Question 9 The following information was taken from Candy Company’s accounting records for the year ended July 31, 2021. > Increase in materials inventory, P15,000

Question 9 The following information was taken from Candy Company’s accounting records for the year ended July 31, 2021. > Increase in materials inventory, P15,000 > Decrease in finished goods inventory, P35,000 > Raw materials purchased, P430,000 > Direct labor payroll, P200,000 > Factory overhead, P300,000 > Selling expenses, P45,000 There was no work-in-process inventory at the beginning or end of the year. Candy’s cost of goods sold is: A.P995,000 B.P975,000 C.P950,000 D.P965,000 10. Panda Company manufactures silver coated wooden chairs. The following were among Panda’s 2020 manufacturing costs: > Machine operators, P200,000 > Maintenance workers, P30,000 > Factory foreman, P90,000 > Wood, P500,000 > Lubricant for oil machinery, P10,000 > Silver coating, P380,000 In 2020, Panda’s direct labor and direct materials amounted to: A. Direct Labor, P230,000; Direct Materials, P510,000 B. Direct Labor, P320,000; Direct Materials, P880,000 C. Direct Labor, P200,000; Direct Materials, P880,000 D. Direct Labor, P220,000; Direct Materials, P500,000 11. Many companies recognize three major categories of costs of manufacturing a product. These are direct materials, direct labor, and overhead. Which of the following is an overhead cost in the production of an automobile? A. The cost of laborers who place who place tires on each automobile. B. The cost of small tools used in mounting tires on each automobile. C. The cost of the tires on each automobile. D. The delivery costs for the tires on each automobile.

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