Reference no: EM132812930
Question - The records of the Bulacan Stereo Company showed the following information for three months ending March 31, 2012:
Materials Purchased P1,946,700
Inventories, January 1, 2012
Finished goods (100 resto sets) 43,000
Materials 268,000
Direct Labor 2,125,000
Factory overhead 764,000
Marketing expenses 516,000
General and administrative expenses 461,000
Sales (12,400 stereo sets at 100% above product cost) ?
Inventories, March 31, 2012
No unfinished work on hand
Finished goods (200 stereo sets coming from the cost of goods manufactured ?
Materials 167,000
Required -
a) Prepare the statement of cost of goods manufactured. Compute for a product cost assuming 800 units were manufactured.
b) Compute for cost of goods sold assuming 750 units were sold including the 200 units of finished goods on hand at the start of the year. Finished goods at the end of the year should be based on the product cost computed in a)
c) Prepare the income statement. Tax rate is 30%.
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