Tom Corporation Tom Corporation incurred the following costs while manufacturing its product. Materials used in production Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used P120,000 Advertising expense 60,000 Property taxes on plant 7,500 Delivery expense 110,000 Sales commissions 25,000 Salaries paid to sales clerks P45,000 19,000 21,000 35,000 50,000 Work-in-process inventory was P10,000 at January 1 and P14,000 at December 31. Finished goods inventory was P60,500 at January 1 and P50,600 at December 31. Note: Assume all materials were direct. Requirement: Using the given information, compute for: 1. Cost of goods manufactured 2. Cost of goods sold

Tom Corporation Tom Corporation incurred the following costs while manufacturing its product. Materials used in production Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used P120,000 Advertising expense 60,000 Property taxes on plant 7,500 Delivery expense 110,000 Sales commissions 25,000 Salaries paid to sales clerks P45,000 19,000 21,000 35,000 50,000 Work-in-process inventory was P10,000 at January 1 and P14,000 at December 31. Finished goods inventory was P60,500 at January 1 and P50,600 at December 31. Note: Assume all materials were direct. Requirement: Using the given information, compute for: 1. Cost of goods manufactured 2. Cost of goods sold

Name: 2Tom CorporationTom Corporation incurred the following costs while ma
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Description: 2Tom CorporationTom Corporation incurred the following costs while manufacturing its product.Materials used in productionDepreciation on plantProperty taxes on storeLabor costs of assembly-line workersFactory supplies usedP120,000 Advertising expens

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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