3. Prepare a Statement of Cost of Goods Manufactured and Sold for the given problem. The following data are provided by the controller of Liwasan Corporation for the year 2020: Cash, P480,000 Accounts Receivable, 696,000 Finished Goods Inventory, beg., 108,400 Finished Goods Inventory, end., 132,000 Work in Process Inventory, beg., 59,600 Work in Process Inventory, end., 77,600 Raw Materials Inventory, beg., 176,000 Raw Materials Inventory, end., 128,000 Raw Material Purchases, 732,000 Sales Discounts, 16,000 Factory Overhead (excluding depreciation), 936,000 Marketing and Administrative Expenses (excluding depreciation), 688,400 Depreciation (90% manufacturing, 10% marketing and administrative expenses). 232,000 Sales, 3,688,000 Direct Labor, 1,047,200 Freight on raw materials purchased, 13, 200 Rental Income, 128,000 Interest on Notes Payable, 32,000

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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3. Prepare a Statement of Cost of Goods Manufactured and Sold for the given
problem.
The following data are provided by the controller of Liwasan Corporation for the
year 2020:
Cash, P480,000
Accounts Receivable, 696,000
Finished Goods Inventory, beg., 108,400
Finished Goods Inventory, end., 132,000
Work in Process Inventory, beg., 59,600
Work in Process Inventory, end., 77,600
Raw Materials Inventory, beg., 176,000
Raw Materials Inventory, end., 128,000
Raw Material Purchases, 732,000
Sales Discounts, 16,000
Factory Overhead (excluding depreciation), 936,000
Marketing and Administrative Expenses (excluding depreciation), 688,400
Depreciation (90% manufacturing, 10% marketing and administrative expenses),
232,000
Sales, 3,688,000
Direct Labor, 1,047,200
Freight on raw materials purchased, 13, 200
Rental Income, 128,000
Interest on Notes Payable, 32,000
Transcribed Image Text:3. Prepare a Statement of Cost of Goods Manufactured and Sold for the given problem. The following data are provided by the controller of Liwasan Corporation for the year 2020: Cash, P480,000 Accounts Receivable, 696,000 Finished Goods Inventory, beg., 108,400 Finished Goods Inventory, end., 132,000 Work in Process Inventory, beg., 59,600 Work in Process Inventory, end., 77,600 Raw Materials Inventory, beg., 176,000 Raw Materials Inventory, end., 128,000 Raw Material Purchases, 732,000 Sales Discounts, 16,000 Factory Overhead (excluding depreciation), 936,000 Marketing and Administrative Expenses (excluding depreciation), 688,400 Depreciation (90% manufacturing, 10% marketing and administrative expenses), 232,000 Sales, 3,688,000 Direct Labor, 1,047,200 Freight on raw materials purchased, 13, 200 Rental Income, 128,000 Interest on Notes Payable, 32,000
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