Reference no: EM133111727
Problem 1 - Manny Manufacturing Company has the following data at June 30, 2020:
Raw materials inventory, June 1 P13,800
Work in process inventory, June 1 18,100
Finished goods inventory, June 1 43,500
Total manufacturing costs 510,000
Sales 590,000
Work in process inventory, June 30 30,400
Finished goods inventory, June 30 50,200
Raw materials inventory, June 30 18,000
Required - Prepare an income statement through gross profit for the month of June.
Problem 2 - The following information is for the Rayne Manufacturing Company for November.
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Inventories
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Beginning
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Ending
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Raw Material
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P17,400
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P13,200
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Work in Process
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31,150
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28,975
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Finished Goods
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19,200
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25,500
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Direct Labor (21,000 DLH @ P13)
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Raw Material Purchases
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P120,000
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Indirect Labor
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11,200
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Factory Supplies Used
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350
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Other Expenses:
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Depreciation - Factory Equipment
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17,300
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Insurance - Office Building
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2,570
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Office Supplies Expense
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900
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Insurance - Factory Building
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1,770
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Depreciation - Office Equipment
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3,500
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Repair & Maintenance - Factory Equipment
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7,400
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Required - Prepare a Statement of Cost of Goods Sold.
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