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A manutacturing company shows the following amounts in the cost statement and the statement of comprehensive income for the year 2019 January 1. 2019 December 31.2019 P 150,000 87,000 P 100,000 Materiais Work in process Finished goods Materials used 80,000 Cost of goods sold Cost of goods manufactured Total manufacturing costs 590,000 750,000 800,000 790,000 Required: 1. Work in process, January 1, 2019 2. Finished goods, December 31, 2019 3. Amount of materials purchased in 2019

A manutacturing company shows the following amounts in the cost statement and the statement of comprehensive income for the year 2019 January 1. 2019 December 31.2019 P 150,000 87,000 P 100,000 Materiais Work in process Finished goods Materials used 80,000 Cost of goods sold Cost of goods manufactured Total manufacturing costs 590,000 750,000 800,000 790,000 Required: 1. Work in process, January 1, 2019 2. Finished goods, December 31, 2019 3. Amount of materials purchased in 2019

FINANCIAL ACCOUNTING
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 manufacturing company shows the following amounts in the cost of goods sold statement and the statement of comprehensive income for the year 2019 January 1. 2019. P 100,000 December 31. 2019 P 150,000 87,000 Materinis Work in process Finished goods Materials used 80,000 Cost of goods sold Cost of goods manufactured Total manufacturing costs 590,000 750,000 800,000 790,000 Required: 1. Work in process, January 1, 2019 2. Finished goods, December 31, 2019 3. Amount of materials purchased in 2019
Transcribed Image Text:A manufacturing company shows the following amounts in the cost of goods sold statement and the statement of comprehensive income for the year 2019 January 1. 2019. P 100,000 December 31. 2019 P 150,000 87,000 Materinis Work in process Finished goods Materials used 80,000 Cost of goods sold Cost of goods manufactured Total manufacturing costs 590,000 750,000 800,000 790,000 Required: 1. Work in process, January 1, 2019 2. Finished goods, December 31, 2019 3. Amount of materials purchased in 2019
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