Chapter 3 Product Costing 7. Total costs were factory overhead P100,000 (20% fixed), marketing and administrative cos P150,000 (60% fixed), and direct material costs plus direct labor costs of P500,000. Instructions: Determine the cost of ending finished goods inventory.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Chapter 3 Product Costing
73
Total costs were factory overhead P100,000 (20% fixed), marketing and administrative costs
P150,000 (60% fixed), and direct material costs plus direct labor costs of P500,000.
Instructions: Determine the cost of ending finished goods inventory.
Transcribed Image Text:Chapter 3 Product Costing 73 Total costs were factory overhead P100,000 (20% fixed), marketing and administrative costs P150,000 (60% fixed), and direct material costs plus direct labor costs of P500,000. Instructions: Determine the cost of ending finished goods inventory.
3.12
Classy Company, which uses absorption costing, produced 1,000 units of a product in its
first year of operations and sold 800 units. There was no work in process at the end of the year.
Transcribed Image Text:3.12 Classy Company, which uses absorption costing, produced 1,000 units of a product in its first year of operations and sold 800 units. There was no work in process at the end of the year.
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