Charlie Corporation provided the following account balances for the year ended December 31: Selling expenses, P215,000 Purchases of raw materials, P260,000 Administrative expenses, P160,000 Direct labor, P? Manufacturing overhead, P240,000 Inventory balances at the beginning of the year were as follows: Raw materials, P50,000 Work in process, P33,000 Finished goods, P30,000 The total manufacturing costs for the year were P675,000, where overhead is applied at 120% of direct labor cost; cost of goods available for sale totaled P720,000; cost of goods sold amount to P665,000. How much are the ending balances of raw materials, work in process, and finished goods inventory? RM Inventory, end – P75,000 ; WIP inventory, end – P15,000 ; FG inventory end – P25,000 RM Inventory, end – P75,000 ; WIP inventory, end – P18,000 ; FG inventory end – P55,000 RM Inventory, end – P25,000 ; WIP inventory, end – P15,000 ; FG inventory end – P55,000 RM Inventory, end – P25,000 ; WIP inventory, end – P18,000 ; FG inventory end – P25,000
Charlie Corporation provided the following account balances for the year ended December 31: Selling expenses, P215,000 Purchases of raw materials, P260,000 Administrative expenses, P160,000 Direct labor, P? Manufacturing overhead, P240,000 Inventory balances at the beginning of the year were as follows: Raw materials, P50,000 Work in process, P33,000 Finished goods, P30,000 The total manufacturing costs for the year were P675,000, where overhead is applied at 120% of direct labor cost; cost of goods available for sale totaled P720,000; cost of goods sold amount to P665,000. How much are the ending balances of raw materials, work in process, and finished goods inventory? RM Inventory, end – P75,000 ; WIP inventory, end – P15,000 ; FG inventory end – P25,000 RM Inventory, end – P75,000 ; WIP inventory, end – P18,000 ; FG inventory end – P55,000 RM Inventory, end – P25,000 ; WIP inventory, end – P15,000 ; FG inventory end – P55,000 RM Inventory, end – P25,000 ; WIP inventory, end – P18,000 ; FG inventory end – P25,000
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter26: Manufacturing Accounting: The Job Order Cost System
Section: Chapter Questions
Problem 1CP
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Charlie Corporation provided the following account balances for the year ended December 31:
Selling expenses, P215,000
Purchases of raw materials, P260,000
Administrative expenses, P160,000
Direct labor, P?
Manufacturing overhead, P240,000
Inventory balances at the beginning of the year were as follows:
Raw materials, P50,000
Work in process, P33,000
Finished goods, P30,000
The totalmanufacturing costs for the year were P675,000, where overhead is applied at 120% of direct labor cost; cost of goods available for sale totaled P720,000; cost of goods sold amount to P665,000.
How much are the ending balances of raw materials, work in process, and finished goods inventory?
Selling expenses, P215,000
Purchases of raw materials, P260,000
Administrative expenses, P160,000
Direct labor, P?
Manufacturing overhead, P240,000
Inventory balances at the beginning of the year were as follows:
Raw materials, P50,000
Work in process, P33,000
Finished goods, P30,000
The total
How much are the ending balances of raw materials, work in process, and finished goods inventory?
RM Inventory, end – P75,000 ; WIP inventory, end – P15,000 ; FG inventory end – P25,000
RM Inventory, end – P75,000 ; WIP inventory, end – P18,000 ; FG inventory end – P55,000
RM Inventory, end – P25,000 ; WIP inventory, end – P15,000 ; FG inventory end – P55,000
RM Inventory, end – P25,000 ; WIP inventory, end – P18,000 ; FG inventory end – P25,000
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