The work in process inventory destroyed as computed by the adjuster would be: *P 113,500P 131,500P 173,500P 121,500 The work-in process inventory of Mirage Manufacturing was completely destroyed by fire on May 1,2019. The physical inventory count as of that date is presented belowJanuary 1P 40,000 P 60,000101,500140,000May 1Raw MaterialsWork in ProcessFinished Goods125,000Sales from January 1 to April 30 were P300,000. Purchases of raw materials were P100,000 andfreight on purchases, P10,000. Direct labor during the period was P80,000. It was agreed with theinsurance adjusters that an average gross profit rate of 35% be used and that manufacturing overheadwas 50% of direct labor cost.

The manufacturing costs include the total direct and indirect cost incurred on the production.

The work-in process inventory of Mirage Manufacturing was completely destroyed by fire on May 1, 2019. The physical inventory count as of that date is presented below January 1 P 40,000 P60,000 May 1 Raw Materials Work in Process 101,500 Finished Goods 140,000 125,000 Sales from January 1 to April 30 were P300,000. Purchases of raw materials were P100,000 and freight on purchases, P10,000. Direct labor during the period was P80,000. It was agreed with the insurance adjusters that an average gross profit rate of 35% be used and that manufacturing overhead

The work-in process inventory of Mirage Manufacturing was completely destroyed by fire on May 1, 2019. The physical inventory count as of that date is presented below January 1 P 40,000 P60,000 May 1 Raw Materials Work in Process 101,500 Finished Goods 140,000 125,000 Sales from January 1 to April 30 were P300,000. Purchases of raw materials were P100,000 and freight on purchases, P10,000. Direct labor during the period was P80,000. It was agreed with the insurance adjusters that an average gross profit rate of 35% be used and that manufacturing overhead

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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signment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Calculator Production data show 35,820 units were transferred out of a stage of production and 6,200 units remained in ending WIP inventory that was 100% complete to material and 40% complete to conversion. The unit material cost is $5 for material and $7 for conversion. What is the amount of inventory transferred out and remaining in ending work in process inventory? Transferred out $ 429,840 Ending inventory $ 48,360 Previous Email Instructor Submit Test for Grading All work saved. 5:39 PM 3. 10/2/2020 中ツ
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Subject: acounting
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