The following information relates to EAZ Company for the year ended December 31, 2018: Raw materials P200,000 100,000 5,000 Direct Labor Indirect Materials Indirect Labor Factory utilities 47,000...


The following information relates to EAZ Company for the year ended December 31, 2018:<br>Raw materials<br>P200,000<br>100,000<br>5,000<br>Direct Labor<br>Indirect Materials<br>Indirect Labor<br>Factory utilities<br>47,000<br>18,000<br>Factory rent<br>36,000<br>Depreciation - Factory Equipment<br>24,000<br>960,000<br>120,000<br>240,000<br>Sales<br>Selling Expenses<br>Administrative expenses<br>Income tax rate<br>30%<br>December 31<br>Raw Materials Inventory<br>Work In Process Inventory<br>Finished Goods Inventory<br>January 1<br>P20,000<br>18,000<br>P16,000<br>15,000<br>21,000<br>24,000<br>Required:<br>1. Calculate the Raw Materials Used<br>2. Prepare a schedule of goods manufactured.<br>3. Construct an income statement for the year ended December 31, 2018.<br>

Extracted text: The following information relates to EAZ Company for the year ended December 31, 2018: Raw materials P200,000 100,000 5,000 Direct Labor Indirect Materials Indirect Labor Factory utilities 47,000 18,000 Factory rent 36,000 Depreciation - Factory Equipment 24,000 960,000 120,000 240,000 Sales Selling Expenses Administrative expenses Income tax rate 30% December 31 Raw Materials Inventory Work In Process Inventory Finished Goods Inventory January 1 P20,000 18,000 P16,000 15,000 21,000 24,000 Required: 1. Calculate the Raw Materials Used 2. Prepare a schedule of goods manufactured. 3. Construct an income statement for the year ended December 31, 2018.

Jun 08, 2022
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