Reference no: EM132229125

Question - Excel Manufacturing Company had the following account balances for 2018:

	Jan. 1	Dec. 31
Accounts receivable	P54,000	P48,000
Raw materials inventory	42,000	12,000
Work in process inventory	60,000	24,000
Finished goods inventory	18,000	20,000

Collections on account were P794,000 in 2018.

Cost of goods sold was 60% of sales.

Raw materials purchased amounted to P48,000.

Manufacturing overhead was 300% of direct labor cost.

Required: Calculate the following:

1. Sales revenue (All sales were on account).

2. Cost of goods sold.

3. Cost of goods manufactured.

4. Raw materials used.

5. Direct labor incurred.

6. Manufacturing overhead incurred.