7. Information concerning MAIDA MAIDS COMPANY's manufacturing activities for December follows: Inventories December 1 December 31 Finished goods P 12,000 Direct materials P 5,000 Direct labor P 3,000...

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Extracted text: 7. Information concerning MAIDA MAIDS COMPANY's manufacturing activities for December follows: Inventories December 1 December 31 Finished goods P 12,000 Direct materials P 5,000 Direct labor P 3,000 Machine time 60 hours Work in process 3,000 units 2,000 units Direct materials P 2.40 per unit Direct labor P 0.80 per unit Machine time 48 hours 32 hours Materials P 9,000 P 4,500 Total December manufacturing cost was P 180,000, of which P 30,000 was direct labor cost. A total of 600 machine hours were used in the month. Maida uses a pre-determined overhead rate of P 100 per machine hour to assign factory overhead to work in process and finished goods inventories. Materials purchased in December were P 84,000 and freight-in on these purchases totalled P 1,500 Determine the raw materials used and cost of goods sold in December: Raw materials used P 90,000 P 94,500 Cost of goods sold P 182,800 P 182,800 Raw materials used P 93,000 P 90,000 Cost of goods sold P 181,300 P 184,800 C В