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7. Information concerning MAIDA MAIDS COMPANY's manufacturing activities for December follows: Inventories December 1 December 31 Finished goods 12,000 P Direct materials P 5,000 Direct labor 3,000 Machine time 60 hours Work in process 3,000 units 2,000 units Direct materials P 2.40 per unit P 0.80 per unit Direct labor Machine time 48 hours 32 hours Materials 9,000 P 4,500 Total December manufacturing cost was P 180,000, of which P 30,000 was direct labor cost. A total of 600 machine hours were used in the month. Maida uses a pre-determined overhead rate of P 100 per machine hour to assign factory overhead to work in process and finished goods inventories. Materials purchased in December

7. Information concerning MAIDA MAIDS COMPANY's manufacturing activities for December follows: Inventories December 1 December 31 Finished goods 12,000 P Direct materials P 5,000 Direct labor 3,000 Machine time 60 hours Work in process 3,000 units 2,000 units Direct materials P 2.40 per unit P 0.80 per unit Direct labor Machine time 48 hours 32 hours Materials 9,000 P 4,500 Total December manufacturing cost was P 180,000, of which P 30,000 was direct labor cost. A total of 600 machine hours were used in the month. Maida uses a pre-determined overhead rate of P 100 per machine hour to assign factory overhead to work in process and finished goods inventories. Materials purchased in December

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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7. Information concerning MAIDA MAIDS COMPANY's manufacturing activities for December follows: Inventories December 1 December 31 Finished goods P 12,000 Direct materials P 5,000 Direct labor P 3,000 Machine time 60 hours Work in process 3,000 units 2,000 units Direct materials P 2.40 per unit Direct labor P 0.80 per unit Machine time 48 hours 32 hours Materials P 9,000 P 4,500 Total December manufacturing cost was P 180,000, of which P 30,000 was direct labor cost. A total of 600 machine hours were used in the month. Maida uses a pre-determined overhead rate of P 100 per machine hour to assign factory overhead to work in process and finished goods inventories. Materials purchased in December were P 84,000 and freight-in on these purchases totalled P 1,500 Determine the raw materials used and cost of goods sold in December: Raw materials used P 90,000 P 94,500 Cost of goods sold P 182,800 P 182,800 Raw materials used P 93,000 P 90,000 Cost of goods sold P 181,300 P 184,800 C В
Transcribed Image Text:7. Information concerning MAIDA MAIDS COMPANY's manufacturing activities for December follows: Inventories December 1 December 31 Finished goods P 12,000 Direct materials P 5,000 Direct labor P 3,000 Machine time 60 hours Work in process 3,000 units 2,000 units Direct materials P 2.40 per unit Direct labor P 0.80 per unit Machine time 48 hours 32 hours Materials P 9,000 P 4,500 Total December manufacturing cost was P 180,000, of which P 30,000 was direct labor cost. A total of 600 machine hours were used in the month. Maida uses a pre-determined overhead rate of P 100 per machine hour to assign factory overhead to work in process and finished goods inventories. Materials purchased in December were P 84,000 and freight-in on these purchases totalled P 1,500 Determine the raw materials used and cost of goods sold in December: Raw materials used P 90,000 P 94,500 Cost of goods sold P 182,800 P 182,800 Raw materials used P 93,000 P 90,000 Cost of goods sold P 181,300 P 184,800 C В
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