The following information was taken from Camel Co. accounting records for the year ended December 31, 2019: Decrease in raw materials - P15,000; Increase in Finished goods inventory - P35,000; Sales - P1,092,000, Direct Labor - P200,000; Factory overhead - P300,000; Freight out - P45,000; there was no work in process at the beginning or end of the year. The selling price has a markup of 120% on cost. How much is the raw materials purchased?
The following information was taken from Camel Co. accounting records for the year ended December 31, 2019: Decrease in raw materials - P15,000; Increase in Finished goods inventory - P35,000; Sales - P1,092,000, Direct Labor - P200,000; Factory overhead - P300,000; Freight out - P45,000; there was no work in process at the beginning or end of the year. The selling price has a markup of 120% on cost. How much is the raw materials purchased?
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter4: Accounting For Factory Overhead
Section: Chapter Questions
Problem 18E: Housley Paints Co. had a remaining debit balance of $25,000 in its under- and overapplied factory...
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Answer: 430,000
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![The following information was taken from Camel Co.
accounting records for the year ended December 31,
2019: Decrease in raw materials - P15,000; Increase in
Finished goods inventory - P35,000; Sales -
P1,092,000, Direct Labor - P200,000; Factory
overhead - P300,000; Freight out - P45,000; there
was no work in process at the beginning or end of the
year. The selling price has a markup of 120% on cost.
How much is the raw materials purchased?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff82a0189-a001-438e-8e10-429fbfe68738%2F2dfa0c9f-0013-4989-9fa6-e0d99a480be2%2Fe4extw4_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The following information was taken from Camel Co.
accounting records for the year ended December 31,
2019: Decrease in raw materials - P15,000; Increase in
Finished goods inventory - P35,000; Sales -
P1,092,000, Direct Labor - P200,000; Factory
overhead - P300,000; Freight out - P45,000; there
was no work in process at the beginning or end of the
year. The selling price has a markup of 120% on cost.
How much is the raw materials purchased?
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