X Corp. applies factory overhead to production at 75% of labor cost. The following data are drawn from the company's records: May 1, 2021 P 96,200 132,000 156,000 May 31, 2021 P 94,600 148,000 172,000 Inventories Materials Work in process Finished goods Credit sales from January to May 2021 – P500,000 Credit sales from January to April 2021- P400,000 Cash Sales for the month of May 2021- P 200,000 Factory overhead applied – P48,000 Operating expenses – P22,400 Net income - P53,600

X Corp. applies factory overhead to production at 75% of labor cost. The following data are drawn from the company's records: May 1, 2021 P 96,200 132,000 156,000 May 31, 2021 P 94,600 148,000 172,000 Inventories Materials Work in process Finished goods Credit sales from January to May 2021 – P500,000 Credit sales from January to April 2021- P400,000 Cash Sales for the month of May 2021- P 200,000 Factory overhead applied – P48,000 Operating expenses – P22,400 Net income - P53,600

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Question

During the month of May 2021, what was the aggregate cost of materials purchases?

X Corp. applies factory overhead to production at 75% of labor cost. The following data are drawn
from the company's records:
May 1, 2021
P 96,200
132,000
156,000
May 31, 2021
P 94,600
148,000
172,000
Inventories
Materials
Work in process
Finished goods
Credit sales from January to May 2021 – P500,000
Credit sales from January to April 2021- P400,000
Cash Sales for the month of May 2021- P 200,000
Factory overhead applied - P48,000
Operating expenses - P22,400
Net income - P53,600

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