Reference no: EM133088704

Question - Provide the journal entry for the following. Prepare the entries (online exam in canvas may include questions about journal entries on these transactions)

The following events took place at the Rounin Company over the past year.

Incurred direct labor costs of P47,000

Purchased manufacturing equipment for P75,000

Purchased direct materials for P176,000

Incurred manufacturing overhead of P81,000

Transferred 73% 34of the direct materials to work in process

Completed work on 85% of the goods in work in process

Sold 90% of the completed goods

Marketing and administrative costs were P85,000

Sales amounted to P400,000

There were no beginning balances in any of the inventory accounts. Costs are assigned equally across all work in process Based on the above data:

1. What is the cost of goods sold?

2. What is the company's net income or net loss?

3. How much is the value of the ending finished goods inventory?