FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Materials used, P326,000. Total manufacturing costs charged to production during the year (including direct materials, direct labor, and factory overhead applied at the rate of 60% of direct labor cost), P686,000. Cost of goods available for sale, P826,000. Selling and general expenses, P25,000.

1.What is the amount of direct materials purchased during the year?

2.What is the total conversion cost?

3.What is the direct labor costs charged to production during the year?

4.How much is the total prime cost?

5.The following selected information pertains to Top Gun Manufacturing Inc.: Direct materials of P625,000, indirect materials of P125,000, direct labor of P750,000, indirect labor of P112,500, and factory overhead (not including indirect materials and indirect labor) of P375,000. How much is the conversion cost.

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