Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information relates to EAZ Company for the year ended December 31, 2018: Raw materials P200,000 Direct Labor 100,000 Indirect Materials 5,000 Indirect Labor

The following information relates to EAZ Company for the yearended December 31, 2018:

Raw materials

P200,000

Direct Labor

100,000

Indirect Materials

5,000

Indirect Labor

47,000

Factory utilities

18,000

Factory rent

36,000

Depreciation - Factory Equipment

24,000

Sales

960,000

Selling Expenses

120,000

Administrative expenses

240,000

Income tax rate

30%

January 1

December 31

Raw Materials Inventory

P20,000

P16,000

Work In Process Inventory

18,000

15,000

Finished Goods Inventory

24,000

21,000

Required:

1. Calculate the Raw Materials Used
2. Prepare a schedule of goods manufactured.
3. Construct an income statement for the year ended December 31, 2018.

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_2

Step: 3

blur-text-image_3

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

Environmental Health And Safety Audits

Authors: Lawrence B. Cahill

8th Edition

0865878250, 978-0865878259

More Books

Students also viewed these Accounting questions

Question

Describe the factors influencing of performance appraisal.

Answered: 1 week ago

Question

How is the education level required for a position established?

Answered: 1 week ago

Question

Why is a job analysis important?

Answered: 1 week ago