Reference no: EM132561304

The financial information of DEF manufacturing company pertaining to its operation for the month of January is presented below:

                                January 1

Raw materials inventory 100,000

Work in process inventory 50,000

Finished Goods inventory 50,000

The work-in-process inventory consisted of the following jobs:

Job A 25,000

Job L 10,000

Job G 15,000

The finished goods inventory consisted of the following jobs

Job M 30,000

Job K 20,000

Overhead is 50% labor cost.

The following transaction occurred during January:

Purchased raw materials inventory on account, P500,000

Requested direct materials and direct labor as follows:

                      Materials                  Labor

Job A              10,000              10,000

Job L               20,000            15,000

Job G              20,000              12,000

Job R               40,000               20,000

Job O            35,000                     22,000

The company completed Job A, L, G and R

The company sold Job A, M and L for a total amount of P250,000

Required:

Question 1: Compute for the following

1. Raw materials inventory ending balance
2. Total manufacturing cost
3. Conversion cost
4. Work in process inventory ending balance
5. Cost of goods manufactured
6. Cost of goods sold
7. Gross profit
8. Finished goods inventory ending balance