Chris Company produced and sold 1,000 units during its first month of operations. It reported the following cost and expenses for the month: • Direct materials: P69,000 • Direct labor: P35,000 • Variable manufacturing overhead: P15,000 • Fixed manufacturing overhead: P28,000 • Variable selling expenses: P12,000 • Fixed selling expenses: P18,000 • Variable administrative expenses: P4,000 • Fixed administrative expenses: P25,000 1. How much is the product cost for financial accounting purposes?
Chris Company produced and sold 1,000 units during its first month of operations. It reported the following cost and expenses for the month: • Direct materials: P69,000 • Direct labor: P35,000 • Variable manufacturing overhead: P15,000 • Fixed manufacturing overhead: P28,000 • Variable selling expenses: P12,000 • Fixed selling expenses: P18,000 • Variable administrative expenses: P4,000 • Fixed administrative expenses: P25,000 1. How much is the product cost for financial accounting purposes?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Chris Company produced and sold 1,000 units during its first month of operations. It reported the following cost and expenses for the month:
• Direct materials: P69,000
• Direct labor: P35,000
• Variable manufacturing
• Fixed manufacturing overhead: P28,000
• Variable selling expenses: P12,000
• Fixed selling expenses: P18,000
• Variable administrative expenses: P4,000
• Fixed administrative expenses: P25,000
1. How much is the product cost for financial accounting purposes?
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