FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Problem 7

Chapter 5 Job Order Costing
Chapter 5
Job Order Costing
149
Problem 7
The following inventory data relate to Abner Corporation.
Inventories
Finished goods
Work in process
Direct materials
Revenues and costs for the period
Beginning
P 90,000
80,000
95,000
Ending
P 110,000
70,000
90,000
Sales
Cost of goods available for sale
Total manufacturing costs
Factory overhead
Direct materials used
Required: Compute the following for the year:
1. Direct materials purchased
P 900,000
775,000
675,000
175,000
205,000
2. Direct labor costs incurred
3. Cost of goods sold
4. Gross profit
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Transcribed Image Text:Chapter 5 Job Order Costing Chapter 5 Job Order Costing 149 Problem 7 The following inventory data relate to Abner Corporation. Inventories Finished goods Work in process Direct materials Revenues and costs for the period Beginning P 90,000 80,000 95,000 Ending P 110,000 70,000 90,000 Sales Cost of goods available for sale Total manufacturing costs Factory overhead Direct materials used Required: Compute the following for the year: 1. Direct materials purchased P 900,000 775,000 675,000 175,000 205,000 2. Direct labor costs incurred 3. Cost of goods sold 4. Gross profit Problem
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