Data taken from books of MAD Inc. for the year ended Dec. 31, 2018 are as : Decrease in Direct Materials P15,000 Direct Materials purchased Increase in Finished Goods Freight-out Direct Labor payroll Factory Overhead Work in Process 35,000 45,000 C. P950,000 D DO60.000 430,000 200,000 300,000 10,000 There was no work in process inventory at January 1. The cost of goods sold for 2018 must be E. answer not given A. P900,000 D 0010.000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The answer is A. 900,000. How to solve?

Data taken from books of MAD Inc. for the year ended Dec. 31, 2018 are as :
Decrease in Direct Materials P15,000 Direct Materials purchased
Increase in Finished Goods
Freight-out
Direct Labor payroll
Factory Overhead
Work in Process
430,000
200,000
300,000
10,000
There was no work in process inventory at January 1. The cost of goods sold for 2018 must be
A. P900,000
E. answer not given
C. P950,000
BOGO O
35,000
45,000
Transcribed Image Text:Data taken from books of MAD Inc. for the year ended Dec. 31, 2018 are as : Decrease in Direct Materials P15,000 Direct Materials purchased Increase in Finished Goods Freight-out Direct Labor payroll Factory Overhead Work in Process 430,000 200,000 300,000 10,000 There was no work in process inventory at January 1. The cost of goods sold for 2018 must be A. P900,000 E. answer not given C. P950,000 BOGO O 35,000 45,000
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