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The following data on materials purchased and issued during the month of June were shown: the cost of materials issued to production (under FIFO method) should be:   2.Of the following costs, how much is the total product/manufacturing costs? Direct Labor> P 50,000. Factory Rent >P 10,000. Indirect Labor >P10,000 . Salaries of Factory Supervisor >P35,000. Factory supplies used >P 5,000. Indirect Materials >P15,000. Direct Materials >P45,000. Salary of sales >P35,000. Insurance of Machineries >P 12,000.  3. Of the following costs, how much is the prime cost?

The following data on materials purchased and issued during the month of June were shown: the cost of materials issued to production (under FIFO method) should be:   2.Of the following costs, how much is the total product/manufacturing costs? Direct Labor> P 50,000. Factory Rent >P 10,000. Indirect Labor >P10,000 . Salaries of Factory Supervisor >P35,000. Factory supplies used >P 5,000. Indirect Materials >P15,000. Direct Materials >P45,000. Salary of sales >P35,000. Insurance of Machineries >P 12,000.  3. Of the following costs, how much is the prime cost?

FINANCIAL ACCOUNTING
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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The following data on materials purchased and issued during the month of June were shown: the cost of materials issued to production (under FIFO method) should be:

 

2.Of the following costs, how much is the total product/manufacturing costs? Direct Labor> P 50,000. Factory Rent >P 10,000. Indirect Labor >P10,000 . Salaries of Factory Supervisor >P35,000. Factory supplies used >P 5,000. Indirect Materials >P15,000. Direct Materials >P45,000. Salary of sales >P35,000. Insurance of Machineries >P 12,000. 

3. Of the following costs, how much is the prime cost? Direct Labor> P 50,000. Factory Rent >P 10,000. Indirect Labor >P10,000 . Salaries of Factory Supervisor >P35,000. Factory supplies used >P 5,000. Indirect Materials >P15,000. Direct Materials >P45,000. Salary of sales >P35,000. Insurance of Machineries >P 12,000.

800 units at P 7 200 units at P 8 200 units at P 9 600 units June Beginning Balance 6 Purchases 12 Purchases 14 Issuance 16 Purchases 400 units at P 9.5 24 Issuance 300 units 100 units 600 units at P 10 28 Returned to Store Room 30 Purchases
Transcribed Image Text:800 units at P 7 200 units at P 8 200 units at P 9 600 units June Beginning Balance 6 Purchases 12 Purchases 14 Issuance 16 Purchases 400 units at P 9.5 24 Issuance 300 units 100 units 600 units at P 10 28 Returned to Store Room 30 Purchases
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