In June Company had cost of good manufactured equal to P150, 000; materials purchases, P33, 000; depreciation of factory assets, P17, 000; cost of goods sold, P150, 000; expired insurance on factory assets, P2, 000; cost of goods available for sale, P190, 000; and total factory labor, P49, 000. Inventories were as follows

June 1 June 30

Materials P25, 000 P30, 000

Work in Process P50, 000 P40, 000

General factory overhead of P13, 000 was incurred in June; this figure includes all factory overhead except indirect labor, indirect materials, depreciation and insurance. Direct labor cost for the month was six times larger than indirect labor cost. The cost of indirect materials used was P1, 000. The company uses a single materials account for direct and indirect materials.

1. The direct materials used
2. Finished goods inventory, June 1

The accounting records for 2008 of Manufacturing Company showed the following

Decrease in raw materials inventory P45, 000

Increase in Finished goods inventory P150, 000

Increase in work in process inventory P60, 000

Raw materials purchased P1, 290, 000

Direct labor payroll P600, 000

Factory overhead P900, 000

3. The cost of raw materials used for the period amounted to
4. The cost of goods manufactured is

Company manufactures computer stands. Cost of Goods Sold is P125, 000, the ending balance of Finished Goods Inventory is 80% less than its beginning balances. The Cost of Goods Manufactured is 60% of cost of goods sold.

5. What is the beginning balance of Finished Goods Inventory?

The following information was taken from the records of PARIS Manufacturing Company:

Increase in Finished Goods P36, 500

Purchases P70, 000

Increase in work in process P18, 200

Direct labor P84, 875

Decrease in raw materials P9, 700

Work in process, beginning P64, 000

Total costs placed in process P310, 000

1. The amount of cost of goods sold
2. The amount of applied factory overhead

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