Marie Corporation hast the following transactions: 1. Purchased raw materials from supplier amounting to P 40,000 on account. 2. During the month, raw materials costing P 30,000 were issued to production. (P 10,000 pertains to indirect materials and the remaining balance are direct materials) 3. Payroll of production personnel totaled P 50,000 (gross of taxes) 4. Payroll of selling and admin personnel is P 10,000 5. Applied all the labor cost to production. 6. Incurred other overhead cost of P 15,000. 7. Applied all overhead cost to production at the end of the month. 8. Ending Work in Process is P 1,000; NO beginning Work in process. 9. Ending finished goods inventories; costing P 45,000. NO beginning finished goods. 10. Sales on account is P 70,000 11. Cash sales is P 20,000. What is the net income?
Marie Corporation hast the following transactions:
1. Purchased raw materials from supplier amounting to P 40,000 on account.
2. During the month, raw materials costing P 30,000 were issued to production. (P 10,000 pertains to indirect materials and the remaining balance are direct materials)
3. Payroll of production personnel totaled P 50,000 (gross of taxes)
4. Payroll of selling and admin personnel is P 10,000
5. Applied all the labor cost to production.
6. Incurred other
7. Applied all overhead cost to production at the end of the month.
8. Ending Work in Process is P 1,000; NO beginning Work in process.
9. Ending finished goods inventories; costing P 45,000. NO beginning finished goods.
10. Sales on account is P 70,000
11. Cash sales is P 20,000.
What is the net income?
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