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COSTACC COMPREHENSIVE EXAMPLE COST FLOW.pdf - COSTACC...

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COSTACC COMPREHESIVE EXAMPLE (COST FLOW)A manufacturing company provided the following accounts and balances as of September 30, 2020:CashP112,000Accounts receivable64,000Finished goods inventory48,000Work in process inventory36,000Raw materials inventory52,000Property and equipment480,000Accumulated depreciation36,000Accounts payable40,000Income tax payable9,000Share capital500,000Retained earnings207,000The following transactions occurred during October 2020:1.Materials purchased on account, P150,000.2.Materials issued to production: direct materials – P90,000; indirect materials – P10,000.3.Payroll for the month consisted of the following (also paid during the month):Direct laborP62,000Indirect labor20,000Sales salaries30,000Office salaries16,000Payroll deductions were as follows:Withholding taxesP19,800SSS Contributions7,100PhilHealth Contributions2,000HDMF Contributions2,6004.Employer contributions for the month were accrued:Factory
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Spring
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Generally Accepted Accounting Principles

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