. Lucena Products provided the following information:                                                          ·       Raw materials on hand- P85,000 ·       Raw materials used (including indirect materials of P35,000)- P258,000 ·       Labor (including indirect labor of P22,000; selling of P45,000; and administrative of P60,000)- P275,00  ·       Manufacturing overhead costs (including indirect materials and indirect labor)- P135,000                     ·       Abnormal wasted materials and labor            - P25,000 ·       Finished goods on hand- P160,000                                                             How much inventory should be reported in the statement of financial position?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Topic Video
Question

8. Lucena Products provided the following information:                                                         

·       Raw materials on hand- P85,000

·       Raw materials used (including indirect materials of P35,000)- P258,000

·       Labor (including indirect labor of P22,000; selling of P45,000; and administrative of P60,000)- P275,00 

·       Manufacturing overhead costs (including indirect materials and indirect labor)- P135,000                    

·       Abnormal wasted materials and labor            - P25,000

·       Finished goods on hand- P160,000

                                                           
How much inventory should be reported in the statement of financial position?

Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Costing Systems
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education