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Problem 1
(Ikaw nalang magtype nung problem. Di ko mabasa heart kasi putol yung picture)
A. Cost of goods sold statement
B. Income Statement
C. Balance Sheet
The following items are found in its ledger and accompanying data.
1. Direct Labor
2. Raw materials inventory, January 1
3. Work in process inventory, December 31
4. Finished goods inventory, January 1
5. Factory overhead applied
6. Depreciation on office equipment
7. Work in process inventory, January 1
8. Finished goods inventory, December 31
9. Cost of goods manufactured
10. Cost of goods available for sale
11. Cost of materials purchased
12. Accumulated depreciation – office equipment
13. Direct materials used
14. Total manufacturing cost
15. Factory machinery
Problem 2
Marvin Manufacturing Company has developed the following information for the year ended December 31, 2014
Raw Materials Inventory, January 1 P 175,000
Purchases 250,000
Raw Materials Inventory, December 31 125,000
Direct Labor 270,000
Factory overhead (120% of direct labor cost)
Work in Process Inventory, January 1 90,000
Work in Process Inventory, December 31 120,000
Finished Goods Inventory, January 1 100,000
Finished Goods Inventory, December 80,000
Problem 4
Ram Company completed the following transactions for October, 2014
a) Purchased on account direct materials of P 150,000.
b) The factory payroll was recorded. Direct labor P 56,000; indirect labor P 19,000. Employee payroll
deductions were recorded as follows:
Problem 5
Darvin Company contained the following account balances:
Cash P 100,000
Accounts Receivable 60,000
Finished Goods 35,000
Work in Process 18,000
Materials 50,000
Accounts Payable 10,000
Accrued Payroll 8,000
Common Stock 200,000
Retained Earnings 45,000