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The following information was taken from ABC Company’s accounting records for the year ended December 31, 2003:   Decrease in raw materials inventory, P500,000 Increase in goods in process inventory, P1,500,000 Increase in finished goods inventory, P1,000,000 Raw materials purchased, P20,000,000 Direct labor payroll, P5,000,000 Factory overhead, P3,000,000 Freight out, P2,000,000 Freight in, P2,500,000   The cost of goods sold is

The following information was taken from ABC Company’s accounting records for the year ended December 31, 2003:   Decrease in raw materials inventory, P500,000 Increase in goods in process inventory, P1,500,000 Increase in finished goods inventory, P1,000,000 Raw materials purchased, P20,000,000 Direct labor payroll, P5,000,000 Factory overhead, P3,000,000 Freight out, P2,000,000 Freight in, P2,500,000   The cost of goods sold is

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 ABC Company’s accounting records for the year ended December 31, 2003:

 

Decrease in raw materials inventory, P500,000

Increase in goods in process inventory, P1,500,000

Increase in finished goods inventory, P1,000,000

Raw materials purchased, P20,000,000

Direct labor payroll, P5,000,000

Factory overhead, P3,000,000

Freight out, P2,000,000

Freight in, P2,500,000

 

The cost of goods sold is

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