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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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
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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