Direct labor 400,000 Indirect labor 180,000 Sales commissions 104,000 Administrative salaries 250,000 f. Prepaid insurance expired during the year, P30,000 (80% relates to factory operatiom 10% to selling, and 10% to administrative activities). g. Accrued miscellaneous selling and administrative expenses, P10,000 and P8,000 respectively. h. Manufacturing overhead was applied to production. The company applies overhead the basis of 150% of direct labor cost. i. Goods costing P1,400,000 to manufacture were transferred to the finished goods

Direct labor 400,000 Indirect labor 180,000 Sales commissions 104,000 Administrative salaries 250,000 f. Prepaid insurance expired during the year, P30,000 (80% relates to factory operatiom 10% to selling, and 10% to administrative activities). g. Accrued miscellaneous selling and administrative expenses, P10,000 and P8,000 respectively. h. Manufacturing overhead was applied to production. The company applies overhead the basis of 150% of direct labor cost. i. Goods costing P1,400,000 to manufacture were transferred to the finished goods

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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