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

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

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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