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Compute the cost of direct materials used during the year

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Reference no: EM132724544

Question - In addition to the year-end statement of financial position and statement of comprehensive income, the management of Del Mundo Corporation required the controller to prepare the statement of cost of goods manufactured. Durin 2020, P361,920 of raw materials were purchased. Operating cost data and inventory account balances for 2020 follow:

Direct Labor (10,430 hours at P9.50 per hour); P99,085

Plant Supervision; 42,500

Indirect Labor (20,280 hours at P6.25 per hour); 126,750

Factory Insurance; 8,100

Factory Supplies; 29,220

Depreciation - Factory Building; 46,200

Depreciation - Factory Equipment; 62,800

Manufacturing Supplier; 9,460

Repairs and Maintenance; 14,980

Selling and Administrative Expenses; 76,480

Raw Materials Inventory, Jan 1, 2020; 26,490

Work in Process Inventory, Jan 1, 2020; 101,640

Finished Goods Inventory, Jan. 1, 2020; 148,290

Raw Materials Inventory, Dec 31, 2020; 24,910

Work in Process Inventory, Dec 31, 2020; 100,400

Finished Goods Inventory, Dec 31, 2020; 141,100

Required -

1. Compute the cost of direct materials used during the year.

2. Compute the total manufacturing cost for the year.

3. Compute the cost of goods manufactured during the year.

4. Prepare the cost of goods manufactured for 2020.

Reference no: EM132724544

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