Cost of materials purchased

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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These data relates to Judy Company’s July 2020 operations:

Materials, beginning       P 7,000      Materials, Ending          P9,000

WIP, Beginning                  7,500      WIP, Ending                    3,500

Finished Goods, beg.      10,000       Finished Goods, End.     12,000

Materials used                 46,800       Direct Expenses                400

Selling and general expenses 6,700  Direct Labor                   8,000

 

Factory overhead is applied at the rate of 80% of direct labor cost.

Required: 

Compute for the following (Show your solution) :

1. Cost of materials purchased

2. Cost of goods manufactured 

3. Cost of goods sold and 

4. Conversion Cost

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