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If Jeokha uses the FIFO method for valuing raw materials inventories, compute for the cost of goods manufactured for the quarter ended Mar. 31 2020

If Jeokha uses the FIFO method for valuing raw materials inventories, compute for the cost of goods manufactured for the quarter ended Mar. 31 2020

FINANCIAL ACCOUNTING
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 quarterly cost data have been accumulated for Jeokha Mfg. Inc. Raw materials – beginning inventory (Jan. 1, 2020) Purchases 10,000 units @P6.00 8,500 units @P7.00 11,000 units @P7.50 Transferred 21,500 units of raw materials to work in process: Work in process - beginning inventory (Jan. 1, 2020) 5,600 units @P13.50 P250,000 P325,000 4,200 units @P13.75 Direct labor Manufacturing over head Work in process – ending inventory (Mar. 31, 2020) If Jeokha uses the FIFO method for valuing raw materials inventories, compute for the cost of goods manufactured for the quarter ended Mar. 31 2020
Transcribed Image Text:. The following quarterly cost data have been accumulated for Jeokha Mfg. Inc. Raw materials – beginning inventory (Jan. 1, 2020) Purchases 10,000 units @P6.00 8,500 units @P7.00 11,000 units @P7.50 Transferred 21,500 units of raw materials to work in process: Work in process - beginning inventory (Jan. 1, 2020) 5,600 units @P13.50 P250,000 P325,000 4,200 units @P13.75 Direct labor Manufacturing over head Work in process – ending inventory (Mar. 31, 2020) If Jeokha uses the FIFO method for valuing raw materials inventories, compute for the cost of goods manufactured for the quarter ended Mar. 31 2020
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