Solution-Compute what is the cost of goods sold for the year

Compute what is the cost of goods sold for the year

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Reference no: EM132562024

HONDA Inc. is using just-in-time Production System and Backflush Cost Accounting System for the year ended December 31, 2020. The following information was provided for the year 2020:

Raw materials purchased for year 2020 totaled P1,000,000

Direct labor for the year 2020 totaled P500,000

Actual overhead for the year 2020 totaled P300,000 and the standard overhead rate is 50% of direct labor cost

The production report for year 2020 showed that the Finished Goods Inventory at December 31 was p200,000 consisting of:

Direct Materials 110,000

Direct Labor 60,000

Factory Overhead 30,000

Question 1: What is the Cost of Goods Sold for the year ended December 31, 2020?

Option 1: 1,600,000

Option 2: 1,550,000

Option 3: 1,800,000

Option 4: 1,750,000

Reference no: EM132562024

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Compute what is the cost of goods sold for the year

Reference no: EM132562024

Reference no: EM132562024

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