he following information is obtained from the company’s records for 2014: a. Total manufacturing costs, P8,000,000 b. Cost of finished goods manufactured, P7,920,000 c. Manufacturing overhead applied, P3,600,000 d. Manufacturing overhead was applied to production at a rate of 200% of direct labor costs e. The peso amount of work in process inventory on January 1, 2014 was P320,000. What is the peso amount of work in process inventory on December 31, 2014? a. P400,000 b. P800,000 c. P500,000 d. P320,000

he following information is obtained from the company’s records for 2014: a. Total manufacturing costs, P8,000,000 b. Cost of finished goods manufactured, P7,920,000 c. Manufacturing overhead applied, P3,600,000 d. Manufacturing overhead was applied to production at a rate of 200% of direct labor costs e. The peso amount of work in process inventory on January 1, 2014 was P320,000. What is the peso amount of work in process inventory on December 31, 2014? a. P400,000 b. P800,000 c. P500,000 d. P320,000

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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