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Raw materials on hand- P85,000 ·       Raw materials used (including indirect materials of P35,000)- P258,000 ·       Labor (including indirect labor of P22,000; selling of P45,000; and administrative of P60,000)- P275,00  ·       Manufacturing overhead costs (including indirect materials and indirect labor)- P135,000                     ·       Abnormal wasted materials and labor            - P25,000 ·       Finished goods on hand- P160,000

Raw materials on hand- P85,000 ·       Raw materials used (including indirect materials of P35,000)- P258,000 ·       Labor (including indirect labor of P22,000; selling of P45,000; and administrative of P60,000)- P275,00  ·       Manufacturing overhead costs (including indirect materials and indirect labor)- P135,000                     ·       Abnormal wasted materials and labor            - P25,000 ·       Finished goods on hand- P160,000

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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36. Belo Products provided the following information:                                                         

·       Raw materials on hand- P85,000

·       Raw materials used (including indirect materials of P35,000)- P258,000

·       Labor (including indirect labor of P22,000; selling of P45,000; and administrative of P60,000)- P275,00 

·       Manufacturing overhead costs (including indirect materials and indirect labor)- P135,000                    

·       Abnormal wasted materials and labor            - P25,000

·       Finished goods on hand- P160,000

                                                           
How much inventory should be reported in the statement of financial position?

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