Question
PT ABC is a manufacturing company in the country. The company calculates its sales and profitability monthly. The balanced sheet of PT ABC in
PT ABC is a manufacturing company in the country. The company calculates its sales and profitability monthly. The balanced sheet of PT ABC in 1 January 2016 is exhibited in Table-1 Table-1 Balance Sheet In January-1st, 2020 in IDR Billion ASSETS LIABILITIES Current Assets Cash Current Liabilities 142 Account Payable Acc Receivable 90 Inventory 0 Short-term Debt Long-term Debt Total Current Assets 232 Total Debt 240 40 109 389 Fixed Assets 820 Equity Common Stock 250 Retained Earning Total Equity 413 663 Total Asset 1052 Total Liabilities and Equity 1052 During January 2016 the company bought materials, produced finished goods, paid expenses for sales and general administration cost, and sold its finished goods as explained in Table 2. Action Table-2 Company Activities (IDR Billion) Bought Materials Value 118 Produced Finished Goods with a. Direct Labor Cost 180 b. Manufacturing Overhead Cost 118 c. General Adm and Marketing Cost 218 Company sold its products a. Product P b. Product Q 318 218 1 Using joint cost concept, please calculate each cost of goods sold of P and Q! 2 If there were scraps that sold IDR 10 Billion, and spoilage cost IDR 5 Billion, please calculate the new income statement.
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