The books of Matulungin Manufacturing Co. showed the following data for the month of October: Opening and closing inventories: 10/31 10/1 Raw Materials P17,200 P16,000 Work in Process 24,000 16,000 Finished Goods 36,000 28,000 Direct labor cost, P32,000 Factory overhead, 75% of direct labor cost. Cost of Goods Sold, P112,000 Selling and Administrative Expenses, 11,200 Sales for the Month, 150,000 Questions: 1. The cost of goods manufactured during the month would be? 2. The cost of materials purchased during the month would be? 3. The net income of the company for the month would be? 4. If the cost of goods sold for the Prime Manufacturing Company is 105,000, and finished goods inventory decreased by 9,000 during the year, what was the cost of goods manufactured for the year?
The books of Matulungin Manufacturing Co. showed the following data for the month of October: Opening and closing inventories: 10/31 10/1 Raw Materials P17,200 P16,000 Work in Process 24,000 16,000 Finished Goods 36,000 28,000 Direct labor cost, P32,000 Factory overhead, 75% of direct labor cost. Cost of Goods Sold, P112,000 Selling and Administrative Expenses, 11,200 Sales for the Month, 150,000 Questions: 1. The cost of goods manufactured during the month would be? 2. The cost of materials purchased during the month would be? 3. The net income of the company for the month would be? 4. If the cost of goods sold for the Prime Manufacturing Company is 105,000, and finished goods inventory decreased by 9,000 during the year, what was the cost of goods manufactured for the year?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
The books of Matulungin Manufacturing Co. showed the following data for the month of October:
| Opening and closing inventories: | 10/31 | 10/1 |
| Raw Materials | P17,200 | P16,000 |
| Work in Process | 24,000 | 16,000 |
| Finished Goods | 36,000 | 28,000 |
Direct labor cost, P32,000
Factory overhead, 75% of direct labor cost.
Cost of Goods Sold, P112,000
Selling and Administrative Expenses, 11,200
Sales for the Month, 150,000
Questions:
1. The cost of goods manufactured during the month would be?
2. The cost of materials purchased during the month would be?
3. The net income of the company for the month would be?
4. If the cost of goods sold for the Prime Manufacturing Company is 105,000, and finished goods inventory decreased by 9,000 during the year, what was the cost of goods manufactured for the year?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education