9.Determinethe Raw Materials- Ending Balance using the following data obtained from Lancelot Company *10.The amount of raw materials available for use is: * > Cost of goods manufactured, P187,500> Inventory variations are as follows: raw materials ending inventory is one third based on raw materialsbeginning; no initial inventory of work in process, but at end of period P12,500 was on hand; finishedgoods inventory was four times as large at end of period as at the start.> Net income after taxes amounted to P26,000, income tax rate is 35%.> Purchase of raw materials amounted to net income before taxes> Breakdown of costs incurred in manufacturing was as follows:Raw materials consumed, 50%Direct Labor, 30%Overhead, 20%

Name: 9.Determinethe Raw Materials- Ending Balance using the following data
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Description: 9.Determinethe Raw Materials- Ending Balance using the following data obtained from Lancelot Company *10.The amount of raw materials available for use is: * > Cost of goods manufactured, P187,500> Inventory variations are as follows: raw materials en

Purchase of raw materials=26,000/0.65=40,000 We can find the missing figures in the reverse order.…

Answered: 9.Determinethe Raw Materials- Ending…

Business

Accounting

9.Determinethe Raw Materials- Ending Balance using the following data obtained from Lancelot Company * 10.The amount of raw materials available for use is: *

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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