Reference no: EM132561005
Clark Manufacturing Company produces various types of fertilizers. No beginning work in process or finished goods were on hand on January 1, 2012. The following are data provided by the company:
30, 000 finished goods were on hand on December 31, 2012.
85, 000 units were sold during the year
No units in work in process inventories on December 31, 2012.
Materials put into production amounts to P300, 000, 80% were direct materials
(No beginning or ending materials inventory)
Labor costs were P350, 000, 40% was for indirect labor
Factory overhead costs other than indirect material and indirect labor were the following:
Heat, light, water P120, 000
Depreciation P75, 000
Property Taxes P65, 000
Repairs and maintenance P40, 000
Selling Expenses were P80, 000 and general and administrative expenses were P50, 000.
Question a: Compute the following:
1) Cost of goods manufactured
2) Unit Cost (cost per unit of goods manufactured)
3) Prime Cost
4) Conversion cost
5) Period cost
6) Cost of Goods Sold
7) Net Income
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