The following data are obtained from Glendale Sompany for a given period: Cost of goods manufactured, P187,500 Inventory variations inventory is one-third based on raw materials beginning; no initial inventory of work in process, but at end of period P12,500 was on hand; finished goods inventory was four times as large at end of period as at the start. are as follows: raw materials ending thed SCConNE Net income after taxes amounted to P26,000, income tax rate is 35% Purchase of raw materials amounted to net income before taxes Breakdown of costs incurred in manufacturing was as follows: 00 Raw materials consumed, 50% Direct labor, 30% 000010 Overhead, 20% 5. The raw materials available for use amounted to A AA
The following data are obtained from Glendale Sompany for a given period: Cost of goods manufactured, P187,500 Inventory variations inventory is one-third based on raw materials beginning; no initial inventory of work in process, but at end of period P12,500 was on hand; finished goods inventory was four times as large at end of period as at the start. are as follows: raw materials ending thed SCConNE Net income after taxes amounted to P26,000, income tax rate is 35% Purchase of raw materials amounted to net income before taxes Breakdown of costs incurred in manufacturing was as follows: 00 Raw materials consumed, 50% Direct labor, 30% 000010 Overhead, 20% 5. The raw materials available for use amounted to A AA
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![The following data are obtained from Glendale Sompany for a given period:
Cost of goods manufactured, P187,500
Inventory variations
inventory is one-third based on raw materials beginning; no initial
inventory of work in process, but at end of period P12,500 was on
hand; finished goods inventory was four times as large at end of
period as at the start.
Net income after taxes amounted to P26,000, income tax rate is 35%
Purchase of raw materials amounted to net income before taxes
Breakdown of costs incurred in manufacturing was as follows:
are as follows:
raw materials ending
Raw materials consumed, 50%
Direct labor, 30%
000.010 Overhead, 20%
5. The raw materials available for use amounted to](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc1a1695c-926c-4bd8-94e6-8dbe9f080f1a%2F7d55e7db-2c28-428c-906d-d1340dc97c50%2Fwbnhzm_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The following data are obtained from Glendale Sompany for a given period:
Cost of goods manufactured, P187,500
Inventory variations
inventory is one-third based on raw materials beginning; no initial
inventory of work in process, but at end of period P12,500 was on
hand; finished goods inventory was four times as large at end of
period as at the start.
Net income after taxes amounted to P26,000, income tax rate is 35%
Purchase of raw materials amounted to net income before taxes
Breakdown of costs incurred in manufacturing was as follows:
are as follows:
raw materials ending
Raw materials consumed, 50%
Direct labor, 30%
000.010 Overhead, 20%
5. The raw materials available for use amounted to
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
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
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education