Production in units 25,000 Material costs P150,000 Direct labor costs 2,500 hours at P38.50 per hour Factory overhead P5 per swimsuit plus P50,000 per month Selling expense P2 per swimsuit plus P70,000 a month

Production in units 25,000 Material costs P150,000 Direct labor costs 2,500 hours at P38.50 per hour Factory overhead P5 per swimsuit plus P50,000 per month Selling expense P2 per swimsuit plus P70,000 a month

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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Concept explainers

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

Question

Production in units 25,000
Material costs P150,000
Direct labor costs 2,500 hours at P38.50 per
hour
Factory overhead P5 per swimsuit plus P50,000
per month
Selling expense P2 per swimsuit plus P70,000 a
month
Sold swimsuits in units 20,000
Gross profit rate 25%
The sales revenue is:

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