January 1, 20x1 June 1, 20x1 135,000 18,000 Accounts payable 117,000 Raw materials 15,000 Work in process 60,000 ? Finished goods 69,000 87,000 The following additional information was determined: Payments to suppliers for purchase on account – P60,000 Freight on purchases – P3,000 Purchase returns – P7,500 • Direct labor – P51,000 • Production Overhead – P18,000 Sales from January 1 to May 31 – P225,000 Sales Returns - P45,000 Sales Discount – P15,000 Gross profit rate based on sales – 25%

January 1, 20x1 June 1, 20x1 135,000 18,000 Accounts payable 117,000 Raw materials 15,000 Work in process 60,000 ? Finished goods 69,000 87,000 The following additional information was determined: Payments to suppliers for purchase on account – P60,000 Freight on purchases – P3,000 Purchase returns – P7,500 • Direct labor – P51,000 • Production Overhead – P18,000 Sales from January 1 to May 31 – P225,000 Sales Returns - P45,000 Sales Discount – P15,000 Gross profit rate based on sales – 25%

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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