Required: Cost of goods sold statementP 120,00080,000Materials purchasesDirect laborOctober 1P 70,00039,000October 31P 50,000Inventories:Finished goodsWork in process32,00020,00028,000Raw materials2015:

Factory overhead = 150% of direct labor cost = 80000 x 150% = 120000

Required: Cost of goods sold statement P 120,000 80,000 Materials purchases Direct labor October 1 P 70,000 39,000 28,000 October 31 P 50,000 32,000 20,000 Inventories: Finished goods Work in process Raw materials 2015:

Required: Cost of goods sold statement P 120,000 80,000 Materials purchases Direct labor October 1 P 70,000 39,000 28,000 October 31 P 50,000 32,000 20,000 Inventories: Finished goods Work in process Raw materials 2015:

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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Question

Required: Cost of goods sold statement
P 120,000
80,000
Materials purchases
Direct labor
October 1
P 70,000
39,000
October 31
P 50,000
Inventories:
Finished goods
Work in process
32,000
20,000
28,000
Raw materials
2015:

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