150 Problem 9 Cost Accounting Miracle Company provides you with the following information Inventories: Materials Work in process Finished goods January 1 P ? 80,000 60,000 January 31 P 50,000 95,000 78,000 January transactions: Purchases of materials, P 46,000 Factory overhead (75% of direct labor cost) P 63,000 Selling and adm. Expenses (12.5% of sales, P 25,000 Factory overhead control, P 62,800 Net income for January, P 25,200 Indirect materials used, P 1,000 Requirements: 1. Materials inventory, January 1 2. Cost of goods manufactured 3. Cost of goods sold (normal) for the month of January of the current year Problem 10 The following were taken from the books of Nona Company. Raw materials Work in process January 1 P 268,000 0 March 31 P 167,000 0 Finished goods Direct materials used Direct labor 43,000 ? (100 units) (300 units) P1,847,700 2,125,800 Factory overhead 1,026,500 (12,300 units at P535.000) Sales The company uses the FIFO method of costing inventories. Requirements: 1. The number of units manufactured 2. The cost of goods manufactured per unit 3. The cost of goods sold