A firm is a dog food producer. Currently, they have remaining inventories for sale with a total cost amounting to ₱150,000 and goods in process amounting to ₱100,000. These are insufficient to satisfy current demand so they decided to purchase raw materials amounting to ₱600,000 to add the existing raw materials with a cost of ₱80,000. In making the dog food, there are four (4) employees and each of them receives a salary with benefits amounting to ₱15,000. The production area has a supervisor who receives a salary with benefits amounting to ₱20,000 who work is to monitor the schedule, workload and time of employees and most importantly, to check the quality and taste of the dog foods just to ensure that dogs at home will be safe, happy, relax, and healthy. The firm incurred indirect materials, utilities, and depreciation amounting to ₱30,000.00, ₱5,000.00 and ₱40,000.00 respectively. The firm has inventories end: raw materials--₱120,000.00; work-in-process--₱80,000.00; and finished goods--₱90,000.00. For number 8, the raw materials used would be? a. ₱795,000.00 b. ₱620,000.00 c. ₱560,000.00 d. ₱715,000.00 The total manufacturing cost would be? a. ₱795,000.00 b. ₱620,000.00 c. ₱560,000.00 d. ₱715,000.00 The cost of goods sold would be? a. ₱795,000.00 b. ₱620,000.00 c. ₱560,000.00 d. ₱715,000.00

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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A firm is a dog food producer. Currently, they have remaining inventories for sale with a total cost amounting to ₱150,000 and goods in process amounting to ₱100,000. These are insufficient to satisfy current demand so they decided to purchase raw materials amounting to ₱600,000 to add the existing raw materials with a cost of ₱80,000. In making the dog food, there are four (4) employees and each of them receives a salary with benefits amounting to ₱15,000. The production area has a supervisor who receives a salary with benefits amounting to ₱20,000 who work is to monitor the schedule, workload and time of employees and most importantly, to check the quality and taste of the dog foods just to ensure that dogs at home will be safe, happy, relax, and healthy. The firm incurred indirect materials, utilities, and depreciation amounting to ₱30,000.00, ₱5,000.00 and ₱40,000.00 respectively. The firm has inventories end: raw materials--₱120,000.00; work-in-process--₱80,000.00; and finished goods--₱90,000.00. For number 8, the raw materials used would be? a. ₱795,000.00 b. ₱620,000.00 c. ₱560,000.00 d. ₱715,000.00 The total manufacturing cost would be? a. ₱795,000.00 b. ₱620,000.00 c. ₱560,000.00 d. ₱715,000.00 The cost of goods sold would be? a. ₱795,000.00 b. ₱620,000.00 c. ₱560,000.00 d. ₱715,000.00

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