1. Vera Santos Corporation's manufacturing costs were as follows: Prime Costs P560,000 Variable manufacturing overhead costs P80,000 Straight-line depreciation of factory building and equipment P60,000 Factory supervisor's salary (8,000 per month) P96,000 Other fixed factory overhead P40,000 What amount should be considered product cost for external reporting purposes?

1. Vera Santos Corporation's manufacturing costs were as follows: Prime Costs P560,000 Variable manufacturing overhead costs P80,000 Straight-line depreciation of factory building and equipment P60,000 Factory supervisor's salary (8,000 per month) P96,000 Other fixed factory overhead P40,000 What amount should be considered product cost for external reporting purposes?

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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