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show full solution. Compute for the unit cost of goods manufactured

show full solution. Compute for the unit cost of goods manufactured

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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show full solution. Compute for the unit cost of goods manufactured
Listed below are certain accounts of the IE Manufacturing Corporation with balances for the year ended December 31, 2021: Supplies expense - administrative office Php10,300 Depreciation---plant and equipment 32,750 Depreciation---administrative office 3,500 Direct labor cost 320,207 Transportation Expenses administrative office 3,000 Factory heat, light, and power 93,450 Factory supplies cost 12,500 Finished goods inventory, 1/1 65,780 Finished goods inventory, 12/31 106,750 Freight-in 9,890 Goods in process inventory, 1/1 25,000 Goods in process inventory, 12/31 21,920 Indirect labor 4,600 Insurance and taxes (factory) 15,620 Purchases 206,000 Raw materials inventory, 1/1 265,650 Raw materials inventory, 12/31 126,300 Salaries expense - administrative officers 40,500 Additional Information: 1. A total of 15,000 units were completed during the year. 2. 50,000 units were sold for Php21.75 each.
Transcribed Image Text:Listed below are certain accounts of the IE Manufacturing Corporation with balances for the year ended December 31, 2021: Supplies expense - administrative office Php10,300 Depreciation---plant and equipment 32,750 Depreciation---administrative office 3,500 Direct labor cost 320,207 Transportation Expenses administrative office 3,000 Factory heat, light, and power 93,450 Factory supplies cost 12,500 Finished goods inventory, 1/1 65,780 Finished goods inventory, 12/31 106,750 Freight-in 9,890 Goods in process inventory, 1/1 25,000 Goods in process inventory, 12/31 21,920 Indirect labor 4,600 Insurance and taxes (factory) 15,620 Purchases 206,000 Raw materials inventory, 1/1 265,650 Raw materials inventory, 12/31 126,300 Salaries expense - administrative officers 40,500 Additional Information: 1. A total of 15,000 units were completed during the year. 2. 50,000 units were sold for Php21.75 each.
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