|The following refer toX Company for the year 2019: Sales revenue WIP, 12/31/2019 WIP, 1/1/2019 Selling and administrative expenses Income tax expense Purchase of raw materials P960,000 30,000 40,000 150,000 90,000 180,000 Raw materials, 12/31/2019 Raw materials, 1/1/2019 25,000 40,000 Direct labor 200,000 Utilities: plant Depreciation: plant and equipment Finished goods, 12/31/2019 Finished goods, 1/1/2019 Accumulated Depreciation account-factory Indirect material 40,000 60,000 50,000 20,000 140,000 10,000 Indirect labor 15,000 Other manufacturing overhead 80,000 What is the net income?
|The following refer toX Company for the year 2019: Sales revenue WIP, 12/31/2019 WIP, 1/1/2019 Selling and administrative expenses Income tax expense Purchase of raw materials P960,000 30,000 40,000 150,000 90,000 180,000 Raw materials, 12/31/2019 Raw materials, 1/1/2019 25,000 40,000 Direct labor 200,000 Utilities: plant Depreciation: plant and equipment Finished goods, 12/31/2019 Finished goods, 1/1/2019 Accumulated Depreciation account-factory Indirect material 40,000 60,000 50,000 20,000 140,000 10,000 Indirect labor 15,000 Other manufacturing overhead 80,000 What is the net income?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter10: Property, Plant And Equipment: Acquisition And Subsequent Investments
Section: Chapter Questions
Problem 8MC
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