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Problem C. During January 2020, ABC company produced 1,000 units of product Z with the following costs: Materials P6,000 3,300 2,500 Labor Variable factory overhead Fixed factory overhead Total manufacturing costs 1,500 P13,300 Selling and administrative costs incurred during the month were: Variable selling and administrative costs Fixed selling and administrative costs Total selling and administrative costs Р3,200 2,000 P5,000 ABC company uses JIT system. It does not keep inventories in stock. 12. What is the net income for January 2020 under absorption costing?

Problem C. During January 2020, ABC company produced 1,000 units of product Z with the following costs: Materials P6,000 3,300 2,500 Labor Variable factory overhead Fixed factory overhead Total manufacturing costs 1,500 P13,300 Selling and administrative costs incurred during the month were: Variable selling and administrative costs Fixed selling and administrative costs Total selling and administrative costs Р3,200 2,000 P5,000 ABC company uses JIT system. It does not keep inventories in stock. 12. What is the net income for January 2020 under absorption costing?

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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What is the net income for January 2020 under absorption costing?

 

The selling price is P20.00 per unit

Problem C. During January 2020, ABC company produced 1,000 units of product Z with the following costs: Materials P6,000 3,300 Labor Variable factory overhead Fixed factory overhead Total manufacturing costs 2,500 1,500 P13,300 Selling and administrative costs incurred during the month were: Variable selling and administrative costs Fixed selling and administrative costs Total selling and administrative costs P3,200 2,000 P5,000 ABC company uses JIT system. It does not keep inventories in stock. 12. What is the net income for January 2020 under absorption costing?
Transcribed Image Text:Problem C. During January 2020, ABC company produced 1,000 units of product Z with the following costs: Materials P6,000 3,300 Labor Variable factory overhead Fixed factory overhead Total manufacturing costs 2,500 1,500 P13,300 Selling and administrative costs incurred during the month were: Variable selling and administrative costs Fixed selling and administrative costs Total selling and administrative costs P3,200 2,000 P5,000 ABC company uses JIT system. It does not keep inventories in stock. 12. What is the net income for January 2020 under absorption costing?
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