The given miscellaneous data has been collected for a manufacturing company for the year ended 12/31/2020. Inventories: • Beginning - raw material_P50,000 - work in process_P40,000 - finished goods_P60,000 • Ending - raw material_P55,000 - work in process_P45,000 - finished goods_P50,000 costs recorded during the year: - purchases of raw material_P195,000 - direct labor_P150,000 - COGS_P595,000 - freight out_P25,000 - purchase discount_P32,000 - purchase return and allowances_P23,000 Required: Prepare a statement of cost of goods manufactured.
The given miscellaneous data has been collected for a manufacturing company for the year ended 12/31/2020. Inventories: • Beginning - raw material_P50,000 - work in process_P40,000 - finished goods_P60,000 • Ending - raw material_P55,000 - work in process_P45,000 - finished goods_P50,000 costs recorded during the year: - purchases of raw material_P195,000 - direct labor_P150,000 - COGS_P595,000 - freight out_P25,000 - purchase discount_P32,000 - purchase return and allowances_P23,000 Required: Prepare a statement of cost of goods manufactured.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The given miscellaneous data has been collected for a manufacturing company for the year ended 12/31/2020.
Inventories:
• Beginning
- raw material_P50,000
- work in process_P40,000
- finished goods_P60,000
• Ending
- raw material_P55,000
- work in process_P45,000
- finished goods_P50,000
costs recorded during the year:
- purchases of raw material_P195,000
- direct labor_P150,000
- COGS_P595,000
- freight out_P25,000
- purchase discount_P32,000
- purchase return and allowances_P23,000
Required: Prepare a statement of cost of goods manufactured.
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