Please answer all will surely given an upvote. THANK YOU V PROBLEM COST OF SALES / COST OF GOODS MANUFACTUREDLong-ganisa Corporation, a manufacturer of Hot Dogs, gave you the following partial financialinformation from the trial balance of the company, for its first year of operation, ending December 31,2020:Factory insuranceSalaries and wages - OfficeStore light and water expenseOffice light and water expenseDepreciation Expense - Factory machineriesAccrued salaries and wages - officeIndirect laborSales returns and allowancesFreight inMaterial inventory, Jan. 1Work in Process, Jan. 1Finished goods inventory, Jan. 1Material purchaseSalesSales discountFactory light and waterFreight OutStore Supplies, Jan. 1Direct LaborPurchase returns and allowancesPurchase discountsDepreciation expense - store equipmentFactory superintendenceFactory taxesDepreciation expense - delivery equipmentStore insurance expensePrepaid factory insurance expenseSalaries and wages - Store15,00015,0003,0002,00018,00013,00020,000150,00010,000100,000200,000200,000P2,000,0003,500,00050,00010,00020,00010,000500,000100,00040,00012,00050,00012,00013,0005,0002,00010,000FOH/CGMAESEAECA/CGM /DMCA/CGMCA/COSFOH/CGMCLFOH/CGMNSCGM DMCGM / DMCGMCOSCGM / DMNSNSFOH/CGMSESECGMCGM /DMCGM DMSEFOH/CGMFOH/GGMSESECASEThe physical count at the end of the year showed the amount of inventories as of December 31, 2020:Material inventoryP 100,000Work in Process inventory150,000Finished goods inventory200,000Quantity manufactured - 100 unitsRequired: In good form, prepare the Statement of Cost of Goods Manufactured and Cost of SalesINSTRUCTION: ANSWER THE FOLLOWING QUESTIONS AND INDICATE YOUR ANSWERS IN THEANSWER SHEET ABOVE.1. The cost of direct materials P2. The cost of direct labor is P3. The cost of FACTORY OVERHEAD is P4. The total FACTORY COST is P5. The COST OF GOODS MANUFACTURED is P6. The COST PER UNIT is P7. The COST OF SALES is P8. The GROSS PROFIT is P9. The GROSS PROFIT RATE is P7

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V PROBLEM COST OF SALES / COST OF GOODS MANUFACTURED Long-ganisa Corporation, a manufacturer of Hot Dogs, gave you the following partial financial information from the trial balance of the company, for its first year of operation, ending December 31, 2020: Factory insurance Salaries and wages - Office Store light and water expense Office light and water expense Depreciation Expense - Factory machineries Accrued salaries and wages - office Indirect labor Sales returns and allowances Freight in Material inventory, Jan. 1 Work in Process, Jan. 1 Finished goods inventory, Jan. 1 15,000 15,000 3,000 2,000 20,000 150,000 FOH/CGM AE SE AE 18,000 13,000 CL 10,000 100,000 200,000 200,000 FOH/CGM FOH/CGM NS CGM DM CGM / DM CGM COS 7

V PROBLEM COST OF SALES / COST OF GOODS MANUFACTURED Long-ganisa Corporation, a manufacturer of Hot Dogs, gave you the following partial financial information from the trial balance of the company, for its first year of operation, ending December 31, 2020: Factory insurance Salaries and wages - Office Store light and water expense Office light and water expense Depreciation Expense - Factory machineries Accrued salaries and wages - office Indirect labor Sales returns and allowances Freight in Material inventory, Jan. 1 Work in Process, Jan. 1 Finished goods inventory, Jan. 1 15,000 15,000 3,000 2,000 20,000 150,000 FOH/CGM AE SE AE 18,000 13,000 CL 10,000 100,000 200,000 200,000 FOH/CGM FOH/CGM NS CGM DM CGM / DM CGM COS 7

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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