Goo Company accumulated the following data for the current year:   Rawmaterials — beginning inventory  90 000 units @ P7.00  Purchases  75,000 units @ P8.00  Purchases  120,000 units @ P8.50      The entity transferred 195,000 units of raw materials to work in process during the Year.   Work in process — beginning inventory  50,000 units @ P14.00  Direct labor                3,100,000 Manufacturing overhead                2,950,000 Work in process — ending inventory  48,000 units @ P15.00    1. The entity used the FIFO method for valuing inventory. What is the cost of raw materials used? 2. Refer to Goo Company. What is the total manufacturing cost? 3. Refer to Goo Company. What is the cost of goods manufactured for the current year?

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Goo Company accumulated the following data for the current year:

 

Rawmaterials — beginning inventory  90 000 units @ P7.00 
Purchases  75,000 units @ P8.00 
Purchases  120,000 units @ P8.50 

 

 

The entity transferred 195,000 units of raw materials to work in process during the Year.

 

Work in process — beginning inventory  50,000 units @ P14.00 
Direct labor                3,100,000
Manufacturing overhead                2,950,000
Work in process — ending inventory  48,000 units @ P15.00 

 

1. The entity used the FIFO method for valuing inventory. What is the cost of raw materials used?

2. Refer to Goo Company. What is the total manufacturing cost?

3. Refer to Goo Company. What is the cost of goods manufactured for the current year?
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