Problem 6 The Protect Production Company presents the following selected general ledger accounts showing balances at October 1, 2017: Cash P 40,000 Finished Goods 592,000 Work in Process 164,000 Raw materials 128,000 Prepaid Insurance Accumulated Depreciation Accounts Payable 4,000 280,000 108,000 Balances at October 31, 2017 include: Accrued payroll Finished goods P 12,000 608,000 Work in Process 188,000 120,000 Raw Materials A summary of transactions for the month of October follows: a. Cash sales P420,000 b. Raw materials purchased on account c. Direct materials used 168,000 156,000 d. Direct Labor 64,000 e. Factory insurance expired f. Depreciation for factory equipment g. Factory utility service on account h. Accounts payable paid i. Factory payroll paid 1,200 6,800 12,000 196,000 88,000

Problem 6 The Protect Production Company presents the following selected general ledger accounts showing balances at October 1, 2017: Cash P 40,000 Finished Goods 592,000 Work in Process 164,000 Raw materials 128,000 Prepaid Insurance Accumulated Depreciation Accounts Payable 4,000 280,000 108,000 Balances at October 31, 2017 include: Accrued payroll Finished goods P 12,000 608,000 Work in Process 188,000 120,000 Raw Materials A summary of transactions for the month of October follows: a. Cash sales P420,000 b. Raw materials purchased on account c. Direct materials used 168,000 156,000 d. Direct Labor 64,000 e. Factory insurance expired f. Depreciation for factory equipment g. Factory utility service on account h. Accounts payable paid i. Factory payroll paid 1,200 6,800 12,000 196,000 88,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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