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1) Cost of goods manufactured in June is _________________

2) Ending balance in WIP on June 30 is ___________________

3) Direct materials used in June is ______________________

4) Applied factory overhead totaled- _____________________

5) Total Purchases in June-____________

6) Total cost of goods put into process-____________

CoursHeroTranscribedText: Problem 3: The Modern Company does not maintain backup documents for its computer files. In June, some of the current data were lost, and you were asked to help reconstruct the data. The following beginning balances were known: As of June 1- Direct materials inventory- P15,000 Manufacturing overhead-actual- P21,500 Work in process inventory- P9,500 Accounts Payable- P16,000 Finished goods inventory- P21,000 Reviewing old documents and interviewing selected employees have turned up the following additional information: a) The production superintendent's cost sheets showed that materials of P12,600 were contained in the June 30 WIP inventory. b) Also, 300 direct labor hours have been expended at P10 per hour on the goods in ending WIP. () The Accounts Payable account is for direct materials purchases only. The clerk remembers clearly that the balance in the A/P account on June 30 was P8,000. An analysis of cancelled checks shows payments of P40,000 were made to suppliers in June. d) Payroll records show that 5,200 direct labor hours were recorded for the month. It was verified that there were no variations in pay rates among the employees during that period. e) Records at the warehouse indicate that finished goods inventory totaled P26,000 on June 30. f) Another record kept manually indicates that cost of goods sold in June totaled P88,000 g) The predetermined overhead rate was based on an estimated 60,000 direct labor hours to be worked during the year, and an estimated P180,000 in manufacturing overhead costs

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