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72. The following account balance were taken from Entity C for the quarter ending March 31, 2021.10.16 * Inventories: January 1 March 31 Raw materials P120,000 P105,000 Work in process 250,000 275,000 Finished goods 170,000 290,000 Amortization of Trademark P 50,000 Depreciation Factory 40,000 Depreciation - Office 48,000 308,000 Direct Labor Indirect Labor 45,000 Indirect Materials 65,000 5,000 Fright-In Purchases Raw Materials 110,000 Rent Expense - Factory How much is the Cost of Goods Sold? 25,000 O A. P518,000 В. Р525,000 О С. Р540,000 O D. P550,000

72. The following account balance were taken from Entity C for the quarter ending March 31, 2021.10.16 * Inventories: January 1 March 31 Raw materials P120,000 P105,000 Work in process 250,000 275,000 Finished goods 170,000 290,000 Amortization of Trademark P 50,000 Depreciation Factory 40,000 Depreciation - Office 48,000 308,000 Direct Labor Indirect Labor 45,000 Indirect Materials 65,000 5,000 Fright-In Purchases Raw Materials 110,000 Rent Expense - Factory How much is the Cost of Goods Sold? 25,000 O A. P518,000 В. Р525,000 О С. Р540,000 O D. P550,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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72. The following account balance were taken from Entity C for the quarter ending March 31, 2021.10.16 January 1 P120,000 250,000 170,000 Inventories: March 31 Raw materials P105,000 Work in process 275,000 290,000 Finished goods Amortization of Trademark P 50,000 Depreciation - Factory 40,000 Depreciation - Office 48,000 Direct Labor 308,000 Indirect Labor 45,000 Indirect Materials 65,000 Fright-In 5,000 Purchases - Raw Materials 110,000 Rent Expense - Factory 25,000 How much is the Cost of Goods Sold? A. P518,000 В. Р525,000 O C. P540,000 O D. P550,000
Transcribed Image Text:72. The following account balance were taken from Entity C for the quarter ending March 31, 2021.10.16 January 1 P120,000 250,000 170,000 Inventories: March 31 Raw materials P105,000 Work in process 275,000 290,000 Finished goods Amortization of Trademark P 50,000 Depreciation - Factory 40,000 Depreciation - Office 48,000 Direct Labor 308,000 Indirect Labor 45,000 Indirect Materials 65,000 Fright-In 5,000 Purchases - Raw Materials 110,000 Rent Expense - Factory 25,000 How much is the Cost of Goods Sold? A. P518,000 В. Р525,000 O C. P540,000 O D. P550,000
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