Reference no: EM132796315
Question -
1. If the beginning balance in the Raw Materials Inventory account for the month was Php 25,000, the ending balance of Php 22,000 and material used during the month was Php130,000, what is the amount of materials purchased during the month?
2. If the beginning balance in Raw Materials Inventory is Php5,000, the ending balance is Php. 3,500, and Php. 60,000 was purchased, what is the amount of materials transferred to Work in Process Inventory during the period?
3. The Blending Department began the period with 20,000 units. During the period the department received another 80,000 units from the prior department and at the end of the period 30,000 units remained which were 40% complete. How much are equivalent units in The Blending Department's work in process inventory at the end of the period?
4. If the percentage of overall gross margin on sales is 15 and the final sales value of whole production is Php 2,000,000, then the gross margin (in Php)will be?
5. If value of final sales is Php 48,000 and the net realizable value is Php 35,000, then the value of sales costs (in Php) would be?
6. If the final sales value is Php 50,000 and further processing cost is Php 35,000, then the net realizable value (in pesos) will be?
7. If the net realizable value is Php 20,000 and further processing cost is Php18,000, then the final sales value (in pesos) will be?
8. AAA Inc. is employing a sophisticated just in time manufacturing system. The company uses backflush costing for recording its production. The following transactions occurred for the year ended December 31, 2019:
- Purchased Php170,000 raw materials on account
- All materials purchased were requisitioned for production
- Incurred direct labor costs of Php80,000
- Actual factory overhead cost amounted to P122,000
- All telephones were completed and sold
Question: What is the cost of goods sold for the year ended December 31, 2019?