The accounting records of VJ Company contained the following information for last year: Direct materials inventory Work in process inventory Finished goods inventory Manufacturing costs incurred Indirect materials Direct labor costs Depreciation on factory machinery Factory rent Indirect labor Taxes Purchases Freight in Purchase discount Selling and administrative costs incurred Advertising Rent Clerical Requirements: 1. Using T-accounts, compute for the following: Direct materials used Total manufacturing cost Cost of goods manufactured Cost of goods sold Beginning P90,000 200,000 185,000 Ending P65,000 100,000 155,000 P300,000 160,000 10,000 12,000 70,000 8,000 510,000 20,000 10,000 36,000 21,000 24,500

The accounting records of VJ Company contained the following information for last year: Direct materials inventory Work in process inventory Finished goods inventory Manufacturing costs incurred Indirect materials Direct labor costs Depreciation on factory machinery Factory rent Indirect labor Taxes Purchases Freight in Purchase discount Selling and administrative costs incurred Advertising Rent Clerical Requirements: 1. Using T-accounts, compute for the following: Direct materials used Total manufacturing cost Cost of goods manufactured Cost of goods sold Beginning P90,000 200,000 185,000 Ending P65,000 100,000 155,000 P300,000 160,000 10,000 12,000 70,000 8,000 510,000 20,000 10,000 36,000 21,000 24,500

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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