.For external reporting purposes, the amount of inventoriable costs must be: our answer . For internal reporting purposes, the amount of period costs must be:
.For external reporting purposes, the amount of inventoriable costs must be: our answer . For internal reporting purposes, the amount of period costs must be:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
1&2
Transcribed Image Text:Answer questions 1 and 2 based on the following data:
XYZ Inc. Presented the following data for the first quarter of 2021:
Prime Costs
P560,000 Factory manager's salary
96,000
Variable factory overhead
80,000 Office salaries
84,000
Straight line depreciation of plant assets
60,000 Sales salaries
72,000
Other fixed factory overhead
40,000 Sales commission
60,000
1. For external reporting purposes, the amount of inventoriable costs must be:
Your answer
2. For internal reporting purposes, the amount of period costs must be:
Your answer
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