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  • 02 ELMS Activity 2

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    Kevin Panio
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    Tom Corporation incurred various manufacturing costs in producing its products including materials, labor, utilities and other overhead costs. It began the year with P10,000 in work-in-process inventory and ended with P14,000. It began with P60,500 in finished goods and ended with P50,600. The summary provides the information needed to calculate the cost of goods manufactured and cost of goods sold for Tom Corporation.

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    ACTIVITY

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    02 ELMS Activity 2-Converted

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    Tom Corporation incurred various manufacturing costs in producing its products including materials, labor, utilities and other overhead costs. It began the year with P10,000 in work-in-process inventory and ended with P14,000. It began with P60,500 in finished goods and ended with P50,600. The summary provides the information needed to calculate the cost of goods manufactured and cost of goods sold for Tom Corporation.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    158 views1 page

    02 ELMS Activity 2

    Uploaded by

    Kevin Panio
    Tom Corporation incurred various manufacturing costs in producing its products including materials, labor, utilities and other overhead costs. It began the year with P10,000 in work-in-process inventory and ended with P14,000. It began with P60,500 in finished goods and ended with P50,600. The summary provides the information needed to calculate the cost of goods manufactured and cost of goods sold for Tom Corporation.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    BM2003

    Tom Corporation
    Tom Corporation incurred the following costs while manufacturing its product.

    Materials used in production P120,000 Advertising expense P45,000


    Depreciation on plant 60,000 Property taxes on plant 19,000
    Property taxes on store 7,500 Delivery expense 21,000
    Labor costs of assembly-line workers 110,000 Sales commissions 35,000
    Factory supplies used 25,000 Salaries paid to sales clerks 50,000

    Work-in-process inventory was P10,000 at January 1 and P14,000 at December 31. Finished goods inventory
    was P60,500 at January 1 and P50,600 at December 31. Note: Assume all materials were direct.
    Requirement: Using the given information, compute for: (2 items x 5 points)
    1. Cost of goods manufactured
    2. Cost of goods sold
    Rubric for grading:
    PERFORMANCE INDICATORS POINTS
    Correct accounts and amounts used 3
    Computed final amounts are correct/balanced 2
    TOTAL 5

    02 eLMS Activity 2 *Property of STI


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