What amount should be considered product cost

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Problem

During January 2021, Vigan Inc produced 1,000 units of Product A with costs as follows: Materials P6,000 Labor P3,300 Variable factory overhead P2,500 Fixed factory overhead P1,500 Total Manufacturing costs P13,300 Selling and administrative costs incurred during the month were: Variable selling and administrative P3,000 Fixed selling and administrative P2,000 P5,000 Selling price per unit P20.00 Vigan Inc uses the JIT system. It does not keep inventories in stock 13. Get the instant assignment help. What amount should be considered product cost for external reporting purposes?

Reference no: EM133972276

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