Homework Help is Here – Start Your Trial Now!
Business
Accounting
Please get the finished goods june 1 and june 30. disregard the other requirements (questions)

Please get the finished goods june 1 and june 30. disregard the other requirements (questions)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
100%

Please get the finished goods june 1 and june 30. disregard the other requirements (questions)

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
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
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Merchandise Inventory
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS