Samuel Manuel Co., a manufacturer, had inventories at the beginning and end of its current year as follows: Beginning: P11,000 P15,000 20,000 End Raw materials Work in process Finished goods 24,000 9,000 12,500 Raw materials purchased Direct labor cost Indirect factory labor Taxes and depreciation on factory building Taxes and depreciation on sales room and office During the year, the following costs and expenses were incurred: P 150,000 60,000 30,000 10,000 7,500 20,000 12,000 Sales salaries Office salaries Utilities (60% applicable to factory, 20% to sales room, and 20% to office) 25,000 Manuel's cost of goods sold for the year is a. P257,000 b. P260,500 C. P261,000 d. P269,500 499
Samuel Manuel Co., a manufacturer, had inventories at the beginning and end of its current year as follows: Beginning: P11,000 P15,000 20,000 End Raw materials Work in process Finished goods 24,000 9,000 12,500 Raw materials purchased Direct labor cost Indirect factory labor Taxes and depreciation on factory building Taxes and depreciation on sales room and office During the year, the following costs and expenses were incurred: P 150,000 60,000 30,000 10,000 7,500 20,000 12,000 Sales salaries Office salaries Utilities (60% applicable to factory, 20% to sales room, and 20% to office) 25,000 Manuel's cost of goods sold for the year is a. P257,000 b. P260,500 C. P261,000 d. P269,500 499
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:11. Samuel Manuel Co., a manufacturer, had inventories at the beginning and
end of its current year as follows:
Beginning
P11,000 P15,000
20,000
End
Raw materials
Work in process
Finished goods
24,000
12,500
9,000
During the year, the following costs and expenses were incurred:
Raw materials purchased
Direct labor cost
Indirect factory labor
Taxes and depreciation on factory building
Taxes and depreciation on sales room and office
Sales salaries
P 150,000
60,000
30,000
10,000
7,500
20,000
12,000
Office salaries
Utilities (60% applicable to factory, 20% to
sales room, and 20% to office)
25,000
Manuel's cost of goods sold for the year is
a. P257,000
b. P260,500
C. P261,000
d. P269,500
499
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