The following data have been provided by Monster Manufacturing Company for the most recent period: P16,80...

Transcribed Image Text:

The following data have been provided by Monster Manufacturing Company for the most recent period: P16,80 Sales. 0 Raw materials inventory, beginning.. P900 Raw materials inventory, ending.. Purchases of raw materials.. Direct labor...... P750 P8,400 P1,240 Manufacturing overhead. P2,070 Administrative expenses. P1,890 Selling expenses.. P1,000 Work in process inventory, beginning. P700 Work in process inventory, ending.. P1,050 Finished goods inventory, beginning. Finished goods inventory, ending.. P970 P1,120 Required: Calculate the cost of goods manufactured and prepare an income statement. 3. 4. 5. In December, Vollick Corporation had sales of P245,000, selling expenses of P23,000, and administrative expenses of P26,000. The cost of goods manufactured was P190,000. The beginning balance in the finished goods inventory account was P59,000 and the ending balance was P56,000. Required: Prepare an Income Statement in good form for December. In April, Holderness Inc., a merchandising company, had sales of P221,000, selling expenses of P14,000, and administrative expenses of P25,000. The cost of merchandise purchased during the month was P155,000. The beginning balance in the merchandise inventory account was P34,000 and the ending balance was P48,000. Required: Prepare an Income Statement in good form for April. The following data were taken from the cost records of Morrey Company for last year: Depreciation, factory.. Indirect labor. Utilities, factory... P60,000 P100,000 P40,000 The following data have been provided by Monster Manufacturing Company for the most recent period: P16,80 Sales. 0 Raw materials inventory, beginning.. P900 Raw materials inventory, ending.. Purchases of raw materials.. Direct labor...... P750 P8,400 P1,240 Manufacturing overhead. P2,070 Administrative expenses. P1,890 Selling expenses.. P1,000 Work in process inventory, beginning. P700 Work in process inventory, ending.. P1,050 Finished goods inventory, beginning. Finished goods inventory, ending.. P970 P1,120 Required: Calculate the cost of goods manufactured and prepare an income statement. 3. 4. 5. In December, Vollick Corporation had sales of P245,000, selling expenses of P23,000, and administrative expenses of P26,000. The cost of goods manufactured was P190,000. The beginning balance in the finished goods inventory account was P59,000 and the ending balance was P56,000. Required: Prepare an Income Statement in good form for December. In April, Holderness Inc., a merchandising company, had sales of P221,000, selling expenses of P14,000, and administrative expenses of P25,000. The cost of merchandise purchased during the month was P155,000. The beginning balance in the merchandise inventory account was P34,000 and the ending balance was P48,000. Required: Prepare an Income Statement in good form for April. The following data were taken from the cost records of Morrey Company for last year: Depreciation, factory.. Indirect labor. Utilities, factory... P60,000 P100,000 P40,000