Tou Can Do It PRACTICE EXERCISE 3: EVALUATION:The following are data for PPE Limited Company for the year 2020:650,00087,000136,000104,00046,000200,000PSalesDirect labor costRaw material purchasesSelling expensesAdministrative expensesManufacturing overhead applied to work in processActual manufacturing overhead costs226,000InventoriesRaw materialsWork in processFinished goodsBeginningP8,800P6,000P78,000EndingP11,000P20,800P25,900Required: Write your answer on a separate sheet of paper1. Assume all raw materials used in production were direct materials, prepare a statement ofprojected cost of goods manufactured.2. Prepare projected income statement.

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You Can Do It! PRACTICE EXERCISE 3: EVALUATION: The following are data for PPE Limited Company for the year 2020: 650,000 P Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs 87,000 136,000 104,000 46,000 200,000 226,000 P Inventories Raw materials Work in process Finished goods Beginning P8,800 P6,000 P78,000 Ending P11,000 P20,800 P25,900 Required: Write your answer on a separate sheet of paper 1. Assume all raw materials used in production were direct materials, prepare a statement of projected cost of goods manufactured. 2. Prepare projected income statement.

You Can Do It! PRACTICE EXERCISE 3: EVALUATION: The following are data for PPE Limited Company for the year 2020: 650,000 P Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs 87,000 136,000 104,000 46,000 200,000 226,000 P Inventories Raw materials Work in process Finished goods Beginning P8,800 P6,000 P78,000 Ending P11,000 P20,800 P25,900 Required: Write your answer on a separate sheet of paper 1. Assume all raw materials used in production were direct materials, prepare a statement of projected cost of goods manufactured. 2. Prepare projected income statement.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 1PA: The following product Costs are available for Haworth Company on the production of chairs: direct...

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