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CoursHeroTranscribedText: Problem 3 Kyle Manufacturing Company produces various types of fertilizers. No beginning work in...

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CoursHeroTranscribedText: Problem 3 Kyle Manufacturing Company produces various types of fertilizers. No beginning work in process or nished goods were on hand on January 1, 2012. The following are data provided bythe company: 30, 000 nished goods were on hand on December 31. 2012. 95, 000 units were sold during the year No units in work in process inventories on December 31, 2012. Materials put into production amounts to P300, 000. 75% were direct materials (No beginning or ending materials inventory) Labor costs were P350, 000, 40% was for indirect labor Factory overhead costs other than indirect material and indirect labor were the following: Heat, light, water P120. 000 Depreciation P75. 000 Property Taxes P65. 000 Repairs and maintenance P40. 000 Selling Expenses were P80, 000 and general and administrative expenses were P50, 000. Required: Compute the following: 1. Cost of goods manufactured 5. Period cost 2 Unit Cost (cost per unit of goods manufactured) 6. Cost of Goods Sold 3. Prime Cost ?. Net Income 4 Conversion cost

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