Reyes Company: January 1: RM P270,000; WIP Po; FG P45,000 (100 units); March 31: RM P169,000; WIP PO; FG P? (600 units). During the first quarter, direct materials used were P2,295,000; direct labor P2,500,000; factory overhead P1,250,000; sales were 12,500 units at P600 per unit. Medollar uses FIFO method of costing inventories. What is the amount of total purchases for quarter ending March 31? a.P2,000,000 b.P2,194,000 c.P2,396,000 d.None of the above

Reyes Company: January 1: RM P270,000; WIP Po; FG P45,000 (100 units); March 31: RM P169,000; WIP PO; FG P? (600 units). During the first quarter, direct materials used were P2,295,000; direct labor P2,500,000; factory overhead P1,250,000; sales were 12,500 units at P600 per unit. Medollar uses FIFO method of costing inventories. What is the amount of total purchases for quarter ending March 31? a.P2,000,000 b.P2,194,000 c.P2,396,000 d.None of the above

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

What are quality improvement programs?
what is a provable intrinsic value? can you give a example
Define the term spoilage.
Define the term understand ability.
What factors led to the success of SafeSave?
2) Explain Prudence concept and provide example.
What is a postaudit? What are its potential benefits?
Explain what is goodwill?
Safeguarding resources against loss is an example of operations objectives Select one : a . True . b . False
Also known as the neutrality concept.