The following data were taken from the records of Quezon Company: Inventories September 30 P50,000 August 31 Raw materials Work in process Finished goods P80,000 95,000 60,000 78,000 Raw materials purchases, P46,000. Factory overhead, 75% of direct labor cost, P63,000. Selling and administrative expenses, 12.5% of sales, P25,000. Net income for September, P25,000. Required: 11. Cost of goods sold. 12. Cost of goods manufactured. 13. Raw materials inventory August 31.
The following data were taken from the records of Quezon Company: Inventories September 30 P50,000 August 31 Raw materials Work in process Finished goods P80,000 95,000 60,000 78,000 Raw materials purchases, P46,000. Factory overhead, 75% of direct labor cost, P63,000. Selling and administrative expenses, 12.5% of sales, P25,000. Net income for September, P25,000. Required: 11. Cost of goods sold. 12. Cost of goods manufactured. 13. Raw materials inventory August 31.
Chapter5: Process Costing
Section: Chapter Questions
Problem 10MC: Direct material costs $3 per unit, direct labor costs $5 per unit, and overhead is applied at the...
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11. Cost of goods sold.
12. Cost of goods manufactured.
13. Raw materials inventory August 31.
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