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Problem 12-4 (Calculation of Missing Amounts) Find the missing amounts in the following manufacturing income statements: 2005 2006 2007 Sales (1) P227,400 (18) Cost of goods sold: Direct materials inventory, Jan. 1 Add Direct materials purchases Direct materials available for use Less Direct materials inventory, Dec. 31 Direct materials used (19) 60,000 (10) 40,000 P 52,000 18,000 (11) 47,000 (12) (13) 36,000 32,600 P 127,000 P 169,800 (14) P 124,000 P 169,000 P 206,400 (15) (16) (17) P16,000 (2) (3) (4) (5) 40,000 32,000 P 106,000 24,000 (20) 24,600 (21) (22) 48,000 P 181,800 (23) 44,600 Direct labor Factory overhead Total manufacturing costs Add Work in process, Jan. 1 Less Work in process, Dec. 31 Cost of goods manufactured Add Finished goods, Jan. 1 Cost of goods available for sale Less Finished goods, Dec. 31 Cost of goods sold Gross profit (6) (7) (8) (24) 42,00 (9) P 98,000 (25) P 166,400 P 93,600

Problem 12-4 (Calculation of Missing Amounts) Find the missing amounts in the following manufacturing income statements: 2005 2006 2007 Sales (1) P227,400 (18) Cost of goods sold: Direct materials inventory, Jan. 1 Add Direct materials purchases Direct materials available for use Less Direct materials inventory, Dec. 31 Direct materials used (19) 60,000 (10) 40,000 P 52,000 18,000 (11) 47,000 (12) (13) 36,000 32,600 P 127,000 P 169,800 (14) P 124,000 P 169,000 P 206,400 (15) (16) (17) P16,000 (2) (3) (4) (5) 40,000 32,000 P 106,000 24,000 (20) 24,600 (21) (22) 48,000 P 181,800 (23) 44,600 Direct labor Factory overhead Total manufacturing costs Add Work in process, Jan. 1 Less Work in process, Dec. 31 Cost of goods manufactured Add Finished goods, Jan. 1 Cost of goods available for sale Less Finished goods, Dec. 31 Cost of goods sold Gross profit (6) (7) (8) (24) 42,00 (9) P 98,000 (25) P 166,400 P 93,600

FINANCIAL ACCOUNTING
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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Problem 12-4 (Calculation of Missing Amounts) Find the missing amounts in the following manufacturing income statements: 2005 2006 2007 Sales (1) P227,400 (18) Cost of goods sold: Direct materials inventory, Jan. 1 Add Direct materials purchases (10) 40,000 P 52,000 18,000 (11) 47,000 (19) 60,000 (20) 24,600 P16,000 (2) (3) (4) (5) 40,000 32,000 P 106,000 24,000 (6) (7) (8) P 124,000 P 169,000 P 206,400 42,00 Direct materials available for use Less Direct materials inventory, Dec. 31 Direct materials used (21) (22) 48,000 P 181,800 (23) 44,600 Direct labor Factory overhead Total manufacturing costs Add Work in process, Jan. 1 Less Work in process, Dec. 31 Cost of goods manufactured Add Finished goods, Jan. 1 Cost of goods available for sale Less Finished goods, Dec. 31 Cost of goods sold Gross profit (12) (13) 36,000 32,600 P 127,000 P 169,800 (14) (24) (9) P 98,000 (15) (16) (17) (25) P 166,400 P 93,600
Transcribed Image Text:Problem 12-4 (Calculation of Missing Amounts) Find the missing amounts in the following manufacturing income statements: 2005 2006 2007 Sales (1) P227,400 (18) Cost of goods sold: Direct materials inventory, Jan. 1 Add Direct materials purchases (10) 40,000 P 52,000 18,000 (11) 47,000 (19) 60,000 (20) 24,600 P16,000 (2) (3) (4) (5) 40,000 32,000 P 106,000 24,000 (6) (7) (8) P 124,000 P 169,000 P 206,400 42,00 Direct materials available for use Less Direct materials inventory, Dec. 31 Direct materials used (21) (22) 48,000 P 181,800 (23) 44,600 Direct labor Factory overhead Total manufacturing costs Add Work in process, Jan. 1 Less Work in process, Dec. 31 Cost of goods manufactured Add Finished goods, Jan. 1 Cost of goods available for sale Less Finished goods, Dec. 31 Cost of goods sold Gross profit (12) (13) 36,000 32,600 P 127,000 P 169,800 (14) (24) (9) P 98,000 (15) (16) (17) (25) P 166,400 P 93,600
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