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problem 5 income statement of manufacturing income PROBLEM 5 INCOME STATEMENT OF...

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Accounting

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PROBLEM 5 INCOME STATEMENT OF A MANUFACTURING COMPANY The beginning balances of the Steel Manufacture Company is presented as follows lleginning ances Ending Balances Haw Materials 4180,000 P350,000 Work in Process 500,000 420,000 Finished Goods 700,000 600,000 Transactions that during the month were 1. Raw materials amounting to P40,000 were purchased in each 2. Purchase Raw Material casting P100,000 on account 3. Rental during the period Son Office50% Factory amount. 150 000 4. Depreciation Expeme: P15.000 Office Equipment P25,000 Machines and Equipment 5. Lilities incurred P25,000(50/50 distribution) 6. Paid Office Salaries, 20,000 7. Indirect Med P50.000 I. Factory laborated consisted of Direct Labor 270.000 Indirect Labor 100,000 9. Finished goods sold amounts to P1.520,000 10. Office supplies expenses. F2,500 A. Compute for the following to pts 1. Haw Materials used 2. Manufacturing out 3. Cost of Goods Manutactured 4. Cost of Goods Solt 5. Gross Profit I. Prepare the income Statement of Luke Steel Manufacturing Company for the first quarter of 2020 110

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