P2-1 Orange Company showed the following information as of June 1, 2015: Raw materials inventory Goods in process inventory Finished goods P 320,000 400,000 350,000 During the month of June, the following were incurred: Materials purchased P 170,000 Materials used 200,000 Direct labor 400,000 Factory overhead 210,000 After reviewing the quantities on hand, ending inventories were: Goods in process inventory P 280,000 Finished goods 430,000 Required: Calculate the following: Raw materials inventory as of June 30, 2015 a. b. Total goods manufactured during the month C. Goods available for sale d. Cost of goods sold
P2-1 Orange Company showed the following information as of June 1, 2015: Raw materials inventory Goods in process inventory Finished goods P 320,000 400,000 350,000 During the month of June, the following were incurred: Materials purchased P 170,000 Materials used 200,000 Direct labor 400,000 Factory overhead 210,000 After reviewing the quantities on hand, ending inventories were: Goods in process inventory P 280,000 Finished goods 430,000 Required: Calculate the following: Raw materials inventory as of June 30, 2015 a. b. Total goods manufactured during the month C. Goods available for sale d. Cost of goods sold
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:P2-1 Orange Company showed the following information as of June 1, 2015:
Raw materials inventory
Goods in process inventory
Finished goods
P 320,000
400,000
350,000
During the month of June, the following were incurred:
Materials purchased
P 170,000
Materials used
200,000
Direct labor
400,000
Factory overhead
210,000
After reviewing the quantities on hand, ending inventories were:
Goods in process inventory
280,000
Finished goods
430,000
Required: Calculate the following:
Raw materials inventory as of June 30, 2015
Total goods manufactured during the month
a.
b.
C.
Goods available for sale
d.
Cost of goods sold
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