At the end of 2018, Furry Balls Co. had the following account balances after factory overhead had been closed to manufacturing overhead control: Manufacturing overhead control, PP20,000 dr. Cost of goods sold, P384,000 dr. Finished goods, P96,000 dr. Work in process, P160,000 dr. Raw materials, P160,000 dr. Case 1: any under- or over-applied overhead is considered material. What is the adjusted balance of finished goods inventory after disposing of the under-or over-applied overhead?
At the end of 2018, Furry Balls Co. had the following account balances after factory overhead had been closed to manufacturing overhead control: Manufacturing overhead control, PP20,000 dr. Cost of goods sold, P384,000 dr. Finished goods, P96,000 dr. Work in process, P160,000 dr. Raw materials, P160,000 dr. Case 1: any under- or over-applied overhead is considered material. What is the adjusted balance of finished goods inventory after disposing of the under-or over-applied overhead?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
At the end of 2018, Furry Balls Co. had the following account balances after factory
Manufacturing overhead control, PP20,000 dr.
Cost of goods sold, P384,000 dr.
Finished goods, P96,000 dr.
Work in process, P160,000 dr.
Raw materials, P160,000 dr.
Case 1: any under- or over-applied overhead is considered material.
What is the adjusted balance of finished goods inventory after disposing of the under-or over-applied overhead?
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