|The following refer toX Company for the year 2019: Sales revenue WIP, 12/31/2019 WIP, 1/1/2019 Selling and administrative expenses Income tax expense Purchase of raw materials P960,000 30,000 40,000 150,000 90,000 180,000 Raw materials, 12/31/2019 Raw materials, 1/1/2019 25,000 40,000 Direct labor 200,000 Utilities: plant Depreciation: plant and equipment Finished goods, 12/31/2019 Finished goods, 1/1/2019 Accumulated Depreciation account-factory Indirect material 40,000 60,000 50,000 20,000 140,000 10,000 Indirect labor 15,000 Other manufacturing overhead 80,000 What is the net income?
|The following refer toX Company for the year 2019: Sales revenue WIP, 12/31/2019 WIP, 1/1/2019 Selling and administrative expenses Income tax expense Purchase of raw materials P960,000 30,000 40,000 150,000 90,000 180,000 Raw materials, 12/31/2019 Raw materials, 1/1/2019 25,000 40,000 Direct labor 200,000 Utilities: plant Depreciation: plant and equipment Finished goods, 12/31/2019 Finished goods, 1/1/2019 Accumulated Depreciation account-factory Indirect material 40,000 60,000 50,000 20,000 140,000 10,000 Indirect labor 15,000 Other manufacturing overhead 80,000 What is the net income?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
20.
Transcribed Image Text:The following refer to X Company for the year 2019:
Sales revenue
P960,000
WIP, 12/31/2019
WIP, 1/1/2019
Selling and administrative expenses
Income tax expense
30,000
40,000
150,000
90,000
Purchase of raw materials
180,000
Raw materials, 12/31/2019
Raw materials, 1/1/2019
25,000
40,000
Direct labor
200,000
Utilities: plant
Depreciation: plant and equipment
Finished goods, 12/31/2019
Finished goods, 1/1/2019
Accumulated Depreciation account-factory
40,000
60,000
50,000
20,000
140,000
Indirect material
10,000
Indirect labor
15,000
Other manufacturing overhead
80,000
What is the net income?
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