Digos Company was organized on January 1, 2020. On the same date, 25,000, P100 par value,ardinary shares were issued in exchange for property, plant and equipment valued at P3,000,000and cash of P1,000,000. The following data summarizes the activities for 2020:a. Profit for the year ended December 31, 2020 was P1,000,000.b. Raw materials on hand on December 31 were equal to 25% of raw materials purchased.c. Manufacturing costs were distributed as follows:Materials used50%Direct labor30%Factory overhead20% (includes depreciation of building P100,000)d. Goods in process remaining in the factory on December 31 were equal to 1/3 of the goodsfinished and transferred to stock.e. Finished goods remaining in stock on December 31 were equal to 25% of the cost of goodssold.f. Operating expenses were 30% of sales.g. Cost of goods sold was 150% of the operating expenses.h. Ninety percent of sales were collected during 2020. The balance was considered collectible.i. Seventy five percent of the raw materials purchased were paid for. There were no expenseaccruals or prepayments at the end of the year.Determine the following:7. Sales for the year ended December 31, 20208. Total manufacturing cost for the year ended December 31, 20209. Cost of goods sold for the year ended December 31, 202010, Total current assets as of December 31, 202011. Total liabilities and equity as of December 31, 2020

Name: Digos Company was organized on January 1, 2020. On the same date, 25,
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Description: Digos Company was organized on January 1, 2020. On the same date, 25,000, P100 par value,ardinary shares were issued in exchange for property, plant and equipment valued at P3,000,000and cash of P1,000,000. The following data summarizes the activiti

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Answered: Determine the following: 7. Sales for…

Business

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Determine the following: 7. Sales for the year ended December 31, 2020 8. Total manufacturing cost for the year ended December 31, 2020 9. Cost of goods sold for the year ended December 31, 2020

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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