Bloom Company accumulated the following quarterly cost data for the current year. Raw materials-beginning inventory Purchases 90,000 units @ P7.00 75,000 units @ P8.00 120,000 units @ P8.50 The company transferred 195,000 units of raw materials to work in process during the year. Work in process - beginning inventory Direct labor, net of deduction of 200,000 Manufacturing overhead Work in process - ending inventory 50,000 units @ P14.00 2,900,000 2,950,000 48,000 units @ P15.00 The company uses the FIFO method for valuing inventory. What is the cost of goods manufactured for the current year?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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48. 

Bloom Company accumulated the following quarterly cost data for the current year.
Raw materials-beginning inventory
Purchases
90,000 units @ P7.00
75,000 units @ P8.00
120,000 units @ P8.50
The company transferred 195,000 units of raw materials to work in process during the year.
Work in process - beginning inventory
Direct labor, net of deduction of 200,000
Manufacturing overhead
Work in process - ending inventory
50,000 units @ P14.00
2,900,000
2,950,000
48,000 units @ P15.00
The company uses the FIFO method for valuing inventory. What is the cost of goods
manufactured for the current year?
Transcribed Image Text:Bloom Company accumulated the following quarterly cost data for the current year. Raw materials-beginning inventory Purchases 90,000 units @ P7.00 75,000 units @ P8.00 120,000 units @ P8.50 The company transferred 195,000 units of raw materials to work in process during the year. Work in process - beginning inventory Direct labor, net of deduction of 200,000 Manufacturing overhead Work in process - ending inventory 50,000 units @ P14.00 2,900,000 2,950,000 48,000 units @ P15.00 The company uses the FIFO method for valuing inventory. What is the cost of goods manufactured for the current year?
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