The following account balances are from Woods Corporation accounting records for the
year ended December 31, 2008.
Required:
1. A schedule for factory/manufacturing overhead costs
2. A schedule of the Cost of goods manufactured
3. Determine the prime cost & conversion costs
4. An Income Statement
5. What is the unit cost of Woods corporation if they produced 20,000 pieces of furniture were produced?
6. How does the format of the income statement for a manufacturing concern differ from the income statement of a merchandising business?

Advertising expense $ 85,000
Amortization expense – Patents 16,000
Special Design Cost 10,000
Bad Debts expense 28,000
Depreciation expense – Office equipment 37,000
Depreciation expense – Factory Building 133,000
Depreciation expense – Factory equipment 78,000
Direct Labour 250,000
Factory insurance expired 62,000
Factory supervision 74,000
Factory supplies used 21,000
Factory Utilities 115,000
Finished goods inventory, Jan 1 2008 15,000
Finished goods inventory, Dec 31 2008 12,500
Work in process inventory, Jan 1 2008 8,000
Work in process inventory, Dec 31 2008 9,000
Indirect labour 26,000
Interest expense 25,000
Miscellaneous expense 55,000
Property taxes on factory equipment 14,000
Raw materials inventory, Jan 1 2008 60,000
Raw materials inventory, Dec 31 2008 78,000
Raw materials purchases 313,000
Repairs expense – factory equipment 31,000
Salaries expense 150,000
Sales 1,630,000

The following account balances at the beginning of January were selected from the general ledger of Fresh Bagel Manufacturing Company: Work in process inventory $0 Raw materials inventory $28,800 Finished goods inventory $40,200Additional data: 1. Actual manufacturing overhead for January amounted to $66,100. 2. Total direct labor cost for January was $64,000. 3. The predetermined manufacturing overhead rate is based on direct labor cost. The budget for the year called for $248,000 of direct labor cost and $322,400 of manufacturing overhead costs. 4. The only job unfinished on January 31 was Job No. 151, for which total direct labor charges were $5600 (1600 direct labor hours) and total direct material charges were $14,400. 5. Cost of direct materials placed in production during January totaled $124,000. There were no indirect material requisitions during January. 6. January 31 balance in raw materials inventory was $35,400. 7. Finished goods inventory balance on January 31 was $35,200. What is the work in process inventory balance on January 31?

The following account balances and other information for Barfield Company pertain to November operations:

Other information:

1. Direct materials purchase on account during November, P50,000.
2. Barfield Company applies factory overhead at a predetermined rate of P3 per direct labor hour.
3. During November, direct labor employees worked 25,000 hours at a rate of P4 per hour.
4. Jobs 385, 386, and 387 were still in process at the end of November. A total of P5,000 direct materials has been charged to these three jobs. To date, 5,000 direct labor hours have been worked on these jobs.
5. The accrued payroll account is used for factory employees only. Assuming no payroll deductions, payment to factory employees during the month totaled P140,000.
6. Factory overhead was underapplied by P5,000.
7. Payments on account totaled P55,000.

Required: Determine the following –

1. Direct materials charged to operations
2. Factory overhead applied during the month
3. Ending inventory of work in process

The following account balances and other information for Barfield Company pertain to November operations:

Other information:

1. Direct materials purchase on account during November, P50,000.
2. Barfield Company applies factory overhead at a predetermined rate of P3 per direct labor hour.
3. During November, direct labor employees worked 25,000 hours at a rate of P4 per hour.
4. Jobs 385, 386, and 387 were still in process at the end of November. A total of P5,000 direct materials has been charged to these three jobs. To date, 5,000 direct labor hours have been worked on these jobs.
5. The accrued payroll account is used for factory employees only. Assuming no payroll deductions, payment to factory employees during the month totaled P140,000.
6. Factory overhead was underapplied by P5,000.
7. Payments on account totaled P55,000.

Required: Determine the following –

1. Direct materials charged to operations
2. Factory overhead applied during the month
3. Ending inventory of work in process
4. Cost of goods manufactured
5. Cost of goods sold before over-under applied
6. Indirect labor
7. Miscellaneous factory overhead
8. Accounts payable, November 1

The following account balances and other information for Barfield Company pertain to November operations:

Other information:

1. Direct materials purchase on account during November, P50,000.
2. Barfield Company applies factory overhead at a predetermined rate of P3 per direct labor hour.
3. During November, direct labor employees worked 25,000 hours at a rate of P4 per hour.
4. Jobs 385, 386, and 387 were still in process at the end of November. A total of P5,000 direct materials has been charged to these three jobs. To date, 5,000 direct labor hours have been worked on these jobs.
5. The accrued payroll account is used for factory employees only. Assuming no payroll deductions, payment to factory employees during the month totaled P140,000.
6. Factory overhead was underapplied by P5,000.
7. Payments on account totaled P55,000.

Required: Determine the following –

1. Cost of goods manufactured
2. Cost of goods sold before over-under applied
3. Indirect labor
4. Direct Labor