Reference no: EM132227689

Question - The following information is available for the Fast Manufacturing Corporation for 2018:

• RM inventory decreased P10,000 during 2018.

• Ending RM inventory was 50% beginning RM inventory.

• Beginning WIP inventory was P170,000

• Ending finished goods inventory was P80,000

• Purchase of raw materials were P290,000

• RM (DM) used was 3 times the cost of direct labor.

• Manufacturing overhead was 80% of the cost of direct labor.

• Total manufacturing cost incurred were P480,000, 80% of cost of goods manufactured and P100,000 less than cost of goods sold.

Required: Determine the following:

1. Beginning FG Inventory

2. Ending WIP Inventory

3. Direct labor incurred

4. Manufacturing overhead incurred

5. RM(DM) used

6. Beginning RM inventory

7. Ending RM inventory