Prob Bayo Dress Shop makes evening has been gathered from the company records of 2019, the first operations. Work in Process Inventory at the end of the year was P100,000. year of company 008 Raw materials purchased on account, of which only P2,350,000 75% were paid during the year. 0 Raw materials issued to production, of which 25% is indirect materials 1,940,000 Accrued factory payroll (80% is direct labor) Depreciation of sewing and computer equipment Utilities paid Factory insurance expired Factory rent including P50,000 deposit sqmo MM 960,000 or 1,350,000 80,000 320,000 17,500 ar lo Bayo Dress Shop applies actual overhead to production. es[a

Prob Bayo Dress Shop makes evening has been gathered from the company records of 2019, the first operations. Work in Process Inventory at the end of the year was P100,000. year of company 008 Raw materials purchased on account, of which only P2,350,000 75% were paid during the year. 0 Raw materials issued to production, of which 25% is indirect materials 1,940,000 Accrued factory payroll (80% is direct labor) Depreciation of sewing and computer equipment Utilities paid Factory insurance expired Factory rent including P50,000 deposit sqmo MM 960,000 or 1,350,000 80,000 320,000 17,500 ar lo Bayo Dress Shop applies actual overhead to production. es[a

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Description: PROBLEMSInstructions: Supply the answer supported by computations in good form using yourworksleet.000 0AProblem 1-1. Bayo Dress Shop makes evening dresses. The following informationhas been gathered from the company records of 2019, the first year

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Bubba Manufacturing Company provided the following information for the fiscal year toJune 30, 2020:Inventories 01/07/2019 30/06/2020Direct Materials $72,000 $65,000Work-in-Process $107,000 $128,000Finished Goods $149,500 $141,700Other information:Office cleaner’s wages 4,500Sales Revenue 1,031,000Raw materials purchased 235,000Factory wages 239,700Indirect materials 23,500Delivery truck driver’s wages 15,400Indirect labor 9,500Depreciation on factory plant & equipment 32,000Insurance 1 60,000Depreciation on delivery truck 7,250Utilities 2 118,750Administrative salaries 41,250Special Design Costs 5,000Selling expenses 9,000Sales Commission 2% of gross profit 1 Of the total insurance, 66⅔% relates to the factory facilities & 33⅓% relates to general& administrative costs.2 Of the total utilities, 80% relates to the manufacturing facilities & 20% relates to theoffice area. Requirements:…
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