The work-in-process inventory of YYY Company were completely destroyed by fire on June 1, 2020. You were able to establish physical inventory figures as follows: January 1, 2020 June 1, 2020 Raw materials P 60,000 P120,000 Work-in-process 200,000 - Finished goods 280,000 240,000 Sales from January 1 to May 31, were P546,750. Purchases of raw materials were P200,000 and freight on purchases, P30,000. Direct labor during the period was P160,000. It was agreed with insurance adjusters than an average gross profit rate of 35% based on cost be used and that direct labor cost was 160% of factory overhead. The work in process inventory destroyed as computed by the
The work-in-process inventory of YYY Company were completely destroyed by fire on June 1, 2020. You were able to establish physical inventory figures as follows: January 1, 2020 June 1, 2020 Raw materials P 60,000 P120,000 Work-in-process 200,000 - Finished goods 280,000 240,000 Sales from January 1 to May 31, were P546,750. Purchases of raw materials were P200,000 and freight on purchases, P30,000. Direct labor during the period was P160,000. It was agreed with insurance adjusters than an average gross profit rate of 35% based on cost be used and that direct labor cost was 160% of factory overhead. The work in process inventory destroyed as computed by the
Chapter1: Financial Statements And Business Decisions
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53.The work-in-process inventory of YYY Company were completely destroyed by fire on June 1, 2020. You were able to establish physical inventory figures as follows:
January 1, 2020 June 1, 2020
Raw materials P 60,000 P120,000
Work-in-process 200,000 -
Finished goods 280,000 240,000
Sales from January 1 to May 31, were P546,750. Purchases of raw materials were P200,000 and freight on purchases, P30,000. Direct labor during the period was P160,000. It was agreed with insurance adjusters than an average gross profit rate of 35% based on cost be used and that direct labor cost was 160% of factory
- The work in process inventory destroyed as computed by the
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