Exercise 7.7 

The following information is available for the Fast Manufacturing Corporation for 2018: 

• RM inventory decreased P10,000 during 2018. 
• Ending RM inventory was 50% beginning RM inventory. 
• Beginning WIP inventory was P170,000  
• Ending finished goods inventory was P80,000 
• Purchase of raw materials were P290,000 
• RM (DM) used was 3 times the cost of direct labor. 
• Manufacturing overhead was 80% of the cost of direct labor. 
• Total manufacturing cost incurred were P480,000, 80% of cost of goods manufactured and P100,000 less than cost of goods sold. 

Required: 

Determine the following: 

1. Beginning FG Inventory  
2. Ending WIP Inventory  
3. Direct labor incurred  
4. Manufacturing overhead incurred  
5. RM(DM) used 
6. Beginning RM inventory 
7. Ending RM inventory