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Ingram Corporation Ingram Corporation The following information has been taken from the cost records of James Ingram Corporation for the past year: Raw material used in production P336,000 Total manufacturing costs charged to production during the year (includes direct 711,000 material , direct labor, and overhead equal to 50% of direct labor cost) Cost of goods available for sale 851,000 Selling and Administrative expenses 35,000 Inventories Raw Material Work in Process Finished Goods Beginning P80,000 85,000 80,000 Ending P 90,000 25,000 105,000 Refer to Ingram Corporation, Direct labor cost charged to production during the year was Your answer Refer to Ingram Corporation, Cost of Goods Sold was
Ingram Corporation Ingram Corporation The following information has been taken from the cost records of James Ingram Corporation for the past year: Raw material used in production P336,000 Total manufacturing costs charged to production during the year (includes direct 711,000 material , direct labor, and overhead equal to 50% of direct labor cost) Cost of goods available for sale 851,000 Selling and Administrative expenses 35,000 Inventories Raw Material Work in Process Finished Goods Beginning P80,000 85,000 80,000 Ending P 90,000 25,000 105,000 Refer to Ingram Corporation, Direct labor cost charged to production during the year was Your answer Refer to Ingram Corporation, Cost of Goods Sold was
Expert Solution
| 1 | ||
| Total manufacturing costs charged to production | 711000 | |
| Less: Raw material used in production | 336000 | |
| Total Conversion costs | 375000 | |
| Direct labor costs charged to production | 250000 | =375000/(100%+50%) |
| 2 | ||
| Cost of goods available for sale | 851000 | |
| Less: Ending Finished goods | 105000 | |
| Cost of goods sold | 746000 |
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