The following balances were taken from the records of ABC Corp., a manufacturer of first-class home decors. January 1, 2015 40,000 December 31, 2015 P 120,000 Accounts receivable P Accounts payable 60,000 83,000 Raw materials 78,000 105,000 Work in process Finished goods 80,000 215,000 ??? 180,000 Purchases of raw materials for the year amounted to P940,000 while direct labor hours utilized were 18,000 hours. All production personnel were paid a uniform rate of P60 per hour. Overhead was applied at 75% of direct labor costs. Gross margin for the year was P1,179,000 and the company's pricing policy is yielding a 25% gross profit

The following balances were taken from the records of ABC Corp., a manufacturer of first-class home decors. January 1, 2015 40,000 December 31, 2015 P 120,000 Accounts receivable P Accounts payable 60,000 83,000 Raw materials 78,000 105,000 Work in process Finished goods 80,000 215,000 ??? 180,000 Purchases of raw materials for the year amounted to P940,000 while direct labor hours utilized were 18,000 hours. All production personnel were paid a uniform rate of P60 per hour. Overhead was applied at 75% of direct labor costs. Gross margin for the year was P1,179,000 and the company's pricing policy is yielding a 25% gross profit

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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