Reference no: EM132977115
ABC company
The beginning Inventory balance of ABC Company is presented below:
Raw materials inventory P50,000
Work-in-process inventory 60,000
Finished goods inventory -
Raw materials purchases during the period is P500,000
The ending Inventory balance of ABC Company is presented below:
Raw materials inventory P130,000
Work-in-process inventory ?
Finished goods inventory ?
Direct materials used during the period is P400,000
Prime cost during the period is P700,000 while the conversion cost is P600,000.
Other overhead items except indirect materials and indirect labor is P130,000.
Ending work-in-process inventory consist of P30,000 direct materials and P15,000 direct labor.
The company produced 100,000 units. The company sold 90,000 units during the period for P15 per unit.
Selling expense and general administrative expense are P140,000 and 200,000 respectively.
Problem 1: The net income is: ?
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