The Angie Manufacturing Company makes one model of a product known as Brand A. On January...

 

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The Angie Manufacturing Company makes one model of a product known as Brand A. On January 1, 2018, there was 500 units of the finished product which were included in the finished goods inven- tory. Other inventories on January 1 were: Work in process Materials P5,740 11,620 Among the data available for December 31, 2018 were the following: Indirect labor Direct labor Freight-in Materials inventory Other factory overhead expenses Work in process inventory Sales (15,000 units) Indirect materials Total factory costs P12,160 32,640 5,570 9,640 31,730 7,820 360,000 21,390 194,080 There were 1,500 units of Brand A in the finished goods inventory at December 31, 2018. Compute for the year: (1) the amount of materials purchased (gross); and (2) the gross profit: A go- the 13. The accounting department of the Lorelei Company provided the following data for June: sales, P72,000; marketing expenses, 5%; ad- ministrative expenses, 1%; other expenses, 5% of all sales; purchases, P36,000; factory overhead, 2/3 of direct labor, P15,000. Beginning inventories: Finished goods Work in process Materials Ending inventories: Finished goods Work in process Materials P 7,000 8,000 8,000 P10,200 15,000 8,500 Compute for June: (1) the cost of goods sold, and (2) income before income tax: The Angie Manufacturing Company makes one model of a product known as Brand A. On January 1, 2018, there was 500 units of the finished product which were included in the finished goods inven- tory. Other inventories on January 1 were: Work in process Materials P5,740 11,620 Among the data available for December 31, 2018 were the following: Indirect labor Direct labor Freight-in Materials inventory Other factory overhead expenses Work in process inventory Sales (15,000 units) Indirect materials Total factory costs P12,160 32,640 5,570 9,640 31,730 7,820 360,000 21,390 194,080 There were 1,500 units of Brand A in the finished goods inventory at December 31, 2018. Compute for the year: (1) the amount of materials purchased (gross); and (2) the gross profit: A go- the 13. The accounting department of the Lorelei Company provided the following data for June: sales, P72,000; marketing expenses, 5%; ad- ministrative expenses, 1%; other expenses, 5% of all sales; purchases, P36,000; factory overhead, 2/3 of direct labor, P15,000. Beginning inventories: Finished goods Work in process Materials Ending inventories: Finished goods Work in process Materials P 7,000 8,000 8,000 P10,200 15,000 8,500 Compute for June: (1) the cost of goods sold, and (2) income before income tax:

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