Phi Phi Furniture produced 1,500 television stands in March. These stands are sold for RM300 each. Phi Phi had 250 finished goods inventory at the beginning of March. At the end of March, there were 500 stands in the finished goods inventory. The following cost information relates to the months of March. RM Raw materials purchases 120,000 Direct labor 75,000 Indirect labour 15,000 Factory rent Office equipment depreciation Depreciation of machinery Factory utilities Factory supervision 15,500 4,500 22,500 4,500 33,700 Sales commission 67,500 Administration expenses 112,500 150,000 156,000 90,000 Administration salaries Supervisor salary Accountant salaries Beginning balance, raw materials Beginning balance, WIP Beginning balance, finished goods Ending balance, raw materials 17,500 4,000 30,000 25,000 Ending balance, WIP Ending balance, Finished goods 5,500 42,500 Required: a) Prepare a statement for cost of goods manufactured.
Phi Phi Furniture produced 1,500 television stands in March. These stands are sold for RM300 each. Phi Phi had 250 finished goods inventory at the beginning of March. At the end of March, there were 500 stands in the finished goods inventory. The following cost information relates to the months of March. RM Raw materials purchases 120,000 Direct labor 75,000 Indirect labour 15,000 Factory rent Office equipment depreciation Depreciation of machinery Factory utilities Factory supervision 15,500 4,500 22,500 4,500 33,700 Sales commission 67,500 Administration expenses 112,500 150,000 156,000 90,000 Administration salaries Supervisor salary Accountant salaries Beginning balance, raw materials Beginning balance, WIP Beginning balance, finished goods Ending balance, raw materials 17,500 4,000 30,000 25,000 Ending balance, WIP Ending balance, Finished goods 5,500 42,500 Required: a) Prepare a statement for cost of goods manufactured.
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter2: Basic Managerial Accounting Concepts
Section: Chapter Questions
Problem 58P: Cost of Goods Manufactured, Income Statement W. W. Phillips Company produced 4,000 leather recliners...
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