Compute the following requirement. Data is as follows: Beginning Raw Materials Inventory is P30,000. • Ending Raw Materials Inventory is P40,000. Cash Purchases is P120,000 while Credit Purchases (purchases on account) is P200,000. Purchase Discounts availed is P25,000 while returns were P10,000. • . Freight Transaction is P12,000. • Direct Materials is P200,000 while the remaining processed raw material is indirect materials. • Gross Payroll is P150,000; % is direct while % is indirect. Other Indirect Costs are P40,000. • Work in Process Inventory, beginning is P50,000 while Cost of Goods Manufactured is P450,000 Finished Goods Inventory, beginning is P100,000 while Finished Goods Inventory ending is P20,000.
Compute the following requirement. Data is as follows: Beginning Raw Materials Inventory is P30,000. • Ending Raw Materials Inventory is P40,000. Cash Purchases is P120,000 while Credit Purchases (purchases on account) is P200,000. Purchase Discounts availed is P25,000 while returns were P10,000. • . Freight Transaction is P12,000. • Direct Materials is P200,000 while the remaining processed raw material is indirect materials. • Gross Payroll is P150,000; % is direct while % is indirect. Other Indirect Costs are P40,000. • Work in Process Inventory, beginning is P50,000 while Cost of Goods Manufactured is P450,000 Finished Goods Inventory, beginning is P100,000 while Finished Goods Inventory ending is P20,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. Gross Purchases
2. Net Purchases
3. Raw Materials put into production
Transcribed Image Text:Compute the following requirement. Data is as follows:
Beginning Raw Materials Inventory is P30,000.
• Ending Raw Materials Inventory is P40,000.
.
Cash Purchases is P120,000 while Credit Purchases (purchases on account) is
P200,000.
Purchase Discounts availed is P25,000 while returns were P10,000.
• Freight Transaction is P12,000.
Direct Materials is P200,000 while the remaining processed raw material is indirect
materials.
Gross Payroll is P150,000; % is direct while % is indirect.
Other Indirect Costs are P40,000.
Work in Process Inventory, beginning is P50,000 while Cost of Goods Manufactured is
P450,000
Finished Goods Inventory, beginning is P100,000 while Finished Goods Inventory
ending is P20,000.
.
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