Required: The work in process inventory destroyed by fire is: PROBLEM 20: The work in process inventory of San Marino Company were completelydestroyed by fire on June 1, 2021. You were able to establish physical inventory figures asfollows:1/1/2021P 60,000200,0006/1/2021P 120,000Raw materialsWork in processFinished goods280,000240,000Sales from January 1 to May 31 were P546,750. Purchases of raw materials were P200,000 andfreight on purchases, P30,000. Direct labor during the period was P160,000. It was agreed withinsurance adjusters that an average gross profit rate of 35% based on cost be used and thatdirect labor cost was 160% of factory overhead.26. The work in process inventory destroyed by fire is:

PROBLEM 20 : 1. Opening raw materials of 01.01.2021 = P60000 Closing raw materials of 31.05.2021 =…

PROBLEM 20: The work in process inventory of San Marino Company were completely destroyed by fire on June 1, 2021. You were able to establish physical inventory figures as follows: 1/1/2021 P 60,000 200,000 280,000 6/1/2021 P 120,000 Raw materials Work in process Finished goods 240,000 Sales from January 1 to May 31 were P546,750. Purchases of raw materials were P200,000 and freight on purchases, P30,000. Direct labor during the period was P160,000. It was agreed with insurance adjusters that an average gross profit rate of 35% based on cost be used and that direct labor cost was 160% of factory overhead. 26. The work in process inventory destroyed by fire is:

PROBLEM 20: The work in process inventory of San Marino Company were completely destroyed by fire on June 1, 2021. You were able to establish physical inventory figures as follows: 1/1/2021 P 60,000 200,000 280,000 6/1/2021 P 120,000 Raw materials Work in process Finished goods 240,000 Sales from January 1 to May 31 were P546,750. Purchases of raw materials were P200,000 and freight on purchases, P30,000. Direct labor during the period was P160,000. It was agreed with insurance adjusters that an average gross profit rate of 35% based on cost be used and that direct labor cost was 160% of factory overhead. 26. The work in process inventory destroyed by fire is:

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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