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What is the cost of raw materials used for lagoon company

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Lagoon Company accumulated the following data for the current year.

Raw materials - beginning inventory, 90,000 units at P7/unit;

Purchases of 75,000 units @ P8/unit; Purchases of 120,000 units @ P8.50/unit.

The entity transferred 195,000 units of raw materials to work in process during the year.

Work in process - beginning inventory is 50,000 units @ P14/unit.

Direct labor is P3,100,000; Manufacturing overhead is P2,950,000 and

Work in process-ending inventory is 48,000 units @ P15/unit.

Question 1: The entity used the FIFO method for valuing inventory. What is the cost of raw materials used?

Reference no: EM132795992

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