Danica Corp. provided the following inventory balances and cost data for the month of June. Junel...

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Danica Corp. provided the following inventory balances and cost data for the month of June. Junel June 30 Direct Materials 30,000 40,000 Work in Process 15,000 20,000 Finished Goods 65,000 50,000 Production data for the month of June follows: Cost of goods manufactured 515,000 Factory overhead applied 150,000 Direct materials used 190,900 Actual factory overhead 144,000 NBA Inc. is engaged in the business of manufacturing basket balls. The company employees actual costing system. The company uses a single account for direct and indirect materials. The company provided the following data for the year ended December 1, 2020: Gross sales 9,500,000 500,000 1,000,000 200,000 400,000 1,000,000 300,000 100,000 500,000 2,000,000 3,000,000 Sales returns Gross purchases Purchase returns, allowance and discount Freight in Total costs of factory labor Depreciation of factory assets Expired insurance on factory assets Utilities expense on factory Total administrative expenses Total marketing expenses Inventories are as follows: January 1 December 31 Raw materials 100,000 300,000 Work in process ? 200,000 Finished goods 500,000 600,000 The following additional data are provided: 1) The net profit ratio of the company before income tax for the year ended December 31, 2020 was 10% of net sales. 2) The direct labor cost for the year was four times the cost of indirect labor. 3) The cost of indirect materials used was P100,000. Danica Corp. provided the following inventory balances and cost data for the month of June. Junel June 30 Direct Materials 30,000 40,000 Work in Process 15,000 20,000 Finished Goods 65,000 50,000 Production data for the month of June follows: Cost of goods manufactured 515,000 Factory overhead applied 150,000 Direct materials used 190,900 Actual factory overhead 144,000 NBA Inc. is engaged in the business of manufacturing basket balls. The company employees actual costing system. The company uses a single account for direct and indirect materials. The company provided the following data for the year ended December 1, 2020: Gross sales 9,500,000 500,000 1,000,000 200,000 400,000 1,000,000 300,000 100,000 500,000 2,000,000 3,000,000 Sales returns Gross purchases Purchase returns, allowance and discount Freight in Total costs of factory labor Depreciation of factory assets Expired insurance on factory assets Utilities expense on factory Total administrative expenses Total marketing expenses Inventories are as follows: January 1 December 31 Raw materials 100,000 300,000 Work in process ? 200,000 Finished goods 500,000 600,000 The following additional data are provided: 1) The net profit ratio of the company before income tax for the year ended December 31, 2020 was 10% of net sales. 2) The direct labor cost for the year was four times the cost of indirect labor. 3) The cost of indirect materials used was P100,000.