The following information relates to EAZ Company for the year ended December 31, 2018: Raw materials P200,000 Direct Labor 100,000 5,000 47,000 18,000 Indirect Materials Indirect Labor Factory utilities Factory rent Depreciation - Factory Equipment 36,000 24,000 960,000 120,000 240,000 Sales Selling Expenses Administrative expenses Income tax rate 30% January 1 P20,000 18,000 December 31 Raw Materials Inventory Work In Process Inventory Finished Goods Inventory P16,000 15,000 21,000 24,000 Required: 1. Calculate the Raw Materials Used 2. Prepare a schedule of goods manufactured. 3. Construct an income statement for the year ended December 31, 2018.
The following information relates to EAZ Company for the year ended December 31, 2018: Raw materials P200,000 Direct Labor 100,000 5,000 47,000 18,000 Indirect Materials Indirect Labor Factory utilities Factory rent Depreciation - Factory Equipment 36,000 24,000 960,000 120,000 240,000 Sales Selling Expenses Administrative expenses Income tax rate 30% January 1 P20,000 18,000 December 31 Raw Materials Inventory Work In Process Inventory Finished Goods Inventory P16,000 15,000 21,000 24,000 Required: 1. Calculate the Raw Materials Used 2. Prepare a schedule of goods manufactured. 3. Construct an income statement for the year ended December 31, 2018.
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter2: Basic Cost Management Concepts
Section: Chapter Questions
Problem 27E: Selected information concerning the operations of a company for the year ended December 31 is as...
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 3 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,