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?
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?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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48.
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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