The following data were taken from the records of Best Company: 08/31/2021 09/30/2021 Inventories: Raw materials Work in process Finished goods P ? 80,000 60,000 P50,000 95,000 78,000 Raw materials...

The following data were taken from the records of Best Company:<br>08/31/2021 09/30/2021<br>Inventories:<br>Raw materials<br>Work in process<br>Finished goods<br>P ?<br>80,000<br>60,000<br>P50,000<br>95,000<br>78,000<br>Raw materials purchases, P46,000.<br>Factory overhead, 75% of direct labor cost, P63,000.<br>Selling and administrative expenses, 12.5% of sales, P25,000.<br>Net income for September, 2021, P25.000.<br>What is the cost of raw materials inventory on August 31, 2021?<br>P30,000<br>P40,000<br>P46,000<br>P50,000<br>

Extracted text: The following data were taken from the records of Best Company: 08/31/2021 09/30/2021 Inventories: Raw materials Work in process Finished goods P ? 80,000 60,000 P50,000 95,000 78,000 Raw materials purchases, P46,000. Factory overhead, 75% of direct labor cost, P63,000. Selling and administrative expenses, 12.5% of sales, P25,000. Net income for September, 2021, P25.000. What is the cost of raw materials inventory on August 31, 2021? P30,000 P40,000 P46,000 P50,000

Jun 10, 2022

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The following data were taken from the records of Best Company: 08/31/2021 09/30/2021 Inventories: Raw materials Work in process Finished goods P ? 80,000 60,000 P50,000 95,000 78,000 Raw materials...

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