The following data were taken from the records of Joey Company for the mon of July : Ассoиnts July 1 July 31 Inventories: P50,000 95,000 78,000 Raw materials P80,000 60,000 Work in process Finished goods Raw materials purchases Factory overhead, 75% of DL costs Operating expenses, 12.5% of sales Net income for July rewollo P46,000 63,000 25,000 sy of budid 25,000 oovo arbnom bstids 4. The raw materials inventory on July 1 is

The following data were taken from the records of Joey Company for the mon of July : Ассoиnts July 1 July 31 Inventories: P50,000 95,000 78,000 Raw materials P80,000 60,000 Work in process Finished goods Raw materials purchases Factory overhead, 75% of DL costs Operating expenses, 12.5% of sales Net income for July rewollo P46,000 63,000 25,000 sy of budid 25,000 oovo arbnom bstids 4. The raw materials inventory on July 1 is

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Description: The following data were taken from the records of Joey Company for the monthof July :July 1July 31АcсountsInventories:Raw materialsP50,00095,00078,000?P80,00060,000Work inprocessFinished goodsRaw materials purchasesFactory overhead, 75% of DL costsO

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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Concept explainers

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.

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Question

100%

The following data were taken from the records of Joey Company for the month
of July :
July 1
July 31
Аcсounts
Inventories:
Raw materials
P50,000
95,000
78,000
?
P80,000
60,000
Work in
process
Finished goods
Raw materials purchases
Factory overhead, 75% of DL costs
Operating expenses, 12.5% of sales
Net income for July
rawollndT
P46,000
63,000
rbnom-d
4. The raw materials inventory on July 1 is
25,000 M
SY of budi 25,000 ovro
shbstids
bonsg

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