Homework answers / question archive / The following date were taken the records of Best Company: 8/31/2011 9/30/2011 Raw materials 50,000 Work in process 80,000 95,000 Finished goods 60,000 78,000  Raw materials purchases, P46,000 Factory overhead, 75% of direct labor cost, P63,000

The following date were taken the records of Best Company: 8/31/2011 9/30/2011 Raw materials 50,000 Work in process 80,000 95,000 Finished goods 60,000 78,000  Raw materials purchases, P46,000 Factory overhead, 75% of direct labor cost, P63,000

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The following date were taken the records of Best Company: 8/31/2011 9/30/2011 Raw materials 50,000 Work in process 80,000 95,000 Finished goods 60,000 78,000 
Raw materials purchases, P46,000 Factory overhead, 75% of direct labor cost, P63,000. Selling and administrative expenSe5 12.5% of sales, P25,000 Net income for September, 2011, P25,000 
What is the cost of raw materials inventory on August 31, 2011? A. P30,000 C. P46,000 B. P40,000 D. P50.000