Finished goods, June 30: P 63,000, December 31: P 73,000) Work-in-process, June 30: P 12,000, December 31: P 18,000 Raw materials, June 30 P 57,000, December 31: P 17,000 What is Cost of Goods Sold? Please answer in whole number. Put comma as necessary. No need to add ".00" at the end. No need to add the currency.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
Hand sol only thank you
Question 1
The Lancer Manufacturing Company had the following data in its ledger for the six months ended December 31, 19X6.
Raw materials purchased
Factory supplies used
Direct labor
Indirect labor
Power, heat and light
Depreciation, machinery
Depreciation, office building
Inventories:
75,469
2,810
65,070
3,800
2,200
2,800
1,300
Finished goods, June 30: P 63,000, December 31: P 73,000
Work-in-process, June 30: P 12,000, December 31: P 18,000
Raw materials, June 30 P 57,000, December 31: P 17,000
What is Cost of Goods Sold?
Please answer in whole number. Put comma as necessary. No need to add ".00" at the end. No need to add the currency.
Transcribed Image Text:Question 1 The Lancer Manufacturing Company had the following data in its ledger for the six months ended December 31, 19X6. Raw materials purchased Factory supplies used Direct labor Indirect labor Power, heat and light Depreciation, machinery Depreciation, office building Inventories: 75,469 2,810 65,070 3,800 2,200 2,800 1,300 Finished goods, June 30: P 63,000, December 31: P 73,000 Work-in-process, June 30: P 12,000, December 31: P 18,000 Raw materials, June 30 P 57,000, December 31: P 17,000 What is Cost of Goods Sold? Please answer in whole number. Put comma as necessary. No need to add ".00" at the end. No need to add the currency.
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education