EXERCISES 1. The following information is for the Furbee Manufacturing Company for November. Inventories Beginning P19,750 Ending Raw Material P15, 400 Work in Process 35.350 21,300 32, 200 Finished Goods 27,900 Direct Labor (22,000 DLH @ P14) P155,000 Insurance-Office 11,600 Office Supplies Expense 475 Insurance-Factory Depr. Office Equipment 18,100 Repair/Maintenance- Factory Prepare a statement of Cost of Goods Manufactured and a statement of Cost of Goods Sold in Raw Material Purchases 2,750 Indirect Labor 1,050 1,825 Factory Supplies Used Other Expenses: Depr.-Factory Equipment 3,900 7,800 good form. 2. The following information was taken from the records of the Slidell Corporation for the month of July. (There were no inventories of work in process or finished goods on July 1.) Units 8,000 Cost P? Sales during month Manufacturing costs for month: Direct material Direct labor Overhead costs applied Overhead costs under-applied Inventories, July 31: Work in process Finished goods 32,000 20,000 15,000 800 1,000 2,000 Indirect manufacturing costs are applied on a direct labor cost basis. The under-applied balance is due to seasonal variations and will be carried forward. The following cost estimates have been submitted for the work in process inventory of July 31: material, P3,000; direct labor, P2,000. Required: a. Determine the number of units that were completed and transferred to finished goods during the month. b. Complete the estimate of the cost of work in process on July 31. c. Compute cost of goods manufactured for the month. Determine the cost of each unit completed during the month. Determine the total amount debited to the Overhead Control accounts during the month. 3. Cassify the following costs of activity inputs as variable, fixed or mixed. a. Flu vaccine b. Salaries, Equi pment, and materials used for moving materials in a factory c. Forms use to file insurance cl aims d. e. d. Salaries, forms, and postage associated with purchasing e. Printing and postage for advertising circulars f. Equipment, labor, and parts used to repair and maintain production equipment g. Power to operate sewing machines in a clothing factory h. Wooden cabinets enclosing audio speakers