show full solution. Compute for the unit cost of goods manufactured Listed below are certain accounts of the IE Manufacturing Corporation with balances for the year ended December 31, 2021:Supplies expense - administrative officePhp10,300Depreciation---plant and equipment32,750Depreciation---administrative office3,500Direct labor cost320,207Transportation Expenses administrative office3,000Factory heat, light, and power93,450Factory supplies cost12,500Finished goods inventory, 1/165,780Finished goods inventory, 12/31106,750Freight-in9,890Goods in process inventory, 1/125,000Goods in process inventory, 12/3121,920Indirect labor4,600Insurance and taxes (factory)15,620Purchases206,000Raw materials inventory, 1/1265,650Raw materials inventory, 12/31126,300Salaries expense - administrative officers40,500Additional Information:1. A total of 15,000 units were completed during the year.2. 50,000 units were sold for Php21.75 each.

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show full solution. Compute for the unit cost of goods manufactured

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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Concept explainers

Management by Exception

A manager’s job is a very tough one. A manager needs to look at the various areas of work and as a manager he has to look after two or more important jobs or activities at the same time for the growth of the business. In order to do all these things in an effective manner, a manager must adopt or practice different management styles and tactics.

Question

show full solution. Compute for the unit cost of goods manufactured

Listed below are certain accounts of the IE Manufacturing Corporation with balances for the year ended December 31, 2021:
Supplies expense - administrative office
Php10,300
Depreciation---plant and equipment
32,750
Depreciation---administrative office
3,500
Direct labor cost
320,207
Transportation Expenses administrative office
3,000
Factory heat, light, and power
93,450
Factory supplies cost
12,500
Finished goods inventory, 1/1
65,780
Finished goods inventory, 12/31
106,750
Freight-in
9,890
Goods in process inventory, 1/1
25,000
Goods in process inventory, 12/31
21,920
Indirect labor
4,600
Insurance and taxes (factory)
15,620
Purchases
206,000
Raw materials inventory, 1/1
265,650
Raw materials inventory, 12/31
126,300
Salaries expense - administrative officers
40,500
Additional Information:
1. A total of 15,000 units were completed during the year.
2. 50,000 units were sold for Php21.75 each.

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