Reference no: EM132856880
Red Company showed cost of goods sold of P 4,320,000 in the statement of comprehensive income after the first year of operations.
The total manufacturing cost comprised the following:
Materials used 50%
Direct labor incurred 30%
Manufacturing overhead 20%
Goods in process at year-end amounted to 10% of the total manufacturing costs.
Finished goods at year-end amounted to 20% of the cost of goods manufactured.
Problem 1: What is the amount of direct labor cost incurred?
a. P 1,800,000 c. P 3,000,000
b. P 2,400,000 d. P 5,400,000
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