t expenses – P20,000 Administrative expenses – P540,000 Beginning Inventories: Raw materials, P610,000; Work in process, P1,065,000, Finished Goods, P2,100,000. Units manufactured for the period – 100,000 units 1. Compute for the Net Income after Tax 2. Compute for the Operating Income 3. Compute the cost of goods manufactured 4. How much is the COGS unadjusted?
t expenses – P20,000 Administrative expenses – P540,000 Beginning Inventories: Raw materials, P610,000; Work in process, P1,065,000, Finished Goods, P2,100,000. Units manufactured for the period – 100,000 units 1. Compute for the Net Income after Tax 2. Compute for the Operating Income 3. Compute the cost of goods manufactured 4. How much is the COGS unadjusted?
Chapter5: Unemployment Compensation Taxes
Section: Chapter Questions
Problem 17PB
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Question
URGENT!! The following are transactions of Corporation R for the month of February 2020. Provide the corresponding
- Purchase of materials (direct and indirect), on credit, P1,000,000
- Usage of raw materials, P750,000 (20% are indirect materials)
- Manufacturing payroll for the month: Gross amount of 390,000 Direct labor, P90,000 of which for SSS and other government payable, and gross amount of indirect labor, P170,000, P45,000 of which for SSS and government payable. Net salary paid in cash.
- Other
manufacturing overhead costs incurred during the month, P175,000, consisting of janitorial salaries, P80,000 paid in cash for plant utilities, repairs, and supervisory salaries, P130,000 and plant depreciation, P40,000 - Allocation of manufacturing overhead to jobs using predetermined OH rate of P12/machine hour. Actual machine hour for the month is 50,000 hours.
- Completion and transfer of individual jobs to finished goods, P1, 555,000
- Cost of goods sold, P880,000
- Marketing costs for February, P45,000 and customer service costs for February P15,000, paid in cash
- Sales, all on credit, P2,270,000
The following are also provided:
Tax rate – 30%
Interest expenses – P20,000
Administrative expenses – P540,000
Beginning Inventories: Raw materials, P610,000; Work in process, P1,065,000, Finished Goods, P2,100,000.
Units manufactured for the period – 100,000 units
1. Compute for the Net Income after Tax
2. Compute for the Operating Income
3. Compute the cost of goods manufactured
4. How much is the COGS unadjusted?
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