The following information was taken from Camel Co. accounting records for the year ended December 31, 2019: Decrease in raw materials - P15,000; Increase in Finished goods inventory - P35,000; Sales - P1,092,000, Direct Labor - P200,000; Factory overhead - P300,000; Freight out - P45,000; there was no work in process at the beginning or end of the year. The selling price has a markup of 120% on cost. How much is the raw materials purchased?

The following information was taken from Camel Co. accounting records for the year ended December 31, 2019: Decrease in raw materials - P15,000; Increase in Finished goods inventory - P35,000; Sales - P1,092,000, Direct Labor - P200,000; Factory overhead - P300,000; Freight out - P45,000; there was no work in process at the beginning or end of the year. The selling price has a markup of 120% on cost. How much is the raw materials purchased?

Name: Answer: 430,000Please show solution, and if there’s a formula that can
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Description: Answer: 430,000Please show solution, and if there’s a formula that can be used for similar problems please do include it. Thank you! The following information was taken from Camel Co.accounting records for the year ended December 31,2019: Decrease in

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter4: Accounting For Factory Overhead

Section: Chapter Questions

Problem 18E: Housley Paints Co. had a remaining debit balance of $25,000 in its under- and overapplied factory...

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The following information was taken from A Company’s accounting records for the current year: Decrease in raw materials – P500,000; Increase in goods in process inventory – P800,000; Decrease in finished goods inventory – P1,000,000; Raw materials purchased – P20,000,000; Direct labor payroll – P5,000,000; Factory overhead – P4,000,000; Freight out – P1,500,000; Freight in – P2,300,000 What is the cost of goods sold? [A] 32,000,000 [B] 33,500,000 [C] 30,000,000 [D] 30,600,000
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