FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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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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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