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?

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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