pls show solutions Last year, Harris Company manufactured 17,000 units and sold 13,000 units. Production costs for the year were as follows: Direct materials P153,000 Direct labor P110,500 Variable manufacturing overhead P204,000 Fixed manufacturing overhead 255,000 Sales were P780,000 for the year, variable selling and administrative expenses were P88,400, and fixed selling and administrative expenses were P170,000. There was no beginning inventory. Assume that direct labor is a variable cost. Under absorption costing, the carrying value on the balance sheet of the ending inventory for the year would be?
pls show solutions Last year, Harris Company manufactured 17,000 units and sold 13,000 units. Production costs for the year were as follows: Direct materials P153,000 Direct labor P110,500 Variable manufacturing overhead P204,000 Fixed manufacturing overhead 255,000 Sales were P780,000 for the year, variable selling and administrative expenses were P88,400, and fixed selling and administrative expenses were P170,000. There was no beginning inventory. Assume that direct labor is a variable cost. Under absorption costing, the carrying value on the balance sheet of the ending inventory for the year would be?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Last year, Harris Company manufactured 17,000 units and sold 13,000 units. Production costs for the year were as
follows:
Direct materials P153,000
Direct labor P110,500
Variable manufacturing
Fixed manufacturing overhead 255,000
Sales were P780,000 for the year, variable selling and administrative expenses were P88,400, and fixed selling and administrative expenses were P170,000. There was no beginning inventory. Assume that direct labor is a variable cost. Under absorption costing, the carrying value on the
be?
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