The given miscellaneous data has beencollected for a manufacturing company forthe year ended 12/31/2020.Inventories:• Beginning- raw material_P50,000- work in process_P40,000- finished goods_P60,000• Ending-raw material_P55,000- work in process_P45,000- finished goods_P50,000costs recorded during the year:- purchases of raw material_P195,000- direct labor_P150,000- COGS_P595,000- freight out_P25,000- purchase discount_P32,000- purchase return and allowances_P23,000Required: Prepare a statement of cost ofgoods manufactured.

Solution In cost of goods manufactured ,freight out is not included as it is selling cost COGS is…

Answered: Required: Prepare a statement of cost…

Business

Accounting

Required: Prepare a statement of cost of goods manufactured.

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

The given miscellaneous data has been
collected for a manufacturing company for
the year ended 12/31/2020.
Inventories:
• Beginning
- raw material_P50,000
- work in process_P40,000
- finished goods_P60,000
• Ending
-raw material_P55,000
- work in process_P45,000
- finished goods_P50,000
costs recorded during the year:
- purchases of raw material_P195,000
- direct labor_P150,000
- COGS_P595,000
- freight out_P25,000
- purchase discount_P32,000
- purchase return and allowances_P23,000
Required: Prepare a statement of cost of
goods manufactured.

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