The accounting records for the current year of Luzon Company showed the following: Decrease in raw materials inventory, P45,000; Decrease in finished goods inventory, P150,000; Raw materials purchased, P1,290,000; Purchase returns, P90,000; Direct labor payroll, P600,000; Factory overhead, P900,000;

The accounting records for the current year of Luzon Company showed the following: Decrease in raw materials inventory, P45,000; Decrease in finished goods inventory, P150,000; Raw materials purchased, P1,290,000; Purchase returns, P90,000; Direct labor payroll, P600,000; Factory overhead, P900,000;

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Question

100%

Freight in, P50,000; Freight out, P135,000. Decrease in work in process inventory,
P80,000.
ASTTAMTe
TAO
3. The cost of raw materials used for the period amounted to
IMA

The accounting records for the current year of Luzon Company showed the
following: Decrease in raw materials inventory, P45,000; Decrease in finished
goods inventory, P150,000; Raw materials purchased, P1,290,000; Purchase
returns, P90,000; Direct labor payroll, P600,000; Factory overhead, P900,0003;

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