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Period Costs
Period Costs
In other words, they are expensed in the period incurred and appear on the income statement.
28. Maritime Company manufactures and sells Widget Q. For the year 2012, the cost of goods sold of Maritime Company was P350,000. During the year, the
work-in process inventory increased by P42,000 and the finished goods inventory decreased by P95,000. The total manufacturing costs incurred by Maritime
Company in 2012 were
a. P213,000
b. P297,000
c. P350,000
d. P403,000
*Solution: