1. Calculate for the inventory of materials, December 31. |
2. Calculate for the total or over-all manufacturing cost. |
3. Calculate for the cost of goods manufactured.
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4. Calculate for the total cost of goods sold. |
5. Calculate for the work in process inventory, December 31.
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6. Calculate for the finished goods inventory, December 31. |
7. Calculate for the gross profit/loss for the year. |
Extracted text: For the year ended December 31, 2020, the job cost sheets of Beverly Hills Company contained the following data: Job No. 7640 Job No. 7641 Job No. 7642 Direct Materials: P25,000 30,000 P11,000 43,000 Balance, Jan 1 Current year P58,000 Direct Labor Balance, Jan 1 Current year FOH Applied: Balance, Jan 1 Current Year 24,000 36,000 18,000 48,000 55,000 28,800 43,200 21,600 57,600 66,000 Other data: 1. Materials inventory totaled P15,000 on January 1. During the year, P140,000 of raw materials were purchased on account. 2. Finished goods on January 1 consisted of Job No. 7638 for P87,000 and Job No. 7639 for P92,000. 3. Job No. 7640 and Job No. 7641 were completed during the year. 4. Job Nos. 7638, 7639, and 7641 were sold on account for P530,000. 5. Manufacturing overhead incurred on account totaled P120,000. 6. Other manufacturing overhead consisted to indirect materials of P14,000, indirect labor P18,000 and depreciation on factory machinery P8,000. The materiality threshold for factory overhead is P5,000.