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150 Cost Accounting Problem 9 Miracle Company provides you with the following information January 1 January 31 Inventories: Materials Work in process Finished goods January transactions: P 50,000 95,000 78,000 P 80,000. 60,000 Purchases of materials, P 46,000 Factory overhead (75% of direct labor cost) P 63,000 Selling and adm. Expenses (12.5% of sales, P 25,000 Factory overhead control, P 62,800 Net income for January, P 25,200 Indirect materials used, P 1,000 Requirements: 1. Materials inventory, January ! 2. Cost of goods manufactured 3. Cost of goods sold (normal) for the month of January of the current year Problom 10

150 Cost Accounting Problem 9 Miracle Company provides you with the following information January 1 January 31 Inventories: Materials Work in process Finished goods January transactions: P 50,000 95,000 78,000 P 80,000. 60,000 Purchases of materials, P 46,000 Factory overhead (75% of direct labor cost) P 63,000 Selling and adm. Expenses (12.5% of sales, P 25,000 Factory overhead control, P 62,800 Net income for January, P 25,200 Indirect materials used, P 1,000 Requirements: 1. Materials inventory, January ! 2. Cost of goods manufactured 3. Cost of goods sold (normal) for the month of January of the current year Problom 10

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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Problem 9

150 Cost Accounting Problem 9 Miracle Company provides you with the following information January 1 January 31 Inventories: Materials Work in process Finished goods January transactions: P ? 80,000. 60,000 P 50,000 95,000 78,000 Purchases of materials, P 46,000 Factory overhead (75% of direct labor cost) P 63,000 Selling and adm. Expenses (12.5% of sales, P 25,000 Factory overhead control, P 62,800 Net income for January, P 25,200 Indirect materials used, P 1,000 Requirements: 1. Materials inventory, January 1 2. Cost of goods manufactured 3. Cost of goods sold (normal) for the month of January of the current year Problom 10
Transcribed Image Text:150 Cost Accounting Problem 9 Miracle Company provides you with the following information January 1 January 31 Inventories: Materials Work in process Finished goods January transactions: P ? 80,000. 60,000 P 50,000 95,000 78,000 Purchases of materials, P 46,000 Factory overhead (75% of direct labor cost) P 63,000 Selling and adm. Expenses (12.5% of sales, P 25,000 Factory overhead control, P 62,800 Net income for January, P 25,200 Indirect materials used, P 1,000 Requirements: 1. Materials inventory, January 1 2. Cost of goods manufactured 3. Cost of goods sold (normal) for the month of January of the current year Problom 10
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