8. Ethel Company provided the following information as of May 31, 2020 Sales P900,000 Finished goods inventory, May 31 300,000 Work in process inventory,May 31 350,000 280,000 200,000 310,000 250,000 Raw materials inventory, May 31 Finished goods inventory, May 1 Work in process inventory,May 1 Raw materials inventory, May 1 Direct labor 150,000 110,000 The average historical gross profit is 30% of sales Factory overhead What is the total manufacturing costs?
8. Ethel Company provided the following information as of May 31, 2020 Sales P900,000 Finished goods inventory, May 31 300,000 Work in process inventory,May 31 350,000 280,000 200,000 310,000 250,000 Raw materials inventory, May 31 Finished goods inventory, May 1 Work in process inventory,May 1 Raw materials inventory, May 1 Direct labor 150,000 110,000 The average historical gross profit is 30% of sales Factory overhead What is the total manufacturing costs?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![8. Ethel Company provided the following information as
of May 31, 2020
Sales
P900,000
Finished goods inventory, May 31
300,000
Raw materials inventory, May 31
Finished goods inventory, May 1
Work in process inventory,May 1
Raw materials inventory, May 1
Work in process inventory,May 31 350,000
280,000
200,000
310,000
250,000
150,000
110,000
Direct labor
Factory overhead
The average historical gross profit is 30% of sales
What is the total manufacturing costs?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6a8d8a1d-6720-43f2-b42c-9d566e4f9c4d%2F4e82e297-ec45-4925-baf8-a01faf74274a%2F15by3jp_processed.jpeg&w=3840&q=75)
Transcribed Image Text:8. Ethel Company provided the following information as
of May 31, 2020
Sales
P900,000
Finished goods inventory, May 31
300,000
Raw materials inventory, May 31
Finished goods inventory, May 1
Work in process inventory,May 1
Raw materials inventory, May 1
Work in process inventory,May 31 350,000
280,000
200,000
310,000
250,000
150,000
110,000
Direct labor
Factory overhead
The average historical gross profit is 30% of sales
What is the total manufacturing costs?
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