5. During the current accounting period, a manufacturing company purchased P70,000 of raw materials, of which P50,000
Question:
5. During the current accounting period, a manufacturing company purchased P70,000 of raw materials, of which P50,000 of direct materials and P5,000 of indirect materials were used in production. The company also incurred P45,000 of total labor costs and P20,000 of other factory overhead costs. An analysis of the work-in-process control account revealed P40,000 of direct labor costs. Based upon the above information, what is the total amount accumulated in the factory overhead control account?
6. L Inc. has provided the following data for the month of November. The balance in the Finished Goods inventory account at the beginning of the month was P52,000 and at the end of the month was P30,000. The cost of goods manufactured for the month was P 212,000. The actual manufacturing overhead cost incurred was P55,000 and the manufacturing overhead cost applied to Work in Process was P58,000. How much is the adjusted cost of goods sold that would appear on the income statement for November?
Horngrens Financial and Managerial Accounting
ISBN: 978-0133255584
4th Edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura