(2.) The cost department of Lancer Corporation made the following data and costs available for the...
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(2.) The cost department of Lancer Corporation made the following data and costs available for the year 1997: Raw materials Work-in-process January 1 December 31 P 34,200 P 49,300 81,500 42,350 48,600 ? Finished goods 21,350 Depreciation - factory equipment Raw materials purchased 364,000 Direct labor 162,500 Indirect labor 83,400 Freight-in 8,600 Miscellaneous factory overhead 47,900 Finished goods inventory Jan. 1: 300 units; Dec. 31: 420 units, all from current years of production. Sold during 1997: 3,880 units at PhP 220 per unit. The company uses FIFO method in costing its inventory. Required: (1) The unit cost of the finished goods inventory on December 31. (2) The cost of goods manufactured and sold statement. (2.) The cost department of Lancer Corporation made the following data and costs available for the year 1997: Raw materials Work-in-process January 1 December 31 P 34,200 P 49,300 81,500 42,350 48,600 ? Finished goods 21,350 Depreciation - factory equipment Raw materials purchased 364,000 Direct labor 162,500 Indirect labor 83,400 Freight-in 8,600 Miscellaneous factory overhead 47,900 Finished goods inventory Jan. 1: 300 units; Dec. 31: 420 units, all from current years of production. Sold during 1997: 3,880 units at PhP 220 per unit. The company uses FIFO method in costing its inventory. Required: (1) The unit cost of the finished goods inventory on December 31. (2) The cost of goods manufactured and sold statement.
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SOLUTION To determine the unit cost of the finished goods inventory on December 31 and prepare the cost of goods manufactured and sold statement we need to analyze the provided data and perform calcul... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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