PSMO Company currently uses normal costing method in accumulating the cost o production. The following data were provided for the current year Raw Materials: Inventory, Jan. 1 Issuance to production Purchases on account Factory Labor: Total Factory payroll Factory overhead: Plant depreciation Utilities Repair and Maintenance Indirect Materials Indirect Labor Other overhead costs Work in process: Jan. 1 Dec. 31 P600,000 3,600,000 4,350,000 2,700,000 200,000 145,000 145,000 230,000 600,000 105,000 720,000 650,000 Cost of sales, assuming finished goods inventory is increased by P280,000?
PSMO Company currently uses normal costing method in accumulating the cost o production. The following data were provided for the current year Raw Materials: Inventory, Jan. 1 Issuance to production Purchases on account Factory Labor: Total Factory payroll Factory overhead: Plant depreciation Utilities Repair and Maintenance Indirect Materials Indirect Labor Other overhead costs Work in process: Jan. 1 Dec. 31 P600,000 3,600,000 4,350,000 2,700,000 200,000 145,000 145,000 230,000 600,000 105,000 720,000 650,000 Cost of sales, assuming finished goods inventory is increased by P280,000?
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:PSMO Company currently uses normal costing method in accumulating the cost of
production. The following data were provided for the current year
Raw Materials:
Inventory, Jan. 1
Issuance to production
Purchases on account
Factory Labor:
Total Factory payroll
Factory overhead:
Plant depreciation
Utilities
Repair and Maintenance
Indirect Materials
Indirect Labor
Other overhead costs
Work in process:
Jan. 1
Dec. 31
P 6,824,000
P 7,010,000
P 6,730,000
P600,000
3,600,000
4,350,000
P 6,779,000
2,700,000
Cost of sales, assuming finished goods inventory is increased by P280,000?
200,000
145,000
145,000
230,000
600,000
105,000
720,000
650,000
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