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What the change in work in process inventory

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The balance sheet of Joyful Manufacturing Company showed the following balances on January 1:

Finished Goods P1,500,000

Work in process 1,200,000

Raw Materials 2,000,000

  • During the 1st quarter of the year, prime costs amounted to P13,680,000 while conversion costs amounted to P7,920,000. The average direct labor rate was P38.50 and overhead was applied at P30.80 per direct labor hour. Purchases of raw materials were P1OM while costs of goods manufactured was P17,400,000. The company continues its pricing policy to maintain a gross profit rate of 30%. At the end of the quarter, costs of sales amounted to P16,800,000.

Problem 1: The change in work in process inventory and finished goods inventory during the 10 quarter of the year amounted to:

Reference no: EM132782505

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