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Determine the total factory costs for the period

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Question - The following information has been taken from the cost records of T Co. for the past year:

Raw Material used in production P326,000

Prime cost for the period 551,000

Conversion cost for the period 360,000

(Overhead applied is equal to 60% of direct labor)

Cost of goods available for sale 826,000

Selling and Administrative expenses 25,000

Inventories

Beginning

Ending

Raw Materials

P75,000

P85,000

Work in Process

80,000

30,000

Finished Goods

90,000

110,000

Required - Determine the total factory costs for the period.

Reference no: EM132730148

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