![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Question
thumb_up100%
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
Problem](https://content.bartleby.com/qna-images/question/2c0f963a-4fee-4ce3-a487-101c607f6719/10903568-eff1-425a-9c6f-9db0781bbd15/75ccptc5_thumbnail.jpeg)
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
Expert Solution
![Check Mark](/static/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by stepSolved in 4 steps
![Blurred answer](/static/blurred-answer.jpg)
Knowledge Booster
Similar questions
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
![Text book image](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Text book image](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
![Text book image](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
![Text book image](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
![Text book image](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
![Text book image](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education