Reference no: EM132805425

Data about Maritz Company's production and inventories for the month of June are as follows:

Purchases - Direct materials P143, 440
Freight-in P5, 000
Purchase returns and allowances P2, 440
Direct labor P175, 000
Actual factory overhead P120, 000

Inventories:

Finished goods P68, 000 P56, 000
Work in Process P110, 000 P135, 000
Direct materials P52, 000 P44, 000

• Maritz Company applies factory overhead to production at 80% of direct labor cost. Over or under applied overhead is closed to cost of goods sold at year-end. The company's accounting period is on the calendar year basis.

Problem 1: Maritz Company's prime cost for June was _________.

Problem 2: Maritz Company's conversion cost for June was ________.

Problem 3: For the month of June, Maritz Company's total manufacturing cost was _______.

Problem 4: For June, Maritz Company's cost of goods transferred to the finished goods inventory account was _________.

Problem 5: Maritz Company's cost of goods sold for June was _________.

Problem 6: The journal entry for adjustment of cost of goods sold is _______.

Problem 7: The amount of over/under applied overhead factory for the month of June was ________.

Problem 8: The cost of goods sold for the month of June should be increased (decreased) by the amount of over/under applied factory overhead of