnar pa per.
    (Note: Only inventory accounts are required to have T-Accounts).
    3. Answers n ot s haded in the scannable alt h ough fou nd in t he W orkshee t will no t be
    considered, and vice-versa.
    4. Aside from the a ccoun ts in the P ost- closing Trial Balance, use t he following to record
    the a bove trans actions as a djus tments (DO N OT CREAT E a ny o ther acco unt ti tle):
    Indirect material used Factory overhead - over/under applied
    Direct labor Factory overhead – depreciation factory equipment
    Factory overhead – indirect materials Payroll
    Factory overhead – indirect labor Salary and wages payable
    Factory overhead – utilities Sales
    Factory overhead – miscellaneous Raw Material Purchases
    Freight Out Depreciation expense – office building
    Selling expense - miscellaneous Depreciation expense – office equipment
    Repairs and Maintenance Cost of Goods Sold
    Administrative expense - miscellaneous

    Page 1 of 3
    QUIZ 3

    NO T-a ccounts and Workshe et S chedule, NO CREDIT plus M INUS (-) o ne for every nu mber
    shaded wi thou t s olutio n.

    For Quest ions 1 -22, comp ute the following A DJUSTED b alances :
    1. Cash
    A. P692,50 0 C. P941,90 0
    B. P471,90 0 D. P962,50 0

    2. Accou nts receivable


    A. P471,90 0 C. P477,90 0
    B. P692,50 0 D. P962,50 0

    3. Accumulate d de precia tion – Of fice B uilding


    A. P203,50 0 C. P292,50 0
    B. P213,20 0 D. P210,20 0

    4. Accumulate d de precia tion – Of fice Equipmen t


    A. P213,20 0 C. P203,50 0
    B. P292,50 0 D. P210,20 0

    5. Accumulate d de precia tion – Fa ctory Equipme nt


    A. P203,50 0 C. P210,20 0
    B. P213,20 0 D. P292,90 0

    6. Accou nts payable


    A. P324,50 0 C. P834,20 0
    B. P843,20 0 D. P334,50 0

    7. Salaries and wages paya ble


    A. P843,20 0 C. P334,50 0
    B. P324,50 0 D. P834,20 0

    8. Sales
    A. P950,00 0 C. P590,00 0
    B. P955,00 0 D. P960,00 0

    9. Raw materials p urchases


    A. P450,00 0 C. P455,00 0
    B. P350,00 0 D. P540,00 0

    10. Direct labor


    A. P729,00 0 C. P279,00 0
    B. P779,00 0 D. P229,00 0

    11. Factory overhead – indire ct materials


    A. P45,500 C. P128,60 0
    B. P14,500 D. P35,000

    12. Factory overhead – indire ct labor


    A. P45,500 C. P128,60 0
    B. P14,500 D. P35,000

    13. Factory overhead – u tilities


    A. P128,60 0 C. P45,500
    B. P14,500 D. P35,000

    14. Factory overhead - mis cellaneous


    A. P128,60 0 C. P45,500
    B. P14,500 D. P35,000

    15. Factory overhead – fa ctory e quipment depre ciation


    A. P45,500 C. P14,500
    B. P128,60 0 D. P35,000
    16. Factory overhead – over/undera pplied
    A. P181,30 0 undera pplied C. P118,30 0 undera pplied
    B. P181,30 0 overapplied D. P118,30 0 overapplied

    Page 2 of 3
    QUIZ 3

    17. Freight o ut
    A. P12,300 C. P8,900
    B. P72,500 D. P116,40 0

    18. Selling expense - mis cellaneous


    A. P72,500 C. P12,300
    B. P116,40 0 D. P8,900

    19. Repairs and Main tenan ce


    A. P8,900 C. P42,000
    B. P72,500 D. P21,500

    20. Administrative expense - mis cellaneous


    A. P8,900 C. P42,000
    B. P72,500 D. P21,500

    21. Deprecia tion ex pense – offi ce b uilding


    A. P42,000 C. P72,500
    B. P8,900 D. P21,500

    22. Deprecia tion ex pense – offi ce eq uipment


    A. P42,000 C. P8,900
    B. P21,500 D. P72,500
    ------- ----- ----- ----- ------ ----- ----- ----- ----- ----- --- ------- ----- ----- ----- ------ ----- ----- ----- ----- -----
    23. What is the t otal DEBIT column o f Adjusted Balances?
    A. P4,618,10 0 C. P4,861,10 0
    B. P4,681,10 0 D. P4,168,10 0

    24. Calculate the Cost of Goods Manufactured.


    A. P726,50 0 C. P751,00 0
    B. P715,00 0 D. P762,50 0

    25. What is the t otal DEBIT column o f Cos t of G o ods Manufa ctured?
    A. P1,120,50 0 C. P1,200,50 0
    B. P1,201,50 0 D. P1,220,50 0

    26. How much is the W ork in Pro cess inven tory e nd?
    A. P191,70 0 C. P167,30 0
    B. P36,100 D. P177,30 0

    27. How much is the R aw Ma terials inven tory en d?


    A. P36,100 C. P177,30 0
    B. P167,30 0 D. P191,70 0

    28. Calculate the b alance of Finished Goo ds inve ntory end.


    A. P167,30 0 C. P191,70 0
    B. P177,30 0 D. P36,100

    29. How much is the net opera ting in come/loss?


    A. P79,700 ne t operating loss C. P97,700 ne t operating loss
    B. P79,700 ne t operating income D. P97,700 ne t operating income

    30. What is the t otal CREDIT Column of the Inco me Sta tement after the net income/loss?
    A. P1,100,40 0 C. P1,114,40 0
    B. P1,104,40 0 D. P1,141,40 0

    31. How much is the to tal CR EDIT Column of the Balance Sheet after the net income/loss?
    A. P3,594,50 0 C. P3,954,50 0
    B. P3,555,50 0 D. P3,554,50 0

    32. Show a separ ate solutio n f or a nd comp ute th e ADJUSTED balan ce o f Cos t of G oods Sold
    after over/un derapplied overhead
    A. P715,00 0 C. P755,00 0
    B. P833,30 0 D. P596,70 0

    ------- ----- ----- ----- ------ ----- ----- ----- ----- -End o f Quiz 3--- ----- ----- ----- ------ ----- ----- ----- ----- -- -----

    Page 3 of 3

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