JUSTINE Company has the following balances as of the year ended December 31, 2022 DR Direct Materials Inventory WIP Inventory Finished Goods Inventory Factory Department Overhead Cost of Goods Sold Additional information is as follows: Cost of direct materials purchased during 2022 Cost of direct materials requisitioned in 2022 Cost of goods completed during 2022 Factory overhead applied (120% of direct labor) Php15,000 34,500 49,500 4,000 74,500 Php41,000 47,000 102,000 48,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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JUSTINE Company has the following balances as of the year ended December 31, 2022
DR
Direct Materials Inventory
WIP Inventory
Finished Goods Inventory
Factory Department Overhead
Cost of Goods Sold
Additional information is as follows:
Cost of direct materials purchased during 2022
Cost of direct materials requisitioned in 2022
Cost of goods completed during 2022
Factory overhead applied (120% of direct labor)
Compute:
6. Beginning direct materials inventory
Php15,000
34,500
49,500
4,000
74,500
O a. P15,000
O b. P21,000
c. P73,000
O d. P9,000
Php41,000
47,000
102,000
48,000
Transcribed Image Text:JUSTINE Company has the following balances as of the year ended December 31, 2022 DR Direct Materials Inventory WIP Inventory Finished Goods Inventory Factory Department Overhead Cost of Goods Sold Additional information is as follows: Cost of direct materials purchased during 2022 Cost of direct materials requisitioned in 2022 Cost of goods completed during 2022 Factory overhead applied (120% of direct labor) Compute: 6. Beginning direct materials inventory Php15,000 34,500 49,500 4,000 74,500 O a. P15,000 O b. P21,000 c. P73,000 O d. P9,000 Php41,000 47,000 102,000 48,000
7. Beginning WIP inventory
O a. P34,500
O b. P15,000
O c. P1,500
O d. P135,000
8. Beginning finished goods inventory
O a. P49,500
O b. P22,000
O c. P102,000
O d. P21,000
Transcribed Image Text:7. Beginning WIP inventory O a. P34,500 O b. P15,000 O c. P1,500 O d. P135,000 8. Beginning finished goods inventory O a. P49,500 O b. P22,000 O c. P102,000 O d. P21,000
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