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Find what is the cost of raw materials inventory on august

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Reference no: EM132667519

The following data were taken from the record of Best Company

                                                   08/31/2019                     09/30/2019

Inventories

Raw Materials                           ?                                  P50,000
Work in process                     P80,000                             P95,000
Finished Goods                        P60,000                           P78,000
Raw materials purchases P46,000

  • Factory overhead, P63,000 which is 75% of direct labor cost
  • Selling and Administrative Expenses, 12.5%, P25,000
  • Net Income for September,2011, P25,000

Problem 1: What is the cost of raw materials inventory on August 31, 2019?

Reference no: EM132667519

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