On December 1, the Diamond Company had the following inventories; materials, P 24,000 ; work in process, P 12,000; and finished goods; P 36,000. During the month, materials purchases totaled P 56,000. Direct labor for December was P 40,000 , at a uniform wage of P 6.40 per hour. Marketing and administrative expenses for the month amounted to 10% of net sales. Inventories on December 31, were as follows : materials P 20,000 ;work in process ,P8,000; and finished goods , P 40,000. Net sales for December totaled P 200,000. Factory overhead is apply on the basis of P 8 per direct labor hour.

On December 1, the Diamond Company had the following inventories; materials, P 24,000 ; work in process, P 12,000; and finished goods; P 36,000. During the month, materials purchases totaled P 56,000. Direct labor for December was P 40,000 , at a uniform wage of P 6.40 per hour. Marketing and administrative expenses for the month amounted to 10% of net sales. Inventories on December 31, were as follows : materials P 20,000 ;work in process ,P8,000; and finished goods , P 40,000. Net sales for December totaled P 200,000. Factory overhead is apply on the basis of P 8 per direct labor hour.

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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