Problem I

The accounting department of the Blanche Corporation provided the following data for March 2021:

Sales Php 1,200,000

Marketing expenses 5% of sales
Administrative expenses 1% of sales
Purchases 400,000
Factory overhead 2/3 of DL costs
Direct labor 210,000
Inventories: March 1 March 31
Finished goods Php 100,000 Php 82,500
Work in process 102,350 117,135
Materials 50,000 47,485

Required:

1. Statement of Comprehensive Income

2. Cost of goods sold statement

Problem II

A manufacturing company shows the following amounts in the cost of goods sold statement and income
statement for the year 2021

January 1, 2021 December 31, 2021

Materials Php 100,000 Php 150,000
Work in Process 87,000
Finished goods 80,000
Materials used 590,000
Cost of goods sold 750,000
Cost of goods manufactured 800,000
Total manufacturing costs 790,000

Required:

1. Work in process, January 1, 2021

2. Finished goods, December 31, 2021
3. Amount of materials purchased in 2021

Problem III

The following is available for Alonzo Company:

Raw materials inventory increased by Php 15,000

Work in process inventory decreased by Php 8,500
Finished goods inventory decreased by Php 5,000
Materials purchased Php 180,000
Direct labor 220,000
Manufacturing overhead 200,000
Sales 980,000

Required:

1. Compute cost of goods sold

2. Cost per unit manufactured
3. Compute for the gross profit

Problem IV

The following were from the books of Janice Company for March 2021

March 1, 2021 March 31, 2021

Inventories
Raw Materials ? Php 20,000
Work in process 90,000 100,000
Finished goods 120,000 180,000
Raw materials purchased 100,000
Factory overhead, 75% of direct labor cost, 126,000
Selling & administrative expense, 10% of sales, 50,000
Net income for March, 2021 50,000

Required:

1. Cost of goods sold for March.

2. Cost of goods manufactured for March.
3. Inventory of raw materials as of March 1.
4. Assuming 50,000 units were manufactured, compute the cost of goods manufactured per unit.