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1. PAULA COMPANY had inventories at the beginning and end of 2011 as follows: 1-Jan 31-Dec Raw materials P 55,000 P 65,000 Work in process Finished goods 96,000 80,000 50,000 85,000 During 2011 the following costs were incurred: Raw materials Direct labor-payroll Factory overhead 400,000 220,000 330,000 Paula's cost of goods sold for 2011 was: A P 921,000 C P 966,000 в р 956,000 D P 979,000 2. HETH COMPANY had the following inventories at the beginning and end of March 2011 1-Mar 36,000 P 18,000 31-Mar Direct materials P 30,000 Work in process Finished goods 12,000 54,000 72,000 The following additional manufacturing cost data were available for the month of March 2011 Direct materials purchased Direct labor-payroll Direct labor-rate per hour Factory overhead rate per direct labor hour P 84,000 60,000 P 7.50 P 10.00 The cost of goods manufactured for March 2011 were: A P 212,000 B P 218,000 C P 230,000 D P 236,000

1. PAULA COMPANY had inventories at the beginning and end of 2011 as follows: 1-Jan 31-Dec Raw materials P 55,000 P 65,000 Work in process Finished goods 96,000 80,000 50,000 85,000 During 2011 the following costs were incurred: Raw materials Direct labor-payroll Factory overhead 400,000 220,000 330,000 Paula's cost of goods sold for 2011 was: A P 921,000 C P 966,000 в р 956,000 D P 979,000 2. HETH COMPANY had the following inventories at the beginning and end of March 2011 1-Mar 36,000 P 18,000 31-Mar Direct materials P 30,000 Work in process Finished goods 12,000 54,000 72,000 The following additional manufacturing cost data were available for the month of March 2011 Direct materials purchased Direct labor-payroll Direct labor-rate per hour Factory overhead rate per direct labor hour P 84,000 60,000 P 7.50 P 10.00 The cost of goods manufactured for March 2011 were: A P 212,000 B P 218,000 C P 230,000 D P 236,000

FINANCIAL ACCOUNTING
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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1. PAULA COMPANY had inventories at the beginning and end of 2011 as follows: 1-Jan 31-Dec 55,000 P 96,000 50,000 Raw materials P 65,000 Work in process 80,000 85,000 Finished goods During 2011 the following costs were incurred: Raw materials Direct labor-payroll Factory overhead 400,000 220,000 330,000 Paula's cost of goods sold for 2011 was: A P 921,000 В p 956,000 C P 966,000 D P 979,000 2. HETH COMPANY had the following inventories at the beginning and end of March 2011 1-Mar 31-Mar Direct materials 36,000 P 30,000 Work in process Finished goods 18,000 54,000 12,000 72,000 The following additional manufacturing cost data were available for the month of March 2011 Direct materials purchased Direct labor-payroll P 84,000 60,000 Direct labor-rate per hour 7.50 Factory overhead rate per direct labor hour 10.00 The cost of goods manufactured for March 2011 were: A P 212,000 P 218,000 C P 230,000 D P236,000
Transcribed Image Text:1. PAULA COMPANY had inventories at the beginning and end of 2011 as follows: 1-Jan 31-Dec 55,000 P 96,000 50,000 Raw materials P 65,000 Work in process 80,000 85,000 Finished goods During 2011 the following costs were incurred: Raw materials Direct labor-payroll Factory overhead 400,000 220,000 330,000 Paula's cost of goods sold for 2011 was: A P 921,000 В p 956,000 C P 966,000 D P 979,000 2. HETH COMPANY had the following inventories at the beginning and end of March 2011 1-Mar 31-Mar Direct materials 36,000 P 30,000 Work in process Finished goods 18,000 54,000 12,000 72,000 The following additional manufacturing cost data were available for the month of March 2011 Direct materials purchased Direct labor-payroll P 84,000 60,000 Direct labor-rate per hour 7.50 Factory overhead rate per direct labor hour 10.00 The cost of goods manufactured for March 2011 were: A P 212,000 P 218,000 C P 230,000 D P236,000
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