Fortune Company had the following cost for 2019; Direct Materials purchases P620,000 Direct labor, P400,000 Factory Overhead

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Question:

Fortune Company had the following cost for 2019;

Direct Materials purchases P620,000

Direct labor, P400,000

Factory Overhead cost, P500,000

Change in the direct materials inventory, P20,000 decrease

Change in the work-in-process inventory, P50,000 increase

Change in the finished goods inventory, P60,000 increase

Questions

1. How much is the total manufacturing cost for 2019?

2. How much is the cost of goods manufactured?

3. How much is the cost of goods sold?

Related Book For answer-question

Financial and Managerial Accounting

ISBN: 978-1285078571

12th edition

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

See More Books

Posted Date: Jul 31, 2023 04:20 AM

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Fortune Company had the following cost for 2019; Direct Materials purchases P620,000 Direct labor, P400,000 Factory Overhead

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Financial and Managerial Accounting

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