BFAR Company used a normal costing system and reported a cost of goods manufactured of P260,000, with the firm's year-end Statement of Financial Position revealing work in process and finished goods of P35,000 and P67,000, respectively. Additional information disclosed raw materials used in the production of P40,000 and direct labor of P70,000. Actual manufacturing overhead incurred was P120,000 while applied overhead to production was P140,000. Compute BFAR's beginning work in process.

BFAR Company used a normal costing system and reported a cost of goods manufactured of P260,000, with the firm's year-end Statement of Financial Position revealing work in process and finished goods of P35,000 and P67,000, respectively. Additional information disclosed raw materials used in the production of P40,000 and direct labor of P70,000. Actual manufacturing overhead incurred was P120,000 while applied overhead to production was P140,000. Compute BFAR's beginning work in process.

Name: BFAR Company used a normal costing system and reported a cost of good
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Description: BFAR Company used a normal costing system and reported a cost of goods manufactured of P260,000, with the firm's year-endStatement of Financial Position revealing work in process and finished goods of P35,000 and P67,000, respectively. Additionalinf

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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