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?
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?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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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