he  following  data  were  taken  from  the  records  of  Jun Company for the current period: Sales                                                         P5,590,000 Sales returns                                                   55,000 Inventories, January 1: Raw materials                                               131,000 Work in process                                            238,350 Finished goods                                              442,000 Inventories, December 31: Raw materials                                              145,500 Work in process                                           175,720 Finished goods                                            412,000

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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The  following  data  were  taken  from  the  records  of  Jun

Company for the current period:
Sales                                                         P5,590,000
Sales returns                                                   55,000
Inventories, January 1:
Raw materials                                               131,000
Work in process                                            238,350
Finished goods                                              442,000

Inventories, December 31:
Raw materials                                              145,500
Work in process                                           175,720
Finished goods                                            412,000
Direct labor                                                1,050,300
Purchases                                                  2,051,500
Purchase returns                                            17,150
Purchase discounts                                       12,550
Freight in                                                            8,250
Freight out                                                     200,000
Sales salaries                                                445,000
Office salaries                                                155,000
Depreciation - factory building                       44,000
Depreciation - office equipment                     44,000
Depreciation - store equipment                      77,000
Depreciation - machinery and equipment     25,500
Amortization - patents                                      33,000
Bad debts expense                                            20,000
Factory supplies expense                                75,550
Indirect labor                                                      35,300
Interest income                                               116,240
Factory light and power                                    65,000
Property taxes and insurance
- factory building                                                13,200
Royalties on production                                    13,200
Supervision expense                                          65,000
Tools expense                                                     10,500
Miscellaneous factory expense                       50,150
Dividends paid                                                     70,000

The cost of goods sold is
a. P3,588,880

b. P3,513,380

c. P3,523,880 

d. P3,542,680

 

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