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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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
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