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Monaco manufacturing corp has the following account balances per ledger for the period ending December 31, 2019 Representation exp P10,000.00 Plant Supervision P126,750.00 Delivery expense P15,000.00 Purchase return P3,580.00 Depreciation - Purchases P350,800.00 P62,800.00 Factory Building Raw Materials Depreciation office Inventory, Dec. 31, P100,400.00 P25,000.00 equipt 2019 Raw Materials Depreciation-Factory P9,460.00 Inventory, Jan 1, P101,640.00 Equipment 2019 Repairs and P42,500.00 Maintenance- P76,480.00 Direct Labor factory equipt Salaries of office P29,220.00 P60,000.00 Factory Insurance and admin staff P46,200.00 Sales P1,100,000.0 Factory Utilities Finished Goods Sales return and P24,910.00 P5,000.00 Inventory, Jan. 1, allowances 2019 Selling and P8,100.00 Administrative P26,490.00 Indirect Labor ExpenseS

Monaco manufacturing corp has the following account balances per ledger for the period ending December 31, 2019 Representation exp P10,000.00 Plant Supervision P126,750.00 Delivery expense P15,000.00 Purchase return P3,580.00 Depreciation - Purchases P350,800.00 P62,800.00 Factory Building Raw Materials Depreciation office Inventory, Dec. 31, P100,400.00 P25,000.00 equipt 2019 Raw Materials Depreciation-Factory P9,460.00 Inventory, Jan 1, P101,640.00 Equipment 2019 Repairs and P42,500.00 Maintenance- P76,480.00 Direct Labor factory equipt Salaries of office P29,220.00 P60,000.00 Factory Insurance and admin staff P46,200.00 Sales P1,100,000.0 Factory Utilities Finished Goods Sales return and P24,910.00 P5,000.00 Inventory, Jan. 1, allowances 2019 Selling and P8,100.00 Administrative P26,490.00 Indirect Labor ExpenseS

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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Monaco manufacturing corp has the following account balances per ledger for the period ending December 31, 2019 Representation exp P10,000.00 Plant Supervision P126,750.00 Delivery expense P15,000.00 Purchase return P3,580.00 Depreciation -- Purchases P350,800.00 P62,800.00 Factory Building Raw Materials Depreciation office P25,000.00 Inventory, Dec. 31, P100,400.00 equipt 2019 Raw Materials Depreciation-Factory P9,460.00 Inventory, Jan 1, P101,640.00 / Equipment 2019 Repairs and Direct Labor P42,500.00 Maintenance - P76,480.00 factory equipt Salaries of office P29,220.00 P60,000.00 Factory Insurance and admin staff P46,200.00 Sales P1,100,000.00 Factory Utilities Finished Goods Sales return and P24,910.00 P5,000.00 Inventory, Jan. 1, allowances 2019 Selling and Administrative Indirect Labor P8,100.00 P26,490.00 Expenses
Transcribed Image Text:Monaco manufacturing corp has the following account balances per ledger for the period ending December 31, 2019 Representation exp P10,000.00 Plant Supervision P126,750.00 Delivery expense P15,000.00 Purchase return P3,580.00 Depreciation -- Purchases P350,800.00 P62,800.00 Factory Building Raw Materials Depreciation office P25,000.00 Inventory, Dec. 31, P100,400.00 equipt 2019 Raw Materials Depreciation-Factory P9,460.00 Inventory, Jan 1, P101,640.00 / Equipment 2019 Repairs and Direct Labor P42,500.00 Maintenance - P76,480.00 factory equipt Salaries of office P29,220.00 P60,000.00 Factory Insurance and admin staff P46,200.00 Sales P1,100,000.00 Factory Utilities Finished Goods Sales return and P24,910.00 P5,000.00 Inventory, Jan. 1, allowances 2019 Selling and Administrative Indirect Labor P8,100.00 P26,490.00 Expenses
Manufacturing P14,980.00 Transportation in P9,000.00 Supplies Office supplies Utilities office P6,000.00 P75,000.00 expense building Work in Process Work in Process Inventory, Jan. 1, P148,290.00 Inventory, Dec. 31, P141,100.00 2019 2019 Finished Goods Inventory, Dec. 31, P99,085.00 Sales discount P8,500.00 2019 Required: 1. Compute the cost of direct materials used during the year. 2. Compute the total manufacturing costs for the year. 3. Compute the cost of goods manufactured during the year. 4. Net income / loss for the period
Transcribed Image Text:Manufacturing P14,980.00 Transportation in P9,000.00 Supplies Office supplies Utilities office P6,000.00 P75,000.00 expense building Work in Process Work in Process Inventory, Jan. 1, P148,290.00 Inventory, Dec. 31, P141,100.00 2019 2019 Finished Goods Inventory, Dec. 31, P99,085.00 Sales discount P8,500.00 2019 Required: 1. Compute the cost of direct materials used during the year. 2. Compute the total manufacturing costs for the year. 3. Compute the cost of goods manufactured during the year. 4. Net income / loss for the period
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