The following information was taken from ABC Company’s accounting records for the year ended December 31, 2003: Decrease in raw materials inventory, P500,000 Increase in goods in process inventory, P1,500,000 Increase in finished goods inventory, P1,000,000 Raw materials purchased, P20,000,000 Direct labor payroll, P5,000,000 Factory overhead, P3,000,000 Freight out, P2,000,000 Freight in, P2,500,000 The cost of goods sold is
The following information was taken from ABC Company’s accounting records for the year ended December 31, 2003: Decrease in raw materials inventory, P500,000 Increase in goods in process inventory, P1,500,000 Increase in finished goods inventory, P1,000,000 Raw materials purchased, P20,000,000 Direct labor payroll, P5,000,000 Factory overhead, P3,000,000 Freight out, P2,000,000 Freight in, P2,500,000 The cost of goods sold is
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter26: Manufacturing Accounting: The Job Order Cost System
Section: Chapter Questions
Problem 2SEA: SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin...
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The following information was taken from ABC Company’s accounting records for the year ended December 31, 2003:
Decrease in raw materials inventory, P500,000
Increase in goods in process inventory, P1,500,000
Increase in finished goods inventory, P1,000,000
Raw materials purchased, P20,000,000
Direct labor payroll, P5,000,000
Factory overhead, P3,000,000
Freight out, P2,000,000
Freight in, P2,500,000
The cost of goods sold is
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