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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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
Transcribed Image Text:The following data pertain to 2020 financial information of The Press Company.
Direct materials and supplies purchased on account
Direct materials issued to the production departments
Supplies issued to various production departments
Labor used directly in production
Indirect labor incurred by various departments
Depreciation-buildings and factory equipment
Miscellaneous factory overhead incurred by various departments
(ordinarily would be detailed as repairs, photocopying, utilities, etc.)
Factory overhead applied at 160% of direct labor
Cost of goods manufactured
Sales
Cost of goods sold
Inventories Dec. 31, 2019:
Materials
Work in process
Finished goods
P 100
60
500
Requirement: Compute for:
1. Manufacturing costs
2. Actual factory overhead
3. Materials inventory, December 31, 2020
P 800
710
100
1,300
900
400
550
?
4,120
8,000
4,020
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