The following data are obtained from Glendale Sompany for a given period:Cost of goods manufactured, P187,500Inventory variationsinventory is one-third based on raw materials beginning; no initialinventory of work in process, but at end of period P12,500 was onhand; finished goods inventory was four times as large at end ofperiod 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 taxesBreakdown of costs incurred in manufacturing was as follows:are as follows:raw materials endingRaw materials consumed, 50%Direct labor, 30%000.010 Overhead, 20%5. The raw materials available for use amounted to

Total manufacturing cost=Cost of goods manufactured+Ending work in process=P 187,500+P 12,500=P…

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

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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74. Subject :- Accounting
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