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

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
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
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