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Please get the finished goods june 1 and june 30. disregard the other requirements (questions)

Please get the finished goods june 1 and june 30. disregard the other requirements (questions)

Financial & Managerial Accounting
Financial & Managerial Accounting
14th Edition
ISBN:9781337119207
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter17: Process Cost Systems
Section: Chapter Questions
Problem 17.3TIF
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Please get the finished goods june 1 and june 30. disregard the other requirements (questions)

Problem 12 For June, MLT Company had cost of goods manufactured equal to Pi20,000; materials purchases, P33,000; depreciation of factory assets, P17,000; cost of goods sold, P140,000; expired insurance on factory assets, P2,000; cost of goods available for sale, P190,000; and total factory labor, P49,000. Inventorics were as follows: Materials Work in process Finished goods June I P15,000 40,000 June 30 P19,000 30,000 General factory overhead of P13,000 was incurred in June; this figure includes all factory overhead except indirect labor, indirect materials, depreciation and insurance. Direct labor cost for the month was six times larger than indirect labor cost. The cost of indirect materials used was P1,000. The company uses a single materials account for direct and indirect materials. Requirements. - Determine the amount for the following 1. The direct materials used 2. The total manufacturing costs 3. Finished goods inventory, June 1
Transcribed Image Text:Problem 12 For June, MLT Company had cost of goods manufactured equal to Pi20,000; materials purchases, P33,000; depreciation of factory assets, P17,000; cost of goods sold, P140,000; expired insurance on factory assets, P2,000; cost of goods available for sale, P190,000; and total factory labor, P49,000. Inventorics were as follows: Materials Work in process Finished goods June I P15,000 40,000 June 30 P19,000 30,000 General factory overhead of P13,000 was incurred in June; this figure includes all factory overhead except indirect labor, indirect materials, depreciation and insurance. Direct labor cost for the month was six times larger than indirect labor cost. The cost of indirect materials used was P1,000. The company uses a single materials account for direct and indirect materials. Requirements. - Determine the amount for the following 1. The direct materials used 2. The total manufacturing costs 3. Finished goods inventory, June 1
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