10 The balance of finished goods account on December 31 is: * (2 Points) The following balances were taken from the records of ABC Corp., a manufacturer of first-class home decors. January 1, 2015 Accounts receivable P 40,000 Accounts payable 60,000 Raw materials 78,000 Work in process 80,000 Finished goods 180,000 December 31, 2015 P 120,000 83,000 105,000 215,000 ??? Purchases of raw materials for the year amounted to P940,000 while direct labor hours utilized were 18,000 hours. All production personnel were paid a uniform rate of P60 per hour. Overhead was applied at 75% of direct labor costs. Gross margin for the year was P1,179,000 and the company's pricing policy is yielding a 25% gross profit 11 Below is the Inventory Stock Card maintained by HTGAWM Corp for the Raw Material A for the month of June 2021: Using moving average method, the total cost of raw materials issued on June 15 amounts to: (two decimal places for unit cost; round of final answer - nearest peso) (2 Points) DATE RECEIPTS ISSUANCES BALANCES JUNE UNITS UC AMOUNT UNITS UC 1 AMOUNT UNITS 800 UC AMOUNT 38.00 30,400.00 3 1200 40.00 4 1500 10 800 42.00 15 700 15 1500 41.00 15 1600 26 800 40.00 27 550 30 600 43.00 TOTAL 17 How much is the cost of goods manufactured? * (2 Points) Lucky Manufacturing Company uses a Raw and in Process account and charges all conversion costs to Cost of Goods Sold. At the end of each month, all inventories are counted, their conversion costs are estimated and inventory accounts are adjusted. The following information is available for the month of August. Beg. Balance of RIP, including Raw Materials of P84,000 Beg. Balance FG, including Raw Materials of P64,000 Raw materials purchased on account Ending balance of RIP, including Raw Materials of P88,000 Ending balance of FG, including Raw Materials of P48,000 Conversion costs added to production P93.600 96.000 1,776,000 101,600 77,600 950,000