The T-accounts below provide selected data about Company J’s financial results for the year: Raw Materials Inventory Jan 1 bal. P22,500 ? Credits Debits P75,000 Dec. 31 bal P18,000 Finished Goods Jan 1 bal. P90,000 ? Credits
The T-accounts below provide selected data about Company J’s financial results for the year: Raw Materials Inventory Jan 1 bal. P22,500 ? Credits Debits P75,000 Dec. 31 bal P18,000 Finished Goods Jan 1 bal. P90,000 ? Credits
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The T-accounts below provide selected data about Company J’s financial results for the year:
|
Raw Materials Inventory |
|
|
Jan 1 bal. P22,500 |
? Credits |
|
Debits P75,000 |
|
|
Dec. 31 bal P18,000 |
|
Finished Goods |
|
|
Jan 1 bal. P90,000 |
? Credits |
|
Debits ? |
|
|
Dec. 31 bal P72,000 |
|
Factory |
|
|
Debits P111,000 |
? Credits |
|
Work In Process |
|
|
Jan 1 bal. P52,500 |
P282,000 Credits |
|
Direct Materials P72,000 |
|
|
Direct Labor P90,000 |
|
|
Factory Overhead P112,500 |
|
|
Dec 31 Bal. ? |
|
|
Manufacturing Wages Payable |
|
|
Debits P111,000 |
P66,000 Jan 1 Bal |
|
|
P99,000 Credits |
|
Cost of Goods Sold |
|
|
Debits ? |
|
The amount of indirect materials in the factory overhead account is
a.P7,500
b.P12,000
c.P18,000
d.P4,500
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