FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Please get the finished goods june 1 and june 30. disregard the other requirements (questions)
Transcribed Image Text:Problem 12
For June, MLT Company had cost of goods manufactured equal to Pi20,000;
materials purchases, P33,000; depreciation of factory assets, P17,000; cost of
goods sold, P140,000; expired insurance on factory assets, P2,000; cost of goods
available for sale, P190,000; and total factory labor, P49,000. Inventorics were as
follows:
Materials
Work in process
Finished goods
June I
P15,000
40,000
June 30
P19,000
30,000
General factory overhead of P13,000 was incurred in June; this figure includes all
factory overhead except indirect labor, indirect materials, depreciation and
insurance. Direct labor cost for the month was six times larger than indirect labor
cost. The cost of indirect materials used was P1,000. The company uses a single
materials account for direct and indirect materials.
Requirements. - Determine the amount for the following
1. The direct materials used
2. The total manufacturing costs
3. Finished goods inventory, June 1
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