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The following information was taken from A Company’s accounting records for the current year: Decrease in raw materials – P500,000; Increase in goods in process inventory – P800,000; Decrease in finished goods inventory – P1,000,000; Raw materials purchased – P20,000,000; Direct labor payroll – P5,000,000; Factory overhead – P4,000,000; Freight out – P1,500,000; Freight in – P2,300,000 What is the cost of goods sold? [A] 32,000,000 [B] 33,500,000 [C] 30,000,000 [D] 30,600,000

The following information was taken from A Company’s accounting records for the current year: Decrease in raw materials – P500,000; Increase in goods in process inventory – P800,000; Decrease in finished goods inventory – P1,000,000; Raw materials purchased – P20,000,000; Direct labor payroll – P5,000,000; Factory overhead – P4,000,000; Freight out – P1,500,000; Freight in – P2,300,000 What is the cost of goods sold? [A] 32,000,000 [B] 33,500,000 [C] 30,000,000 [D] 30,600,000

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 information was taken from A Company’s accounting records for the current year: Decrease in raw materials – P500,000; Increase in goods in process inventory – P800,000; Decrease in finished goods inventory – P1,000,000; Raw materials purchased – P20,000,000; Direct labor payroll – P5,000,000; Factory overhead – P4,000,000; Freight out – P1,500,000; Freight in – P2,300,000


What is the cost of goods sold?

[A] 32,000,000

[B] 33,500,000

[C] 30,000,000

[D] 30,600,000

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