The following information were related to the full year’s activities of Lexus Industries on its first year of operations, 2020: Raw materials, net purchases ₱ 8,125,000; Direct labor cost 2,875,000; Factory overhead 1,250,000; Selling, general and administrative 850,000. The following information are available: (1)80% of available raw materials were transferred to production. (2) 90% of the work in process were completed.(3) 78% of the finished goods were sold. (4)20% of the factory overhead related to depreciation. (5)18% of the Selling, General & Administrative related to depreciation. How much is the cost of goods sold?

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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The following information were related to the full year’s activities of Lexus Industries on its first year of operations, 2020: Raw materials, net purchases ₱ 8,125,000; Direct labor cost 2,875,000; Factory overhead 1,250,000; Selling, general and administrative 850,000. The following information are available: (1)80% of available raw materials were transferred to production. (2) 90% of the work in process were completed.(3) 78% of the finished goods were sold. (4)20% of the factory overhead related to depreciation. (5)18% of the Selling, General & Administrative related to depreciation. How much is the cost of goods sold?
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