Problem 9 Miracle Company provides you with the following information January 1 January 31 Inventories: Materials Work in process Finished goods January transactions: P 50,000 95,000 78,000 P ? 80,000 60,000 Purchases of materials, P 46,000 Factory overhead (75% of direct labor cost) P 63,000 Selling and adm. Expenses (12.5% of sales, P 25,000 Factory overhead control, P 62,800 Net income for January, P 25,200 Indirect materials used, P 1,000 Requirements: 1. Materials inventory, January 2. Cost of goods manufactured 3. Cost of goods sold (normal) for the month of January of the current year
Problem 9 Miracle Company provides you with the following information January 1 January 31 Inventories: Materials Work in process Finished goods January transactions: P 50,000 95,000 78,000 P ? 80,000 60,000 Purchases of materials, P 46,000 Factory overhead (75% of direct labor cost) P 63,000 Selling and adm. Expenses (12.5% of sales, P 25,000 Factory overhead control, P 62,800 Net income for January, P 25,200 Indirect materials used, P 1,000 Requirements: 1. Materials inventory, January 2. Cost of goods manufactured 3. Cost of goods sold (normal) for the month of January of the current year
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Problem 9
Miracle Company provides you with the following information
January 1
January 31
Inventories:
Materials
Work in process
Finished goods
January transactions:
P 50,000
95,000
78,000
80,000
60,000
Purchases of materials, P 46,000
Factory overhead (75% of direct labor cost) P 63,000
Selling and adm. Expenses (12.5% of sales, P 25,000
Factory overhead control, P 62,800
Net income for January, P 25,200
Indirect materials used, P 1,000
Requirements:
1. Materials inventory, January 1
2. Cost of goods manufactured
3. Cost of goods sold (normal) for the month of January of the current year
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