Bloom Company accumulated the following quarterly cost data for the current year.Raw materials-beginning inventoryPurchases90,000 units @ P7.0075,000 units @ P8.00120,000 units @ P8.50The company transferred 195,000 units of raw materials to work in process during the year.Work in process - beginning inventoryDirect labor, net of deduction of 200,000Manufacturing overheadWork in process - ending inventory50,000 units @ P14.002,900,0002,950,00048,000 units @ P15.00The company uses the FIFO method for valuing inventory. What is the cost of goodsmanufactured for the current year? The comparative inventory data for SAN JOSE Manufacturing Corporation for the year ended December31, 2014 is summarized below:January 1P 55,000December 31P 53,000Raw Materials inventoryWork in process inventoryFinished goods inventory49,00059,00045,00047,000During the year 2014, the corporation completed, among others, the following transactions:Purchases, all on account, direct materials, P2,100,000; indirect materials, P400,000.The total materials requisitioned for use during the year included P360,000 for indirect materials.The payroll for the year was a follows: direct labor, P1,650,000, indirect labor, P550,000.The payroll was vouchered, and analysis disclosed the following details:w/H Taxa.b.C.d.GrossP 1,650,000 P80,000Phil HealthP 12,000SSHDMFECCDirect laborP 40,000P 38,000P 6,000Indirect labor550,00040,00012,5003,00012,0001,500e. Other manufacturing expenses vouchered amounted to P920,000, and depreciationcharges were P450,000 on plant assets.f. Manufacturing expenses were applied to production at predetermined rate equal to 150%of direct labor cost.g. Completed goods were transferred to the finished goods warehouse.h. All sales are made on terms 2/10, n/30; billing price is at 150% of actual cost.i. At the end of the year, any overapplied or underapplied manufacturing expense is treatedas an adjustment to the cost of goods sold.

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Bloom Company accumulated the following quarterly cost data for the current year. Raw materials-beginning inventory Purchases 90,000 units @ P7.00 75,000 units @ P8.00 120,000 units @ P8.50 The company transferred 195,000 units of raw materials to work in process during the year. Work in process - beginning inventory Direct labor, net of deduction of 200,000 Manufacturing overhead Work in process - ending inventory 50,000 units @ P14.00 2,900,000 2,950,000 48,000 units @ P15.00 The company uses the FIFO method for valuing inventory. What is the cost of goods manufactured for the current year?

Bloom Company accumulated the following quarterly cost data for the current year. Raw materials-beginning inventory Purchases 90,000 units @ P7.00 75,000 units @ P8.00 120,000 units @ P8.50 The company transferred 195,000 units of raw materials to work in process during the year. Work in process - beginning inventory Direct labor, net of deduction of 200,000 Manufacturing overhead Work in process - ending inventory 50,000 units @ P14.00 2,900,000 2,950,000 48,000 units @ P15.00 The company uses the FIFO method for valuing inventory. What is the cost of goods manufactured for the current year?

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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