34.

Questions 34 to 40

In addition to the year-end statement of financial position and income statement, the management of ABCDEF01 Company required the controller to prepare the statement of goods manufactured. During 2019, P370,000. of raw materials were purchased. Operating cost data and inventory account balances for 2019 follow:

Direct Labor (Rate: P9.50/hour) 99,085.00

Plant Supervision 42,500.00

Indirect Labor (Rate: P6.25/hour) 126,750.00

Factory Insurance 8,100.00

Factory Utilities 29,220.00

Depreciation - Factory Building 46,200.00

Depreciation - Factory Equipment 62,800.00

Manufacturing Supplies 9,460.00

Repairs and Maintenance-factory 14,980.00

Selling and Administrative Expenses 76,480.00

Raw Materials Inventory, Jan. 1, 2019 56,490.00

Work-in-Process Inventory, Jan. 1,2019 90,640.00

Finished Goods Inventory, Jan. 1, 2019 148,290.00

Raw Materials Inventory, Dec. 31, 2019 24,910.00

Work-in-Process Inventory, Dec. 31,2019 90,400.00

Finished Goods Inventory, Dec. 31, 2019 131,100.00

34. Cost of Direct materials used during the year is:

35. Manufacturing Overheads during the year is:

36. Total Manufacturing Costs during the year is:

37. Cost of Goods Put into Process during the year is:

38. Cost of Goods Manufactured during the year is:

39. Cost of Goods Available for Sales is:

40. Cost of Goods Sold is: