How much is the total cost of inventory to be presented in the financial position of XYZ? Problem No. 7The management of XYZ Corporation has asked you in the preparation of some key reports for the monthof September. The beg. balance in the raw materials inventory account was Php40,000.00. During the monththe company purchased Php 89,000.00 of raw materials and used Php77,000 raw materials to production.Direct Labor cost was Php4,000.00 and Manufacturing Overhead wasPhp91,000.00.The beg. Balance in the Work-in-Process Inventory account was PHp44,000.00 and the ending balance isPhp39,000.00. The beg. Balance in the Finished Goods Inventory Account was Php73,000.00 and the endingbalance is Php78,000.00. Salary of Salespersons was Php40,000.00 and Administrative Expense wasPhp55,000.00.

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Description: How much is the total cost of inventory to be presented in the financial position of XYZ? Problem No. 7The management of XYZ Corporation has asked you in the preparation of some key reports for the monthof September. The beg. balance in the raw mater

Inventory valuation is done by the Business Entity as per the rules prescribed under the Relevant…

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Business

Accounting

How much is the total cost of inventory to be presented in the financial position of XYZ?

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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