Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following data appeared in Moline Company's records on December 31: Direct Materials Inventory, Dec. 31 P 535,500 Direct Materials purchased during the year 2,268,000

The following data appeared in Moline Company's records on December 31:

Direct Materials Inventory, Dec. 31 P 535,500

Direct Materials purchased during the year 2,268,000

Finished Goods Inventory, Dec. 31 567,000

Indirect labor 201,600

Direct labor 2,520,000

Factory heat, light, and power 234,360

Factory depreciation 396,900

Administrative salaries 323,820

Miscellaneous factory cost 200,970

Marketing costs 233,100

Other administrative costs 113,400

Maintenance on factory equipment 76,230

Insurance on factory equipment 119,700

Distribution costs 10,080

Taxes on manufacturing property 82,530

Legal fees on customer complaint 51,660

Direct materials put into production 2,407,230

Work-in-Process Inventory, Dec. 31 154,980 On

January 1, the Finished Goods Inventory account had a balance of P280,000, and the Work-in-Process Inventory account had a balance of P90,650. Sales revenue for the year was P6,687,500.

How much is the company's beginning direct materials inventory?

How much is the company's gross profit?

How much is the company's prime cost?

How much is the company's manufacturing overhead?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting concepts and applications

Authors: Albrecht Stice, Stice Swain

11th Edition

978-0538750196, 538745487, 538750197, 978-0538745482

More Books

Students also viewed these Accounting questions

Question

=+ Do you think a person is less blameworthy for

Answered: 1 week ago