The accounting records of VJ Company contained the following information for last year: Direct materials inventory Work in process inventory Finished goods inventory Manufacturing costs incurred Indirect materials Direct labor costs Depreciation on factory machinery Factory rent Indirect labor Taxes Purchases Freight in Purchase discount Selling and administrative costs incurred Advertising Rent Clerical Beginning Requirements: 1. Prepare the statement of cost of good manufactured and sold P90,000 200,000 185,000 Ending P65,000 100,000 155,000 P300,000 160,000 10,000 12,000 70,000 8,000 510,000 20,000 10,000 36,000 21,000 24,500
The accounting records of VJ Company contained the following information for last year: Direct materials inventory Work in process inventory Finished goods inventory Manufacturing costs incurred Indirect materials Direct labor costs Depreciation on factory machinery Factory rent Indirect labor Taxes Purchases Freight in Purchase discount Selling and administrative costs incurred Advertising Rent Clerical Beginning Requirements: 1. Prepare the statement of cost of good manufactured and sold P90,000 200,000 185,000 Ending P65,000 100,000 155,000 P300,000 160,000 10,000 12,000 70,000 8,000 510,000 20,000 10,000 36,000 21,000 24,500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Subject : Accounting
Transcribed Image Text:The accounting records of VJ Company contained the following information for last year:
Direct materials inventory
Work in process inventory
Finished goods inventory
Manufacturing costs incurred
Indirect materials
Direct labor costs
Depreciation on factory machinery
Factory rent
Indirect labor
Taxes
Purchases
Freight in
Purchase discount
Selling and administrative costs incurred
Advertising
Rent
Clerical
Beginning
Requirements:
1. Prepare the statement of cost of good manufactured and sold
P90,000
200,000
185,000
Ending
P65,000
100,000
155,000
P300,000
160,000
10,000
12,000
70,000
8,000
510,000
20,000
10,000
36,000
21,000
24,500
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