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FAR - 02 Activity 1

The document provides information about Nic's Company including raw materials and work in process inventory amounts for March 2020. It also includes materials purchased, direct labor costs, and manufacturing overhead for March. This is used to prepare a cost of goods manufactured schedule for Nic's Company for the month of March 2020.

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Sol Luna
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35 views

FAR - 02 Activity 1

The document provides information about Nic's Company including raw materials and work in process inventory amounts for March 2020. It also includes materials purchased, direct labor costs, and manufacturing overhead for March. This is used to prepare a cost of goods manufactured schedule for Nic's Company for the month of March 2020.

Uploaded by

Sol Luna
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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The following information is available for Nic’s Company.

Mar-01 Mar-31
Raw materials inventory P12,000 P10,000
Work in process inventory 2,500 4,000
Materials purchased in March P90,000
Direct labor in March 75,000
Manufacturing overhead in March 220,000

Requirement: Prepare the cost of goods manufactured schedule for March 2X20.

Nics Com
Cost of Goods M
For the month ende
Beginning work in Process (WIP) Inventory
Add:Direct Materials
Direct Labors Costs
Manufacturing Overhead
Beginning Raw Materials
Less: Ending Raw materials
Total Manufacturing cost
Less: Ending work in Process Inventory
Cost of goods manufactured
Nics Company
Cost of Goods Manufactured
For the month ended March 31,2X20
P) Inventory P 2,500
90,000
75,000
220,000
12,000
-10,000
P389,500
nventory -4,000
P385,500

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