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A Company has budgeted sales at P100,000 and expect a profit of 20% of the sales. Expenses are estimated as follows: selling = 10% of sales; administrative = 10% of sales. Labor is expected to be 50% of the total manufacturing costs. Factory overhead is to be applied at 75% of direct labor costs.
Inventories are to be as follows:
January 1 December 31
Materials P12,000 P4,000
Work-in-process 3,000 8,000
Finished goods 5,000 10,000
Required:
Problem 1: Determine the following:
a. Cost of goods sold
b. Total manufacturing costs
c. Factory overhead
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