A. What is the cost of goods manufactured?a. 2,500,000b. 1,700,000c. 3,100,000d. 2,300,000B. What is the estimated cost of the goods in process on December 31,2014 that were completely destroyed by fire?a. 1,300,000b. 2,100,000c. 2,000,000d. 1,700,000 On December 31, 2014, Haliparrot Company had a fire which completely destroyed thegoods in process inventory. After the fire, a physical inventory was taken. The rawmaterials were valued at P600,000, the finished goods at P1,000,000 and supplies atP100,000 on December 31, 2014. The inventories on January 1, 2014 consisted of thefollowing.1,400,0001,000,000300,000400,000Finished GoodsGoods in processRaw materialsSuppliesDate for the current year3,000,0001,000,000100,000SalesPurchasesFreight inDirect Labor800,000Manufacturing overhead - 50% of direct laborAverage gross profit rate30%

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A. What is the cost of goods manufactured? a. 2,500,000 b. 1,700,000 c. 3,100,000 d. 2,300,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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