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Chapter 5 Job Order Costing 149 Problem 7 The following inventory data relate to Abner Corporation. Inventories Beginning P. Finished goods Work in process Direct materials Revenues and costs for the period Sales 90,000 80,000 95,000 Ending P 110,000 70,000 90,000 900,000 775,000 675,000 175,000 205,000 P. Cost of goods available for sale Total manufacturing costs Factory overhead Direct materials used Required: Compute the following for the year: 1. Direct materials purchased 2. Direct labor costs incurred 3. Cost of goods sold 4. Gross profit

Chapter 5 Job Order Costing 149 Problem 7 The following inventory data relate to Abner Corporation. Inventories Beginning P. Finished goods Work in process Direct materials Revenues and costs for the period Sales 90,000 80,000 95,000 Ending P 110,000 70,000 90,000 900,000 775,000 675,000 175,000 205,000 P. Cost of goods available for sale Total manufacturing costs Factory overhead Direct materials used Required: Compute the following for the year: 1. Direct materials purchased 2. Direct labor costs incurred 3. Cost of goods sold 4. Gross profit

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Chapter 5 Job Order Costing Chapter 5 Job Order Costing 149 Problem 7 The following inventory data relate to Abner Corporation. Inventories Finished goods Work in process Direct materials Revenues and costs for the period Beginning P 90,000 80,000 95,000 Ending P 110,000 70,000 90,000 Sales Cost of goods available for sale Total manufacturing costs Factory overhead Direct materials used Required: Compute the following for the year: 1. Direct materials purchased P 900,000 775,000 675,000 175,000 205,000 2. Direct labor costs incurred 3. Cost of goods sold 4. Gross profit Problem
Transcribed Image Text:Chapter 5 Job Order Costing Chapter 5 Job Order Costing 149 Problem 7 The following inventory data relate to Abner Corporation. Inventories Finished goods Work in process Direct materials Revenues and costs for the period Beginning P 90,000 80,000 95,000 Ending P 110,000 70,000 90,000 Sales Cost of goods available for sale Total manufacturing costs Factory overhead Direct materials used Required: Compute the following for the year: 1. Direct materials purchased P 900,000 775,000 675,000 175,000 205,000 2. Direct labor costs incurred 3. Cost of goods sold 4. Gross profit Problem
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