Problem 9 Miracle Company provides you with the following information January 1 January 31 Inventories: Materials Work in process Finished goods January transactions: P 50,000 95,000 78,000 P ? 80,000 60,000 Purchases of materials, P 46,000 Factory overhead (75% of direct labor cost) P 63,000 Selling and adm. Expenses (12.5% of sales, P 25,000 Factory overhead control, P 62,800 Net income for January, P 25,200 Indirect materials used, P 1,000 Requirements: 1. Materials inventory, January 2. Cost of goods manufactured 3. Cost of goods sold (normal) for the month of January of the current year

Problem 9 Miracle Company provides you with the following information January 1 January 31 Inventories: Materials Work in process Finished goods January transactions: P 50,000 95,000 78,000 P ? 80,000 60,000 Purchases of materials, P 46,000 Factory overhead (75% of direct labor cost) P 63,000 Selling and adm. Expenses (12.5% of sales, P 25,000 Factory overhead control, P 62,800 Net income for January, P 25,200 Indirect materials used, P 1,000 Requirements: 1. Materials inventory, January 2. Cost of goods manufactured 3. Cost of goods sold (normal) for the month of January of the current year

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 10MC: Direct material costs $3 per unit, direct labor costs $5 per unit, and overhead is applied at the...

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