Problem 3 Kyle Manufacturing Company produces various types of fertilizers. No beginning work in process or finished goods were on hand on January 1, 2012. The following are data provided by the company: 30,000 finished goods were on hand on December 31, 2012. 95,000 units were sold during the year No units in work in process inventories on December 31, 2012. Materials put into production amounts to P300, 000, 75% were direct materials (No beginning or ending materials inventory). Labor costs were P350, 000, 40% was for indirect labor Factory overhead costs other than indirect material and indirect labor were the following: Heat, light, water P120,000 Depreciation P75,000 Property Taxes P65,000 Repairs and maintenance P40,000 Selling Expenses were P80,000 and general and administrative expenses were P50,000. Compute the Cost of goods manufactured Problem 3 Kyle Manufacturing Company produces various types of fertilizers. No beginning work in process or finished goods were on hand on January 1, 2012. The following are data provided by the company: 30,000 finished goods were on hand on December 31, 2012. 95,000 units were sold during the year No units in work in process inventories on December 31, 2012. Materials put into production amounts to P300, 000, 75% were direct materials (No beginning or ending materials inventory) Labor costs were P350, 000, 40% was for indirect labor Factory overhead costs other than indirect material and indirect labor were the following: Heat, light, water P120,000 Depreciation P75,000 Property Taxes P65,000 Repairs and maintenance P40,000 Selling Expenses were P80,000 and general and administrative expenses were P50,000. Compute for the Cost of Goods Sold Problem 4 Sharp Enterprises Inventories: March 1 March 31 Raw material $18,000 $15,000 Work in process 9,000 6,000 Finished goods 27,000 36,000 Additional information for March: Raw material purchased $42.000 Direct labor payroll 30,000 Direct labor rate per hour 7.50 Overhead rate per direct labor hour 10.00 For March, conversion cost incurred was Problem 4 Sharp Enterprises Inventories: March 1 March 31 Raw material $18,000 $15,000 Work in process 9,000 6.000 Finished goods 27,000 36,000 Additional information for March: Raw material purchased $42,000 Direct labor payroll 30,000 Direct labor rate per hour 7.50 Overhead rate per direct labor hour 10.00 For March, Cost of Goods Manufactured was